U.S. Bank Agents Black Hills Amendment
Black Hills announced it amended and extended its $500 million, unsecured revolving credit facility that is used to fund working capital needs and for general corporate purposes. The amended facility has a five-year term expiring May 29, 2019, and can be increased to $750 million under certain conditions.
Black Hills said U.S. Bank is the administrative agent for the revolving credit facility. U.S. Bank, Bank of Nova Scotia and Union Bank are the co-lead arrangers and co-bookrunners.
The cost of borrowing under the new facility is based on the company’s credit rating and is currently at a spread of 112.5 basis points over LIBOR. Current borrowings under the amended facility are $112 million with an additional $21 million of letters of credit issued.
Rapid City, SD-based Black Hills is a vertically-integrated energy company that serves 777,000 natural gas and electric utility customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.