Idacorp, Idaho Power replace revolvers, facilities total $500 million

By William Gullotti

Buffalo, N.Y., Dec. 11 – Idacorp, Inc. and Idaho Power Co. each replaced their revolving credit agreements on Dec. 8 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Both facilities have a Dec. 8, 2028 maturity and include the option for each respective company to request up to two, one-year extensions.

Idacorp’s new $100 million revolver is the same size as the one it replaces, likewise including an option to request to increase the capacity to $150 million.

There is a $10 million sublimit for swingline loans and a $50 million sublimit for letters of credit.

Borrowings from the Idacorp revolver will bear interest at SOFR plus a margin ranging from 77.5 basis points to 125 bps. There is also a facility fee that ranges from 10 bps to 25 bps.

The margin and fee are determined by the company’s debt rating.

Wholly owned subsidiary Idaho Power’s new revolver totals $400 million, replacing its previous $300 million facility. The borrower has the right to request increased commitments to up the facility size to $600 million.

Idaho Power’s new revolver includes $50 million sublimits on both swingline loans and letters of credit.

The interest rate, margin and fee for the Idaho Power revolver are identical to the Idacorp revolver.

Similarly, each revolver contains covenants that require the companies maintain a leverage ratio of consolidated debt to consolidated total capitalization of no more than 0.65 at the end of each fiscal quarter.

Proceeds from both facilities will be used for general corporate purposes and commercial paper backup.

In addition to serving as administrative agent for both facilities, Wells Fargo Bank is the swingline lender and a letter-of-credit issuer alongside syndication agent, JPMorgan Chase Bank, NA.

Wells Fargo Securities, Inc. and JPMorgan are the joint lead arrangers and joint bookrunners for each revolver.

Both of the previous revolvers, each with Wells Fargo as administrative agent, would have matured Dec. 7, 2026.

Boise, Idaho-based Idacorp is a diversified energy and technology group.

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