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Puget Energy and Puget Sound Energy amend, restate credit facilities
By Mary-Katherine Stinson
Lexington, Ky., May 23 – Puget Energy, Inc. and Puget Sound Energy, Inc. entered into restated and amended credit facilities on May 16, according to an 8-K filing with the Securities and Exchange Commission.
Puget Energy’s PE facility provides for a five-year revolving credit facility maturing May 14, 2027 with total commitments of $800 million, including a $100 million sublimit for letters of credit.
The facility includes an accordion feature by which the company may request an increase of up to $500 million.
Proceeds will be used for general corporate purposes.
As of May 16, the initial borrowing under the PE facility was $34.5 million.
Puget Sound Energy’s PSE facility provides for a revolving credit facility with total commitments of $800 million, including a $75 million sublimit for letters of credit and a $75 million sublimit available for swingline loans from Mizuho Bank Ltd. in its capacity as swingline lender.
The facility includes an accordion feature by which the company may request an increase of up to $600 million.
Proceeds will be used for general corporate purposes.
As of May 16, there were no borrowings under the PSE facility.
JPMorgan Chase Bank, NA, is the administrative agent for the PE facility and the syndication agent for the PSE facility.
Mizuho Bank, Ltd. is the syndication agent for the PE facility and the administrative agent for the PSE facility.
Bank of America, NA, Barclays, Bank of Novia Scotia, Cobank, ACB, Royal Bank of Canada, U.S. Bank NA, MUFG Union Bank, NA and Wells Fargo Bank, NA are the co-documentation agents for both facilities.
JPMorgan Securities LLC is the sustainability structuring agent for both facilities.
JPMorgan Chase Bank, NA, Mizuho Bank, Ltd., BofA Securities, Inc., Barclays, Bank of Novia Scotia, Cobank, ACB, RBC Capital Markets, U.S. Bank NA, MUFG Union Bank, NA and Wells Fargo Bank, NA are the joint leader arrangers and joint bookrunners for both facilities.
Puget Energy is a Bellevue, Wash.-based holding company for electric utility Puget Sound Energy, Inc.
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