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GridLiance closes $185M of revolving credit facilities

Two GridLiance Holdco subsidiaries secured new revolving credit facilities with a combined value of $185 million.

Gridliance Western Holdings LLC closed on a five-year, $80 million credit facility, and GridLiance West LLC secured a five-year, $105 million credit facility, according to an Aug. 1 company news release.

The funds will be used to repay current debt and related transaction costs and to support the growth plans of the companies.

KeyBanc Capital Markets Inc. served as lead arranger for the credit facilities, while KeyBank NA served as administrative agent, LC issuing bank and collateral agent.

Also participating in the facilities were CoBank, ACB and National Cooperative Services Corp., an affiliate of National Rural Utilities Cooperative Finance Corp.

The news came after Fitch Ratings on July 26 assigned a first-time, long-term issuer default rating of BBB to GridLiance Western Holdings and a first-time, long-term issuer default rating of A- to GridLiance West, with a stable outlook.