Spire Missouri enters into new $100 million three-year term loan

By Sarah Lizee

Olympia, Wash., Dec. 7 – Spire Missouri Inc. entered into a new loan agreement on Dec. 3 with U.S. Bank NA as administrative agent that provides for a $100 million term loan, which was fully funded at close.

The loan matures Dec. 1, 2021, subject to optional prepayment by Spire, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings will bear interest at Libor plus a margin based on the borrower’s senior debt rating. The margin ranges from 70 basis points to 75 bps.

There is a financial covenant limiting Spire's consolidated debt to 70% of its consolidated capitalization at the end of each fiscal quarter.

Spire expects to use proceeds for working capital and general corporate purposes.

U.S. Bank is the lead arranger. Regions Bank is the documentation agent.

Spire is natural gas distribution company based in St. Louis.

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