Pike Electric exercises accordion to bring revolver to $275 million

By Jennifer Chiou

New York, June 27 - Pike Electric Corp. put in use the accordion feature of its four-year secured revolving credit facility, exercising the full amount to lift commitments to $275 million from $200 million, according to an 8-K filed with the Securities and Exchange Commission.

Regions Capital Markets was the lead arranger and administrative agent.

As reported, pricing on the revolver can range from Libor plus 200 basis points to 300 bps and the commitment fee can range from 37.5 bps to 62.5 bps, based on leverage.

Proceeds will go toward general corporate purposes, which may include financing Pike Enterprises, Inc.'s acquisition of Synergetic Design Holdings, Inc.'s shares.

Pike Electric is a Mount Airy, N.C.-based energy products for utilities, municipalities and co-operatives.

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