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National Fuel Gas gets restated revolvers totaling $1.25 billion
By Tali Rackner
Norfolk, Va., Sept. 14 – National Fuel Gas Co. entered into a third amended and restated credit agreement on Friday with administrative agent JPMorgan Chase Bank, NA, according to an 8-K filing with the Securities and Exchange Commission.
The credit agreement provides for a $750 million multi-year committed revolving credit facility through Dec. 5, 2019 and a $500 million 364-day committed revolving credit facility through Sept. 8, 2017.
With respect to borrowings under the multi-year facility, the company is permitted to elect a maturity date that is 364 days after the date of the borrowing.
The multi-year credit agreement may be increased to up to $850 million.
Interest under the facility is equal to Libor plus 80 basis points to 152.5 bps, depending on National Fuel’s credit ratings. The quarterly facility fee is currently 15 bps and ranges from 7.5 bps to 22.5 bps.
The credit agreement includes a covenant that the company will not permit its debt to capitalization ratio to exceed 0.675 time at the last day of any fiscal quarter through Sept. 30, 2017 and 0.65 time thereafter.
Proceeds will be used to pay obligations under National Fuel’s commercial paper program, other short-term credit facilities and maturing long-term debt obligations and for general corporate purposes.
The credit agreement amends and restates the second amended and restated credit agreement obtained in September 2015. There were no borrowings outstanding under that agreement.
National Fuel Gas is a natural gas provider based in Williamsville, N.Y.
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