MGE ENERGY INC (MGEE): debt financing — MGE Energy and subsidiary amend credit facilities; extend maturities to 2027, switch from LIBOR to SOFR

MGE ENERGY INC

MGEE entered $50M revolver; MGE entered $60M (JPM) and $40M (USB) revolvers, all maturing Nov 8, 2027.
Each facility allows up to two one-year extensions and up to 50% commitment increase (MGEE +$25M, MGE +$30M/$20M).
Interest rates: Alternate Base Rate plus 0-0.125% or Adjusted Term SOFR plus 0.625%-1.125%, based on credit ratings.
Covenants include max consolidated debt-to-capitalization ratio of 65% and change-of-control default triggers.
Agreements replace prior LIBOR-based 2019 facilities; other terms substantially unchanged.

item 1.01 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MGE ENERGY INC amended revolving credit of $60 million with JPMorgan Chase Bank, N.A. maturing November 8, 2027.

Instrument: revolving credit
Principal: $60 million
Counterparty: JPMorgan Chase Bank, N.A.
Maturity: November 8, 2027
Event: amendment

Exact text from the filing

agent. Under that credit agreement, MGE may borrow funds on a revolving credit basis, and may request letters of credit, all in a maximum amount outstanding not to exceed $60 million. The MGE JPM Credit Agreement has an initial term expiring on November 8, 2027. MGE may request up to two one-year extensions of that term, which, if granted by the lenders in

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MGE ENERGY INC amended revolving credit of $50 million with JPMorgan Chase Bank, N.A. maturing November 8, 2027.

Instrument: revolving credit
Principal: $50 million
Counterparty: JPMorgan Chase Bank, N.A.
Maturity: November 8, 2027
Event: amendment

Exact text from the filing

agent. Under the MGEE Credit Agreement, MGEE may borrow funds on a revolving credit basis, and may request letters of credit, all in a maximum amount outstanding not to exceed $50 million. The MGEE Credit Agreement has an initial term expiring on November 8, 2027. MGEE may request up to two one-year extensions of that term, which, if granted by the lenders in

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MGE ENERGY INC amended Credit Agreements (effective 2022-11-08).

Action: amendment
Agreement: credit facility
Effective: 2022-11-08

Exact text from the filing

On November 8, 2022, MGE Energy, Inc. (MGEE) and Madison Gas and Electric Company (MGE) amended and restated their existing credit agreements entered on February 7, 2019, principally to extend their maturity dates to November 8, 2027 and to change the interest rate determination from a LIBOR basis

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Source: SEC EDGAR

accession 0000950170-22-023583

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