Black Hills Corp. Amends and Extends $500 Million Revolving Credit Facility
RAPID CITY, S.D. - June 26, 2015 - Black Hills Corp. (BKH) today announced it 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 Corporation
Black Hills Corp. (BKH) 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. The company also generates wholesale electricity and produces natural gas, oil and coal. Black Hills Corp.`s more than 2,000 employees form partnerships and produce positive results for our customers, communities and shareholders. More information is available at www.blackhillscorp.com.
Investor Relations
Jerome E. Nichols
605-721-1171
jerome.nichols@blackhillscorp.com
24-Hour Media Relations Line
866-243-9002
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release includes "forward-looking statements" as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements that the credit facility provides flexible and low-cost funding in support of our growth initiatives, are forward-looking statements. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including the factors discussed above, the risk factors described in Item 1A of Part I of our 2014 Annual Report on Form 10-K filed with the SEC, and other reports that we file with the SEC from time to time.
New factors that could cause actual results to differ materially from those described in forward looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
# # #
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Black Hills Corporation via GlobeNewswire
HUG#1932172
