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Xcel Energy secures $500M term loan

Xcel Energy Inc. secured a $500 million, 364-day term loan Dec. 3 to pay down borrowings and terminate the existing and expiring $500 million term loan.

The new credit facility has one covenant, requiring Xcel Energy to maintain a consolidated funded debt to total capitalization ratio less than or equal to 65%.

The new facility has interest rate options of either the Eurodollar rate plus a margin of 50 basis points or an "alternate base rate," according to a Dec. 6 filing. It matures Dec. 1, 2020, with an option to extend the maturity for another 364 days.

Canadian Imperial Bank of Commerce's New York branch acted as administrative agent.