Hawaii Gas gets commitments for five-year term loan, revolver

By Tali Rackner

Norfolk, Va., Oct. 6 – Hawaii Gas received commitments for a refinanced $80 million five-year term loan and $60 million five-year revolving credit facility, according to a press release.

The new facilities include a reduction in interest rates on the term loan and revolver of 50 basis points and 25 bps, respectively, compared with the prior facilities.

The term loan bears interest at a variable rate of Libor plus 175 bps. The variable-rate component of the debt is expected to be hedged using interest rate swaps through the first four years of the facility.

The revolver bears interest at a variable rate of Libor plus 125 bps and will remain unhedged.

Closing is subject to satisfaction of customary conditions, including approval from the Hawaii Public Utilities Commission.

Hawaii Gas, a wholly owned subsidiary of Macquarie Infrastructure Corp., is the sole franchised gas utility provider in the state of Hawaii.

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