ONE Gas Inc. entered into an amended and restated $700 million revolving unsecured credit facility with a $20 million letter of credit subfacility and a $60 million swingline subfacility.
Under the agreement, One Gas may request an increase of up to $500 million in the commitments, upon satisfaction customary conditions, such as receipt of commitments from either new lenders or existing lenders increasing their commitments, according to a Form 8-K filed Oct. 6.
The credit agreement may provide liquidity for working capital, acquisitions and mergers, and other general corporate purposes. It is set to mature on Oct. 5, 2022 but may be extended by a year twice, depending on the lenders' consent.
The agreement amends and restates the company’s Dec. 20, 2013, credit agreement with Bank of America NA as administrative agent, swing line lender, a letter of credit issuer and a lender, and the other lenders and letter of credit issuers.