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CenterPoint Energy increases credit agreement by $1.6B

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CenterPoint Energy increases credit agreement by $1.6B

CenterPoint Energy Inc. amended its credit agreement to increase aggregate commitments under the agreement to $3.3 billion from $1.7 billion, according to a May 29 filing.

The incremental facility will be effective subject to certain conditions, including the completion of CenterPoint Energy's pending acquisition of Vectren Corp. in a deal valued at about $6 billion.

Other terms include the termination of all commitments by certain lenders to commit to provide a $5.0 billion, 364-day senior unsecured bridge term loan facility; and the payment in full of all obligations under the bridge facility and termination of all commitments to advance additional credit thereunder, the company said.

The amendment also temporarily increased the maximum ratio of debt for borrowed money to capital to 75% from 65% until the earlier of June 30, 2019, and the termination of all commitments in respect of the bridge facility without any borrowing.