Laclede Group, Laclede Gas get $600 million five-year revolvers

By Angela McDaniels

Tacoma, Wash., Sept. 3 - Laclede Group, Inc. and Laclede Gas Co. each entered into a new five-year revolving credit facility on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Laclede Group's revolver is for $150 million, and Laclede Gas' is for $450 million.

The interest rate is Libor plus 87.5 basis points to 100 bps, depending on the borrower's credit ratings.

Wells Fargo Bank, NA is the administrative agent. U.S. Bank NA and JPMorgan Chase Bank, NA are the syndication agents. Bank of America, NA, Fifth Third Bank and Morgan Stanley Bank, NA, are the documentation agents. Wells Fargo Securities LLC, U.S. Bank and J.P. Morgan Securities LLC are the lead arrangers and bookrunners. Commerce Bank, UMB Bank, NA, and Stifel Bank & Trust are the other participating banks.

The borrowers can request up to three one-year extensions.

Laclede Group's revolver has a $50 million accordion, and Laclede Gas' has a $150 million one.

Laclede Group has a $60 million sublimit for letters of credit, and Laclede Gas has a $30 million sublimit.

Laclede Group as a $15 million sublimit for swingline loans, Laclede Gas has $45 million sublimit.

Each revolver also contains financial covenants limiting the respective company's consolidated debt to 70% of the respective company's consolidated capitalization.

The new revolvers replace existing loan agreements with Wells Fargo Bank, NA as administrative agent, which were terminated on Monday.

Laclede is a St. Louis-based utility.

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