Northwest Natural Holding Co. and its natural gas utility subsidiary Northwest Natural Gas Co. struck separate credit agreements with a group of banks, establishing unsecured revolving loan facilities.

NW Natural Holding's new $100 million facility includes an accordion feature that allows the company to request commitment increases of up to $50 million, according to an Oct. 3 SEC filing. The facility may also issue letters of credit of up to $40 million, which would be considered an advance under the facility and subject to interest.

In a separate filing, NW Natural Gas agreed with the same group of banks to form a $300 million facility with an accordion feature for an additional $150 million in commitment increases. The new facility replaces NW Natural's 2012 credit agreement and allows for letters of credit of up to $60 million, which would also bear interest.

Both facilities are intended to be a backup for the entities' respective commercial paper borrowing programs. Any borrowings under the facilities will have a maturity date of Oct. 2, 2023, subject to two additional one-year extensions. The banks involved in the agreements are JPMorgan Chase Bank NA as administrative agent, and Bank of America NA, U.S. Bank NA and Wells Fargo Bank NA as co-syndication agents.

Northwest Natural Holding is the result of a recent restructuring of the Portland, Ore-based Northwest Natural Gas, which allowed the company to more effectively separate its businesses. Northwest Natural Holding serves as the parent holding company of the gas utility, NW Natural Water Co. LLC and other subsidiaries.