Idacorp, Idaho Power enter second amendments for credit lines

Chicago, Dec. 8 – Idacorp, Inc. and Idaho Power Co. entered into second amendments on their revolving credit lines on Dec. 3, 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 the facility to Dec. 6, 2025 and adding language for benchmark alternatives if Libor needs to be replaced.

Wells Fargo Bank, NA is still administrative agent, swingline lender and letter-of-credit issuer.

As in the first amendment, 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 raising the total amount to $150 million.

Idaho Power similarly entered into a second amendment on its $300 million revolving credit line, now due Dec. 6, 2025.

There is 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.

Borrowings continue to bear interest at Libor plus a margin ranging from 77.5 basis points to 125 bps, and the facility fee ranges from 10 bps to 25 bps, both depending on the borrower’s credit ratings, according to a previously filed pricing schedule. There is a 0% Libor floor.

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

JPMorgan Chase Bank, NA is the syndication agent.

Keybank NA and MUFG Union Bank, NA are the documentation agents and letter-of-credit issuers.

Wells Fargo Securities, LLC, JPMorgan Chase Bank, NA, Keybanc Capital Markets Inc. and MUFG Union Bank, NA are the joint lead arrangers and joint bookrunners.

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

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