Black Hills extended the maturity dates of its $750 million revolving credit facility and $300 million term loan.

U.S. Bank served as administrative agent and JPMorgan Chase as the syndication agent on the revolving credit facility. U.S. Bank, JPMorgan Chase, Merrill Lynch and Wells Fargo Securities acted as co-lead arrangers and co-book runners.

JPMorgan Chase served as the administrative agent and U.S. Bank as the syndication agent on the term loan. Both banks also acted as joint lead arrangers and joint book runners. Other participating banks in the term loan included Bank of America and CoBank.

The amended and restated corporate revolver will maintain total commitments of $750 million and extend the term through July 30, 2023, with two additional one-year extension options. The facility will retain an accordion feature that allows Black Hills to increase the total commitment up to $1 billion under certain conditions. The terms of the amended agreement were materially consistent with the previous agreement.

The $300 million term loan was also amended and restated with a new maturity date of July 30, 2020. The cost of borrowing under the loan will be based on LIBOR plus a spread based on the company’s credit rating, which is currently 75 basis points per annum.

“We are pleased with the continued commitment from our banks in our credit facility and term loan,” said Richard W. Kinzley, senior vice president and chief financial officer of Black Hills. “The credit facility and term loan enable us to effectively manage our liquidity needs and growth initiatives through flexible and low-cost funding.”

Based in Rapid City, SD, Black Hills is a customer-focused, growth-oriented utility company which serves 1.25 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.