Madison Gas and Electric exercises accordion for $30 million

By Mary-Katherine Stinson

Lexington, Ky., Feb. 1 – Madison Gas and Electric Co. (MGE), a wholly owned subsidiary of MGE Energy, Inc., entered a first amendment to its second amended and restated credit agreement on Jan. 30, according to an 8-K filing with the Securities and Exchange Commission.

The $30 million increase provided for in the amendment increases the total commitments under the company’s existing agreement to $90 million, bringing the total availability under Madison Gas’ existing credit agreements to $130 million.

The company used the accordion feature of the original agreement from Nov. 8, 2022 for the expansion.

JPMorgan Chase Bank, NA is the administrative agent. Bank of America, NA and U.S. Bank NA join as lenders.

Each lender contributed a pro rata share of the increase.

The utility holding company is based in Madison, Wis.

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