Xcel Energy extends $500 million 364-day term loan to December 2019

By Sarah Lizee

Olympia, Wash., Dec. 10 – Xcel Energy Inc. amended its $500 million 364-day term loan agreement on Dec. 4 to extend the maturity of the $250 million of existing loans outstanding under the facility to Dec. 3, 2019, according to an 8-K filing with the Securities and Exchange Commission.

The remaining $250 million of the unborrowed commitment is available for borrowing by Xcel Energy until March 4, 2019. After that, Xcel Energy will no longer be entitled to make any further borrowings under the facility.

Loans borrowed and repaid may not be reborrowed.

At the request of Xcel Energy, the lenders may recommit to extend the maturity date of the outstanding loans for one additional 364-day period from the existing maturity date to Dec. 2, 2020.

Loans bear interest at Libor plus 50 basis points.

There is a commitment fee equal to 10 bps per annum on the unborrowed portion of the commitment under the term loan facility.

Borrowings will be used for general corporate purposes of Xcel Energy and its subsidiaries, including the refinancing of outstanding debt from time to time.

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%.

MUFG Bank, Ltd. is the lead arranger, bookrunner and administrative agent.

The public utility holding company is based in Minneapolis.

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