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Avangrid, subsidiaries secure $1.5B credit agreement

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Essential Energy Insights - January 2021


Avangrid, subsidiaries secure $1.5B credit agreement

Avangrid Inc.and certain subsidiaries secured a $1.5 billion revolving credit facility dueApril 5, 2021, with a syndicate of banks, according to a Form 8-K filed April 6.

Other borrowers involved in the facility are Avangridelectric and gas utility subsidiaries NewYork State Electric & Gas Corp., ,Central Maine Power Co.,United Illuminating Co.,Connecticut Natural Gas Corp.,Southern Connecticut Gas Co.and Berkshire Gas Co.Each company has a maximum borrowing sublimit under the facility.

Avangrid's maximum sublimit is $1 billion, and NYSEG,RG&E, Central Maine Power and United Illuminating have sublimits of $250million. Connecticut Natural Gas and Southern Connecticut Gas have sublimits of$150 million and Berkshire Gas has a sublimit of $25 million. The sublimitscould be adjusted to address specific short-term capital funding needs, subjectto the maximum limit established by the banks.

Each of the borrowing companies will pay an annual facilityfee, which will initially range from 12.5 basis points to 17.5 basis points.The fee is dependent on the borrowers' credit rating.

Avangrid is a subsidiary of .