DPL, Dayton Power amend, restate $300 million of revolving facilities

By Sarah Lizee

Olympia, Wash., June 21 – DPL Inc. and subsidiary Dayton Power and Light Co. amended and restated two credit agreements on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

DPL’s credit agreement with U.S. Bank NA as administrative agent dated July 31, 2015 provides for a $125 million secured revolver due June 19, 2023.

U.S. Bank and PNC Capital Markets LLC are joint lead arrangers and joint bookrunners. PNC Bank, NA is the syndication agent. Fifth Third Bank, BMO Harris Bank, NA, SunTrust Bank and Huntington National Bank are documentation agents.

Interest is Libor plus 125 basis points to 225 bps, and the undrawn fee ranges from 17.5 bps to 40 bps, each based on ratings.

There is a $50 million accordion feature.

Letters of credit are subject to a sub-limit not to exceed $75 million, and swingline loans are subject to a sub-limit not to exceed $15 million.

A financial covenant requires DPL’s consolidated total debt to consolidated EBITDA not to exceed 7 to 1 as of the end of any fiscal quarter and the second financial covenant requires DPL’s consolidated EBITDA to consolidated interest charges to be not less than 2.25 to 1.00 as of the end of any fiscal quarter.

Dayton Power and Light’s credit’s credit agreement with PNC Bank as administrative agent dated July 31, 2015 provides for a $175 million revolver due June 19, 2024.

PNC Capital Markets and U.S. Bank are joint lead arrangers and joint bookrunners. U.S. Bank is the syndication agent. Fifth Third Bank, BMO Harris Bank, NA, SunTrust Bank and Huntington National Bank are documentation agents.

Interest is Libor plus 125 basis points to 250 bps, and the undrawn fee ranges from 12.5 bps to 25 bps, each based on ratings.

Letters of credit are subject to a sub-limit not to exceed $75 million, and swing line loans are subject to a sub-limit not to exceed the lesser of $20 million and the total amount of commitments at any one time outstanding.

There is a $100 million accordion feature.

A financial covenant requires Dayton Power and Light’s consolidated total debt to consolidated total capitalization to not be greater than 0.67 to 1.00 at any time.

Funds borrowed under each credit agreement may be used for general corporate purposes.

DPL is a Dayton, Ohio-based energy company.

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