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Spire, Laclede Gas, Alabama Gas enter new 5-year credit facility

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Spire, Laclede Gas, Alabama Gas enter new 5-year credit facility

Spire Inc., Laclede Gas Co. and Alabama Gas Corp. on Dec. 14 entered a new syndicated revolving credit facility pursuant to a five-year loan agreement, which has an aggregate credit commitment of $975 million, including sublimits of $300 million for Spire, $475 million for Laclede Gas and $200 million for Alaba Gas.

The borrowers may request an increase in the aggregate credit commitment of up to $300 million, while the loan agreement provides for letters of credit available to the borrowers in an aggregate amount up to $60 million, and swingline loans in an aggregate amount up to $75 million, according to a Form 8-K filed on Dec. 16.

The borrowers may request up to two one-year extensions of the agreement.

Wells Fargo Bank NA acted as the administrative agent, while the U.S. Bank NA and JPMorgan Chase Bank NA acted as co-syndication agents.