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Oncor Electric secures $460M term loan

Oncor Electric Delivery Co. LLC entered into a $460 million term-loan credit facility agreement with Wells Fargo Bank NA, TD Bank NA and U.S. Bank NA as lenders.

The loan will mature on Oct. 6, 2020, and has interest rate options including, based on Oncor's preference, London interbank offered rate plus 0.50% or an alternate base rate that is the highest of Wells Fargo's prime rate, the federal funds effective rate plus 0.50% or the daily one-month Libor plus 1%.

The Sempra Energy subsidiary will use the proceeds for working capital and other general corporate purposes, including the payment of short-term debt.

Wells Fargo acted as the administrative agent for the lenders.