InfraREIT Inc. subsidiary Sharyland Distribution & Transmission Services LLC closed a new $200 million senior secured term loan credit facility due June 5, 2020.
The pricing of the term loan is LIBOR plus 125 basis points for LIBOR-based loans or a base rate plus 25 basis points for base-rate loans, at Sharyland Distribution's discretion, according to a June 5 release.
The company plans to use proceeds from the facility to refinance the outstanding $177 million balance on its revolving credit facility and for general corporate purposes.
Canadian Imperial Bank of Commerce and Mizuho Bank Ltd. served as the arrangers and lenders for the transaction. Canadian Imperial acted as administrative agent.