Empire lowers pricing on $150 million revolver, extends by four years

By Toni Weeks

San Diego, Jan. 19 - The Empire District Electric Co. entered into an amended and restated unsecured credit agreement on Tuesday for its revolving credit facility with UMB Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The agreement extends the termination date to Jan. 17, 2017 from Jan. 26, 2013, removes the letter of credit facility and includes a swingline loan facility with a $15 million swingline loan sublimit. The total commitments will remain at $150 million.

Interest on borrowings will accrue at Libor plus a margin that is based on the company's current credit ratings and the pricing schedule. Based on current ratings, the margin is now 125 basis points, decreased from 270 bps.

A facility fee is payable quarterly on the full amount of commitments under the agreement based on the company's current credit ratings.

Bank of America, NA is the syndication agent, and Wells Fargo Bank, NA is the documentation agent.

The Joplin, Mo.-based utility company provides electricity, natural gas and water to customers in Missouri, Kansas, Oklahoma and Arkansas.

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