Idacorp, Idaho Power extend credit facilities, adopt SOFR

By Mary-Katherine Stinson

Lexington, Ky., Nov. 23 – Idacorp, Inc. and Idaho Power Co. entered into third amendments on their revolving credit lines on Nov. 18, according to an 8-K filing with the Securities and Exchange Commission.

The primary changes to the $100 million credit agreement for Idacorp included extending $84,375,000 of the facility to Dec. 7, 2026 from Dec. 6, 2025 and providing a transition to SOFR from Libor as the benchmark rate.

The $15,625,000 commitment of one lender under the Idacorp facility still terminates on Dec. 6, 2025.

There are two one-year extension options.

The limit for swingline loans is $10 million, and the limit for letters of credit is $50 million.

The company may request to raise the total amount to $150 million.

Wholly owned subsidiary Idaho Power similarly entered into a third amendment to its $300 million revolving credit line, of which $253,125,000 of the facility was extended to Dec. 7, 2026 from Dec. 6, 2025.

On lender’s commitment of $46,875,000 still terminates on Dec. 6, 2025.

The amendment adopts SOFR from Libor as the benchmark rate

There continue to be a $30 million limit for swingline loans and a $50 million limit for letters of credit.

The total amount may be increased to $450 million.

There are two optional one-year extensions subject to certain conditions, including, obtaining all required approval from any public utilities commission or regulatory body.

Proceeds from both facilities will be used for general corporate purposes and commercial paper backup.

Wells Fargo Bank, NA is still administrative agent, swingline lender and letter-of-credit issuer and is now also an extending lender for both agreements.

JPMorgan Chase Bank, NA and MUFG Union Bank, NA join as extending lenders and letter-of-credit issuers for both agreements.

The facility amendments amend Idacorp and Idaho Power’s existing credit agreements both dated Nov. 6, 2015.

Boise, Idaho-based Idacorp is a diversified energy and technology group.

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