ONE Gas gets $700 million five-year restated revolving credit facility

By Marisa Wong

Morgantown, W.Va., Oct. 6 – ONE Gas, Inc. entered into an amended and restated credit agreement on Oct. 5 for a $700 million revolving unsecured credit facility, which will include a $20 million letter-of-credit subfacility and a $60 million swingline subfacility, according to an 8-K filing with the Securities and Exchange Commission.

Bank of America Merrill Lynch, JPMorgan Chase Bank, NA, Mizuho Bank, Ltd. and U.S. Bank NA are joint lead arrangers and joint bookrunners with Bank of America, NA as administrative agent and JPMorgan Chase Bank, Mizuho Bank and U.S. Bank as co-syndication agents.

The credit agreement amends and restates the company’s credit agreement dated Dec. 20, 2013.

Under the restated agreement, the company may request an increase in the commitments of up to an additional $500 million.

The facility matures on Oct. 5, 2022, with two one-year extension options.

Borrowings will bear interest at Libor plus 56.5 basis points to 110 bps, depending on ratings. The facility fee ranges from 6 bps to 15 bps, also based on ratings.

The credit facility will be available for working capital, capital expenditures, acquisitions and mergers, the issuance of letters of credit and other general corporate purposes.

ONE Gas is a natural gas distribution company based in Tulsa, Okla.

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