Texas Competitive draws $570 million under revolver

By Sara Rosenberg

New York, Oct. 17 - Texas Competitive Electric Holdings Co. LLC borrowed an additional $570 million under its $2.7 billion senior secured revolving credit facility between Oct. 10 and Oct. 14, according to an 8-K filed with the Securities and Exchange Commission Friday.

Currently, there is about $2.5 billion drawn under the revolver.

The draw was made as a precautionary measure because of the current financial market conditions.

The available liquidity to the company includes unfunded commitments from Lehman Brothers, consisting of about $171 million under the revolver - of which about $80 million has currently been funded by the administrative agent in its capacity as the swingline lender - and roughly $16 million under a delayed-draw term loan.

Citibank is the administrative agent on the deal.

Texas Competitive is a Dallas-based energy company.

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