GridLiance Western Holdings and transmission company GridLiance West closed on two new revolving credit facilities with commitments totaling $185 million.
The new five-year $80 million revolving credit facility for GridLiance Western Holdings and $105 million five-year revolving credit facility 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.
“We are excited to have completed this financing, which increases our financial flexibility and provides cost-efficient capital to support our growth plans,” said Calvin Crowder, president and CEO of GridLiance. ”
The lead arranger for the credit facilities was KeyBanc Capital Markets. KeyBank serves as administrative agent, LC issuing bank and collateral agent. Also participating in the facilities are CoBank, ACB and National Cooperative Services, an affiliate of National Rural Utilities Cooperative Finance.
GridLiance is an independent electric transmission utility holding company.