WGL, Washington Gas amend, credit facility, extend terms until 2019

By Susanna Moon

Chicago, Dec. 19 – WGL Holdings, Inc. and Washington Gas Light Co. each amended its credit agreement on Friday, extending the maturities until Dec. 19, 2019, according to an 8-K filing with the Securities and Exchange Commission.

The facilities will terminate on Sept. 30, 2017 if Washington Gas does not obtain an extension of a regulatory approval authorizing the incurrence of short-term debt. Each facility has two one-year extension options.

The amendments also clarify the calculation of the minimum interest rate on base rate loans and make miscellaneous other changes relating to compliance with anti-corruption laws and other matters.

The WGL facility allows borrowing up to $450 million and has a $100 million accordion for a maximum potential total of $550 million with lender approval.

The Washington Gas facility allows borrowing up to $350 million and additional borrowings of $100 million for a maximum potential total of $450 million with lender approval.

The lenders are Wells Fargo Bank, NA, Bank of Tokyo-Mitsubishi UFJ, Ltd., Branch Banking and Trust Co., TD Bank, NA, Royal Bank of Canada, U.S. Bank, NA and the Bank of New York Mellon.

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

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