Laclede Group terminates recently reduced bridge loan from Wells Fargo

By Marisa Wong

Madison, Wis., Aug. 26 - Laclede Group, Inc. terminated on Monday its commitment letter dated Dec. 14, 2012 with Wells Fargo Bank, NA and Wells Fargo Securities, LLC, according to an 8-K filing with the Securities and Exchange Commission.

The commitment letter was for a 364-day senior bridge term loan credit facility.

The company had recently reduced the amount of commitments under the bridge loan following a sale of first mortgage bonds completed on Aug. 13. Commitments were reduced to $79.9 million from $525 million.

The St. Louis-based utility entered into the original $1.02 billion bridge loan to fund its acquisition of Southern Union Co.'s Missouri Gas Energy and New England Gas Co. assets.

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