Black Hills to use revolver for short-term funds, eyes long-term debt

By Marisa Wong

Los Angeles, March 23 – Black Hills Corp. said it is shifting its short-term funding to its $750 million revolving credit facility that expires July 30, 2023.

The company is shifting its short-term funding to the revolver from its commercial paper program, according to a press release.

The revolver has two one-year renewal options and contains an accordion feature allowing Black Hills to increase total commitments to up to $1 billion.

Black Hills said it is well positioned to carry out its financing strategy.

The company plans to issue at least $300 million of long-term debt this year to term out short-term debt. The company noted that it does not have any material long-term debt maturities until late 2023.

The Rapid City, S.D., utility company added that it recently completed a $100 million equity issuance as part of its plan for 2020.

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