Xcel Energy enters into new $700 million 364-day term loan agreement

By Wendy Van Sickle

Columbus, Ohio, March 23 – Xcel Energy Inc. entered into a $700 million 364-day term loan agreement on Monday with U.S. Bank NA as bookrunner, lead arranger and administrative agent and borrowed the full amount for general corporate purposes, according to an 8-K filing with the Securities and Exchange Commission.

The new term loan facility matures on March 22, 2021 and can be extended for one additional 364-day period to March 21, 2022 at Xcel Energy’s request and the lenders’ discretion.

Loans will bear interest at Libor plus 60 basis points.

The term loan facility has one financial covenant, requiring that Xcel Energy’s consolidated funded debt to total capitalization ratio be less than or equal to 65%.

The public utility holding company is based in Minneapolis.

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