Pike Electric gets $255.5 million amended, restated credit facility

By Sara Rosenberg

New York, Aug. 3 - Pike Electric Corp. closed on a $255.5 million amended and restated credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Barclays Bank is the administrative agent on the deal that was completed on July 29.

The facility consists of a $115 million revolver due July 1, 2012, and $140.5 million of term loans. The term loan debt is comprised of two tranches - one that matures on July 1, 2012 and one that matures on Dec. 10, 2012.

Pricing on the revolver is Libor plus 350 basis points and pricing on the term loans is Libor plus 150 bps.

Basically, the amendment and restatement extended the maturity of the revolver by two years, increased the revolver size from $90 million and increased revolver pricing from Libor plus 150 bps.

All financial covenants remained unchanged.

Pike is a Mount Airy, N.C.-based provider of energy services for utilities, municipalities and cooperatives.

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