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Entergy Arkansas gets $250 million facility at Libor plus 75-137.5 bps
By Susanna Moon
Chicago, July 26 - Entergy Arkansas, Inc. entered into a $250 million credit facility due Jan. 26, 2015 at Libor plus 75 basis points to 137.5 bps, based on the company's debt ratings.
The company inked a credit agreement Friday with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
Union Bank, NA, SunTrust Robinson Humphrey, Inc. and Canadian Imperial Bank of Commerce, New York Agency are the joint lead arrangers.
The facility is secured by Entergy Arkansas's issuance and pledge to the administrative agent of $255 million principal amount of its non-interest bearing first mortgage bonds, 2013 credit agreement collateral series.
The credit agreement contains customary covenants, including restrictions on Entergy Arkansas from pledging its assets and restrictions on asset sales, excluding the disposition of Entergy Arkansas' transmission business to ITC Holdings Corp.
The agreement also contains a covenant that requires Entergy Arkansas to maintain a consolidated debt ratio of 65% or less of its total capitalization.
Entergy Arkansas is a Little Rock, Ark.-based energy provider.
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