Laclede obtains $1.02 billion senior bridge loan from Wells Fargo

By Marisa Wong

Madison, Wis., Dec. 17 - Laclede Group, Inc. entered into a commitment letter with Wells Fargo Bank, NA and Wells Fargo Securities, LLC for a $1.02 billion senior bridge term loan credit facility, according to an 8-K filed Monday with the Securities and Exchange Commission.

The 364-day bridge loan will be used to fund Laclede's acquisition of Southern Union Co.'s Missouri Gas Energy and New England Gas Co. assets.

Interest is equal to Libor plus an applicable margin of 100 basis points to 137.5 bps, based on the company's debt rating.

The commitment letter was completed on Dec. 14.

Laclede Group is a St. Louis-based utility.

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