CoBank, ACB and National Cooperative Services Corporation, an affiliate of National Rural Utilities Cooperative Finance Corporation, also participated in the financing.
Image: GridLiance closes £152m debt financing. Photo: Courtesy of Pexels from Pixabay.
GridLiance, an independent electric transmission company, announced that its subsidiary, GridLiance Western Holdings, and transmission company, GridLiance West, closed on two new revolving credit facilities with commitments totaling £152m.
The new five-year $80 million revolving credit facility for GridLiance Western Holdings and $105 million five-year revolving credit facility at GridLiance West will be used to repay current debt and related transaction costs while creating significant financial capacity and flexibility to support GridLiance’s growth objectives.
“We are excited to have completed this financing, which increases our financial flexibility and provides cost-efficient capital to support our growth plans,” said Calvin Crowder, president and CEO of GridLiance. “This achievement reflects GridLiance’s financial discipline and strong execution on our mission to invest in collaborative transmission solutions and long-term partnerships. Through acquisition and organic growth, we have expanded our portfolio of assets, and this additional financing will help us to continue to grow.”
The lead arranger for the credit facilities was KeyBanc Capital Markets Inc. KeyBank National Association serves as administrative agent, LC issuing bank and collateral agent. Also participating in the facilities are CoBank, ACB and National Cooperative Services Corporation, an affiliate of National Rural Utilities Cooperative Finance Corporation.
Fitch Ratings, Inc. recently published investment-grade issuer ratings for GridLiance. Fitch assigned GridLiance West an “A-” rating, with a stable outlook, and assigned GridLiance Western Holdings a “BBB” rating, with a stable outlook.
“We are pleased to receive these investment-grade ratings from Fitch, which further reflects GridLiance’s strong operating and financial performance,” Crowder added.
Source: Company Press Release.