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Black Hills Amends, Extends $500MM Revolving Credit Facility

June 29, 2015, 07:08 AM
Filed Under: Energy

Black Hills Corp.has amended and extended its $500 million, unsecured revolving credit facility used to fund working capital needs and for general corporate purposes. The amended facility has a five-year term expiring June 26, 2020, and can be increased to $750 million under certain conditions. The cost of borrowing under the new facility is based on the company's credit rating and is unchanged at a spread of 112.5 basis points over LIBOR. Current borrowings under the amended facility are $98 million with an additional $23 million of letters of credit issued.

"This amended facility will continue providing flexible and low-cost funding in support of our growth initiatives," said Richard W. Kinzley, senior vice president and chief financial officer of Black Hills Corp. "We are pleased with the strong support from our bank group and their continued confidence in Black Hills."

U.S. Bank N.A. is the administrative agent for the Black Hills revolving credit facility. U.S. Bank N.A., The Bank of Nova Scotia and Union Bank, N.A. are the co-lead arrangers and co-book runners.

Black Hills Corp. is a growth-oriented, vertically-integrated energy company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 785,000 natural gas and electric utility customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.

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