Black Hills amends $500 million revolver, extending to May 2019

By Jennifer Chiou

New York, May 30 - Black Hills Corp. announced that it amended and extended its $500 million unsecured revolving credit facility, bringing the maturity date to May 29, 2019.

According to a news release, the facility can be increased to $750 million under certain conditions.

U.S. Bank NA is the administrative agent with the Bank of Nova Scotia and Union Bank, NA as co-lead arrangers and co-bookrunners.

Borrowings bear interest at Libor plus 112.5 basis points.

The release noted that current borrowings under the amended facility are $112 million with an additional $21 million of letters of credit.

"Our improved financial condition and favorable interest rate environment allowed us to lower our borrowing costs under the credit facility and to extend the term," Tony Cleberg, executive vice president and chief financial officer, said in the release.

Proceeds are used to fund working capital needs.

Black Hills is a Rapid City, S.D.-based energy company.

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