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Avangrid secures $50M in uncommitted credit

Avangrid Inc. has secured up to $50 million in uncommitted line of credit, according to a Dec. 20 filing.

Under the agreement inked Dec. 15, Avangrid may request Crédit Agricole Corporate and Investment Bank to issue standby financial and performance letters of credit for general corporate purposes. The outstanding amount secured under the letters of credit must be repaid within a year after the issuance of financial letters and within five years after issuance of performance letters.

Meanwhile on Dec. 19, Avangrid entered into an indenture to replace UIL Holdings Corp. as the obligor for the $450 million of 4.625% notes due Oct. 1, 2020. Interest on the unsecured notes is payable every April 1 and October 1.