RAPID CITY, S.D. - July 30, 2018 - Black Hills Corp. (BKH) today announced that it has extended the maturity dates of its $750 million revolving credit facility and $300 million term loan.
The amended and restated corporate revolving credit facility maintains total commitments of $750 million and extends the term through July 30, 2023, with two one-year extension options. The facility retains an accordion feature that allows Black Hills to increase the total commitment up to $1 billion under certain conditions. The terms of the amended agreement are materially consistent with the previous agreement.
The $300 million term loan was also amended and restated with a new maturity date of July 30, 2020. The cost of borrowing under the loan is based on LIBOR plus a spread based on the company`s credit rating, which is currently 75 basis points per annum.
"We are pleased with the continued commitment from our banks in our credit facility and term loan," said Richard W. Kinzley, senior vice president and chief financial officer of Black Hills Corp. "The credit facility and term loan enable us to effectively manage our liquidity needs and growth initiatives through flexible and low-cost funding."
U.S. Bank National Association is the administrative agent and JPMorgan Chase Bank, N.A. is the syndication agent for the Black Hills revolving credit facility. U.S. Bank National Association, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC are the co-lead arrangers and co-book runners.
JPMorgan Chase Bank, N.A.is the administrative agent and U.S. Bank National Association is the syndication agent for the Black Hills term loan. JPMorgan Chase Bank, N.A. and U.S. Bank National Association are the joint lead arrangers and joint book runners. Other participating banks in the term loan include Bank of America, N.A. and CoBank, ACB.
Black Hills Corporation
Black Hills Corp. (BKH) is a customer focused, growth-oriented utility 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 1.25 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.
Jerome E. Nichols
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Source: Black Hills Corporation via GlobeNewswire