WGL, Washington Gas refinance loans with new five-year facilities

By Susanna Moon

Chicago, April 9 - WGL Holdings, Inc. and Washington Gas Light Co. each obtained a five-year credit facility with two one-year extension options last Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

WGL may borrow up to $450 million under the facility and may tap another $100 million with lender approval for a total of up to $550 million.

Washington Gas may draw up to $350 million under its facility any may draw another $100 million with lender approval for a total of up to $450 million.

The lenders for the facilities are Wells Fargo Bank, NA; Bank of Tokyo-Mitsubishi UFJ, Ltd.; Branch Banking and Trust Co.; TD Bank, NA; Bank of New York Mellon; PNC Bank, NA; U.S. Bank, NA; Northern Trust Co.; Canadian Imperial Bank of Commerce, New York Agency; and Mechanics and Farmers Bank.

The companies each terminated the revolving credit agreements that closed on Aug. 3, 2007. The lenders for those facilities were Wells Fargo Bank, NA; Bank of Tokyo-Mitsubishi UFJ, Ltd.; SunTrust Bank; Bank of New York Mellon; JPMorgan Chase Bank, NA; Branch Banking and Trust Co.; PNC Bank, NA; Northern Trust Co.; TD Bank, NA; Bank of Nova Scotia; and Bank of America, NA.

The terminated facility for WGL was for up to $400 million, with an additional line of credit of $50 million, for a total size of up to $450 million. The facility for Washington Gas was for up to $300 million, with an additional line of credit of $100 million, for a total size of up to $400 million.

WGL is a Washington, D.C.-based utility serving Maryland, Virginia and Delaware.

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