Otter Tail, subsidiary extend revolving credit facilities to 2019

By Tali Rackner

Norfolk, Va., Nov. 4 – Otter Tail Corp. amended its $150 million revolving credit facility on Monday to extend it to Oct. 29, 2019 from Oct. 29, 2018, according to an 8-K filing with the Securities and Exchange Commission.

In addition, Otter Tail Power Co., a wholly owned subsidiary of the company, extended its $170 million revolver to Oct. 29, 2019 from Oct. 29, 2018.

The amendment also changed the definitions in connection with Libor to set a minimum rate of zero.

U.S. Bank, NA is the administrative agent. Bank of America, NA and JPMorgan Chase Bank, NA are co-syndication agents; and KeyBank NA, is the documentation agent for the facilities. CoBank, ACB is a co-documentation agent for the Otter Tail Power revolver.

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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