IDACORP INC (IDA): debt financing — IDACORP and Idaho Power enter $500M in new credit facilities maturing 2028

IDACORP INC

IDACORP's new $100M revolving credit facility matures Dec 8, 2028, replacing 2015 facility.
Idaho Power's new $400M revolving credit facility also matures Dec 8, 2028, replacing 2015 facility.
Facilities provide for swingline loans and letters of credit; used for general corporate purposes and commercial paper backup.
IDACORP may increase its facility to $150M; Idaho Power may increase to $600M, with extension options.
Both facilities include a leverage ratio covenant of ≤ 0.65 and customary events of default.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

IDACORP INC incurred revolving credit of $100 million revolving line of credit with Wells Fargo Bank, National Association at floating rate that is equal to the highest of the prime rate, federal funds rate maturing 2028-12-08.

Instrument: revolving credit
Principal: $100 million revolving line of credit
Counterparty: Wells Fargo Bank, National Association
Rate: floating rate that is equal to the highest of the prime rate, federal funds rate
Maturity: 2028-12-08
Event: incurrence

Exact text from the filing

The IDACORP Facility is a $100 million revolving line of credit that matures on December 8, 2028.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

IDACORP INC incurred revolving credit of $400 million revolving line of credit with Wells Fargo Bank, National Association at floating rate that is equal to the highest of the prime rate, federal funds rate maturing 2028-12-08.

Instrument: revolving credit
Principal: $400 million revolving line of credit
Counterparty: Wells Fargo Bank, National Association
Rate: floating rate that is equal to the highest of the prime rate, federal funds rate
Maturity: 2028-12-08
Event: incurrence

Exact text from the filing

The IPC Facility is a $400 million revolving line of credit that matures on December 8, 2028.

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

IDACORP INC entered into Idaho Power Credit Facility with Wells Fargo Bank, National Association; JPMorgan Chase Bank, N.A.; and other financial institutions valued at $400 million revolving line of credit, maturing December 8, 2028 (effective 2023-12-08).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association; JPMorgan Chase Bank, N.A.; and other financial institutions
Value: $400 million revolving line of credit, maturing December 8, 2028
Effective: 2023-12-08

Exact text from the filing

On December 8, 2023, Idaho Power Company (“IPC”) entered into a Credit Agreement (the “IPC Facility” and together with the IDACORP Facility, the “Facilities”) with the Lending Parties.

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

IDACORP INC entered into IDACORP Credit Facility with Wells Fargo Bank, National Association; JPMorgan Chase Bank, N.A.; and other financial institutions valued at $100 million revolving line of credit, maturing December 8, 2028 (effective 2023-12-08).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association; JPMorgan Chase Bank, N.A.; and other financial institutions
Value: $100 million revolving line of credit, maturing December 8, 2028
Effective: 2023-12-08

Exact text from the filing

On December 8, 2023, IDACORP, Inc. (“IDACORP”) entered into a Credit Agreement (the “IDACORP Facility”) with Wells Fargo Bank, National Association, as administrative agent, swingline lender, and LC issuer; JPMorgan Chase Bank, N.A., as syndication agent and LC issuer; and the other financial institutions party thereto, as lenders (collectively, the “Lending Parties”).

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7 debt financings filed in the last 30 days. Browse all debt financings →

IDACORP INC filing history →

Source: SEC EDGAR

accession 0001057877-23-000071

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