Power Co. Feeds Off Lender Appetite
GlobalCapital Securitization, is part of the Delinian Group, DELINIAN (GLOBALCAPITAL) LIMITED, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 15236213
Copyright © DELINIAN (GLOBALCAPITAL) LIMITED and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Power Co. Feeds Off Lender Appetite

WPS Resources has landed a $500 million revolver, combining two expiring 364-day facilities.

WPS Resources has landed a $500 million revolver, combining two expiring 364-day facilities. The Green Bay, Wis., holding company decided to take advantage of the borrower-friendly market by stretching out maturities and expanding its original $400 million line, said Joseph O'Leary, cfo. The new revolver backs commercial paper issuances and letters of credit.

The line is priced at 17.5 basis points over LIBOR plus a facility fee of 7.5 basis points--the thin pricing reflects WPS' senior credit rating, which stands at A from Standard & Poor's and A1 from Moody's Investors Service. The previous line comprised a $225 million revolver and a $175 million credit line. Both were set to mature Aug. 5 and had all-in pricing of LIBOR plus 32 basis points. JPMorgan was the lead arranger for the facility.

U.S. Bank and Citigroup Global Markets, which acted as co-lead arrangers for the new revolver, were chosen based on longstanding relationships with WPS, including involvement in prior credit agreements, O'Leary explained. U.S. Bank was the lead arranger for a $340 million credit facility that WPS obtained in 2003.

Gift this article