GridLiance companies close on two new revolvers totaling $185 million

By Sarah Lizee

Olympia, Wash., Aug. 1 – GridLiance GP, LLC said subsidiary GridLiance Western Holdings, LLC and transmission company GridLiance West LLC closed on two new revolving credit facilities with commitments totaling $185 million.

The new $80 million five-year revolver for GridLiance Western Holdings and $105 million five-year revolver at GridLiance West will be used to repay current debt and related transaction costs while creating significant financial capacity and flexibility to support GridLiance's growth objectives, according to a press release.

The lead arranger was KeyBanc Capital Markets Inc.

KeyBank NA is administrative agent, letter-of-credit issuing bank and collateral agent.

Also participating in the facilities are CoBank, ACB and National Cooperative Services Corp.

As previously reported, Fitch Ratings assigned GridLiance West an A- rating with a stable outlook and assigned GridLiance Western Holdings a BBB rating with a stable outlook.

GridLiance is an independent electric transmission company based in Dallas.

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