Questar amends credit agreement, lifts revolver to $750 million

By Toni Weeks

San Luis Obispo, Calif., April 23 - Questar Corp. amended and restated its senior unsecured five-year revolving credit agreement on April 19 to provide advances to up to $750 million at any one time, with an option to increase commitments by up to an additional $250 million, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The facility matures April 19, 2018 and allows for two one-year extensions of the maturity date.

Interest will initially accrue on advances at Libor plus 100 basis points. The margin, which is based upon Questar's debt rating, may range from 75 bps to 125 bps. There is also a commitment fee that initially will be 10 bps and subsequently can range from 6 bps to 20 bps, also dependent on the company's debt rating.

Proceeds may be used for general corporate purposes, including to provide liquidity for the company's commercial paper program, finance working capital, refinance existing indebtedness and pay some fees and expenses.

Wells Fargo Bank, NA is the administrative agent. JPMorgan Chase Bank, NA is the syndication agent. Barclays Bank plc, Deutsche Bank AG, New York Branch and Royal Bank of Scotland plc are the documentation agents and lenders.

Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Barclays Bank plc, Deutsche Bank Securities Inc. and RBS Securities Inc. are the joint lead arrangers and joint lead bookrunners.

Questar is a Salt Lake City-based energy company focused on natural gas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.