--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-191391" form_type: "8-K" ticker: null cik: "0001634997" company_name: "Avangrid, Inc." filed_at: "2023-07-21T23:59:59+00:00" generated_at: "2026-06-13T04:58:57.384042+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.55 calibrated_materiality_score: 0.55 confidence: "high" source: SEC EDGAR --- # Avangrid secures $800M green loan at 5.453% from Iberdrola unit and $750M revolver ## Summary - Intra-Group Green Loan of $800M from Iberdrola Financiación (5.453% fixed, matures July 2033). - Intra-Group Credit Facility provides up to $750M revolving loans, matures June 2028. - Amendment No.2 to existing $4B revolver replaces LIBOR with SOFR and drops PNM entities. - Side letter amended to replace LIBOR with SOFR on Iberdrola merger funding commitment. - All agreements with parent Iberdrola, which owns 81.5% of Avangrid stock. ## SEC filing metadata - accession: 0001193125-23-191391 - form_type: 8-K - cik: 0001634997 - company_name: Avangrid, Inc. - filed_at: 2023-07-21T23:59:59+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.55 - calibrated_materiality_score: 0.55 - confidence: high - sec_items: 1.01, 2.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1634997/000119312523191391/0001193125-23-191391-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1634997/000119312523191391/d532022d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-191391 - JSON: https://secwatch.observer/filing/0001193125-23-191391.json - Plain text: https://secwatch.observer/filing/0001193125-23-191391.txt ## Key facts - Debt Financings Avangrid, Inc. incurred loan of $800,000,000 with Iberdrola Financiación, S.A.U. at 5.453% maturing July 13, 2033. - Instrument: loan - Principal: $800,000,000 - Counterparty: Iberdrola Financiación, S.A.U. - Rate: 5.453% - Maturity: July 13, 2033 - Event: incurrence source text: On July 19, 2023, Avangrid, Inc. (the “Corporation”) entered into an intra-group green loan agreement with Iberdrola Financiación, S.A.U., a wholly-owned subsidiary of Iberdrola, S.A. (the “Lender”), which owns 81.5% of the issued and outstanding shares of common stock of the Corporation (the “Intra-Group Green Loan Agreement”). The Intra-Group Green Loan Agreement provides the Corporation with an unsecured subordinated loan in an aggregate principal amount of $800,000,000 (the “Loan”). evidence_url: https://www.sec.gov/Archives/edgar/data/1634997/000119312523191391/0001193125-23-191391-index.htm - Debt Financings Avangrid, Inc. incurred revolving credit of up to $750 million with Iberdrola Financiación, S.A.U. maturing June 18, 2028. - Instrument: revolving credit - Principal: up to $750 million - Counterparty: Iberdrola Financiación, S.A.U. - Maturity: June 18, 2028 - Event: incurrence source text: On July 19, 2023, the Corporation entered into an intra-group credit facility with the Lender (the “Intra-Group Credit Facility”). The Intra-Group Credit Facility provides for revolving loans to be made available to the Corporation in the aggregate principal amount of up to $750 million and contains customary representations and warranties and events of default. evidence_url: https://www.sec.gov/Archives/edgar/data/1634997/000119312523191391/0001193125-23-191391-index.htm - Material Agreements Avangrid, Inc. amended Amendment No. 2 to the Revolving Credit Agreement with a syndicate of banks (effective 2023-07-17). - Action: amendment - Agreement: credit facility - Counterparty: a syndicate of banks - Effective: 2023-07-17 source text: On July 17, 2023, Avangrid, Inc. (the “Corporation”), New York State Electric & Gas Corporation (“NYSEG”), Rochester Gas and Electric Corporation (“RGE”), Central Maine Power Company (“CMP”), The United Illuminating Company (“UI”), Connecticut Natural Gas Corporation (“CNG”), The Southern Connecticut Gas Company (“SCG”) and The Berkshire Gas Company (“BGC” and together with the Corporation, NYSEG, RGE, CMP, UI and CNG, the “Borrowers”) entered into Amendment No. 2 to the Revolving Credit Agreement, dated November 23, 2021, among the Borrowers and a syndicate of banks, which amended and restated the facility to, among other things, provide for the replacement of LIBOR-based rates with SOFR-based rates (as amended, the “Revolving Credit Facility”). evidence_url: https://www.sec.gov/Archives/edgar/data/1634997/000119312523191391/0001193125-23-191391-index.htm - Material Agreements Avangrid, Inc. entered into Intra-Group Credit Facility with the Lender valued at $750 million (effective 2023-07-19). - Action: entry - Agreement: credit facility - Counterparty: the Lender - Value: $750 million - Effective: 2023-07-19 source text: On July 19, 2023, the Corporation entered into an intra-group credit facility with the Lender (the “Intra-Group Credit Facility”). evidence_url: https://www.sec.gov/Archives/edgar/data/1634997/000119312523191391/0001193125-23-191391-index.htm - Material Agreements Avangrid, Inc. amended additional side letter agreement with the Lender (effective 2023-07-19). - Action: amendment - Counterparty: the Lender - Effective: 2023-07-19 source text: On July 19, 2023, the Corporation and the Lender entered into an additional side letter agreement, which provides for the replacement of LIBOR-based rates with SOFR-based rates for drawings made pursuant to the Funding Commitment Letter. evidence_url: https://www.sec.gov/Archives/edgar/data/1634997/000119312523191391/0001193125-23-191391-index.htm - Material Agreements Avangrid, Inc. entered into Intra-Group Green Loan Agreement with Iberdrola Financiación, S.A.U. valued at $800,000,000 (effective 2023-07-19). - Action: entry - Agreement: credit facility - Counterparty: Iberdrola Financiación, S.A.U. - Value: $800,000,000 - Effective: 2023-07-19 source text: On July 19, 2023, Avangrid, Inc. (the “Corporation”) entered into an intra-group green loan agreement with Iberdrola Financiación, S.A.U., a wholly-owned subsidiary of Iberdrola, S.A. (the “Lender”), which owns 81.5% of the issued and outstanding shares of common stock of the Corporation (the “Intra-Group Green Loan Agreement”). evidence_url: https://www.sec.gov/Archives/edgar/data/1634997/000119312523191391/0001193125-23-191391-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.