Barclays Agents NiSource Revolving Credit Facilities
NiSource said it closed on a combined $3.5 billion of revolving credit capacity in three, five-year facilities. According to the company’s 8-K filing, Barclays Bank served as administrative agent. Credit Suisse Securities (USA) served as the syndication agent; The Bank of Toykyo-Mitsubishi, Citibank and JPMorgan Chase served as the co-documentation agents; and Barclays, Credit Suisse Securities (USA), The Bank of Toykyo-Mitsubishi, Citigroup Global Markets and J.P. Morgan Securities served as joint lead arrangers and joint bookrunners.
The majority of the capacity, $1.5 billion each at NiSource and Columbia Pipeline Group, will become effective following the proposed separation of NiSource’s natural gas pipeline business into a stand-alone publicly traded company. The post-separation NiSource facility will amend and replace the company’s existing $2 billion revolving credit agreement. Both facilities will be used for working capital and other general corporate purposes.
“Having these credit facilities in place now helps ensure both companies are ready to operate independently upon separation and beyond,” NiSource President and CEO Robert C. Skaggs Jr. said. “These facilities align with each company’s anticipated liquidity needs and support the recapitalization plan we outlined in September.”
The $500 million facility at Columbia Pipeline Partners will become effective if and when the partnership completes its proposed initial public offering of common units.
Merrillville, IN-based NiSource is engaged in natural gas transmission, storage and distribution, as well as electric generation, transmission and distribution.