The Sempra Energy subsidiary can borrow the full loan amount in up to four borrowings at any time before April 27, according to a Jan. 30 filing.
The loans, which have a maturity date of June 1, 2021, will bear yearly interest equal to London interbank offered rate plus 0.50% until June 1, 2021, or a certain alternate base rate, at Oncor’s option.
On January 29, the company borrowed $163 million under the loan agreement and plans to apply use the proceeds for general corporate purposes.
Jones Day advised Oncor regarding the transaction.
Dallas-based Oncor Electric Delivery is Texas’s largest transmission and distribution electric utility.