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Tucson Electric secures $225M term loan

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Tucson Electric secures $225M term loan

Tucson Electric Power Co. entered into a credit agreement for a $225 million term loan due Dec. 9, 2020.

The agreement was struck with Truist Bank as administrative agent, SunTrust Robinson Humphrey Inc. as sole lead arranger, and a group of lenders. The Fortis Inc. subsidiary may request up to two borrowings until March 10, 2020.

The term loan is intended to add to the company's liquidity at a time of increased capital spending and will also be used to help fund the purchase of the Gila River Project unit 2, to help settle payments for the construction of the Oso Grande Wind Project, and for other general corporate purposes.

The credit agreement is unsecured and ranks equal to the company's other senior unsecured debt obligations.