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Puget Energy gets $1 billion five-year revolver, borrows $864 million
By Angela McDaniels
Tacoma, Wash., Feb. 16 - Puget Energy, Inc. entered into a new $1 billion revolving credit facility due Feb. 10, 2017, according to an 8-K filing with the Securities and Exchange Commission.
The revolver has a $50 million sublimit for swingline loans and a $100 million sublimit for letters of credit.
The interest rate is Libor plus 125 basis points to 300 bps. The commitment fee is 17.5 bps to 52.5 bps. Both are based on the company's debt ratings.
The bookrunners and lead arrangers are J.P. Morgan Securities LLC, RBS Securities Inc., Barclays Capital, Bank of Nova Scotia, SunTrust Robinson Humphrey, Inc. and Union Bank, NA.
JPMorgan Chase Bank, NA is the administrative agent. Royal Bank of Scotland plc is the syndication agent. Barclays Bank plc, Bank of Nova Scotia, SunTrust Bank and Union Bank are the documentation agents.
The financial covenants require Puget Energy to maintain a minimum group funds from operations coverage ratio of 2.00 to 1.00 and a maximum leverage ratio of 0.65 to 1.00.
The revolver is secured by substantially all of the assets of Puget Energy and Puget Equico LLC, Puget Energy's parent.
The proceeds will be used to refinance some existing debt and for general corporate purposes.
At closing on Feb. 10, the company borrowed $864 million.
In connection with the new revolver, the company paid in full and terminated its May 16, 2008 credit facility, which included a $1.43 billion term loan and an up to $1 billion capital expenditure term loan facility. Barclays Bank was the facility agent.
Puget Energy is the holding company for Puget Sound Energy, Inc., a utility that provides electricity and natural gas. Both are based in Bellevue, Wash.
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