Otter Tail, subsidiary extend revolvers to 2018, term loan to 2015

By Angela McDaniels

Tacoma, Wash., Nov. 1 - Otter Tail Corp. amended its $150 million revolving credit facility on Tuesday to extend it to Oct. 29, 2018 from Oct. 29, 2017, according to an 8-K filing with the Securities and Exchange Commission.

Otter Tail Power Co., a wholly owned subsidiary of the company, extended its $170 million revolver to Oct. 29, 2018 from Oct. 29, 2017 and its $40.9 million term loan to Jan. 15, 2015 from June 1, 2014.

The amendments also removed each company's option to select a nine-month interest period for any Libor advance made under its revolver. Now, any interest period will end one, two, three or six months or, if available to all the lenders, 12 months thereafter, as selected by the borrower.

U.S. Bank, NA is the administrative agent for the revolvers, and JPMorgan Chase Bank, NA is the agent for the term loan.

Otter Tail is a Fergus Falls, Minn.-based company that operates in six segments: electric, plastics, manufacturing, health services, food ingredient processing and other business operations.

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