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Laclede terminates bridge loan after raising funds from stock, notes
By Marisa Wong
Madison, Wis., Aug. 21 – Laclede Group, Inc. terminated on Aug. 19 the commitment letter dated April 28 for an up to $1.35 billion bridge loan, according to an 8-K filing with the Securities and Exchange Commission.
Laclede had entered into the commitment letter with Credit Suisse AG and Wells Fargo Bank, NA for a 364-day senior bridge term loan credit facility. The syndicated loan was used to fund Laclede’s acquisition of Alabama Gas Corp. from Energen Corp.
A June 11 common stock and equity units offering automatically reduced the bridge loan commitments by about $600 million, and on June 16 Laclede entered into a first amendment to the commitment letter, reducing aggregate commitments to $700 million.
On Tuesday, following its public offering of $625 million of senior notes, Laclede entered into a second amendment to the commitment letter, reducing aggregate commitments to $0.
Proceeds from the senior notes, together with the proceeds from the earlier equity offerings and other available funds, were used to fund the cash portion of the acquisition.
Laclede is a utility holding company based in St. Louis.
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