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ALLETE renews $400M credit agreement

ALLETE Inc. renewed a $400 million credit agreement with JPMorgan Chase Bank NA as administrative agent, according to a Jan. 16 Form 8-K filing.

The agreement has maturity date Jan. 10, 2024, with two one-year extension options. The facility may also be increased by up to $150 million. As of Jan. 10, ALLETE had availability under the facility of $382.2 million.

The company intends to use advances for general corporate purposes, to provide liquidity in support of its commercial paper program and to issue up to $60 million in letters of credit.

Borrowings bear a variable interest rate based on the Eurodollar rate. J.P. Morgan Securities LLC served as sole lead arranger and sole book runner.