CHESAPEAKE UTILITIES CORP (CPK): debt financing — Chesapeake Utilities amends credit agreement, adds $175M short-term capacity

CHESAPEAKE UTILITIES CORP

Second Amendment provides $175M short-term debt capacity under 364-day facility expiring Aug 8, 2024.
364-day borrowings priced at SOFR + 10bps + margin up to 1.05%; Green Loan pricing SOFR + 10bps + up to 1.00%.
Truist ($30M) and City National ($12.5M) exit short-term facility; RBC and Wells Fargo increase commitments to $27.5M each.
Five-year facility unchanged at $200M; SOFR + 10bps + margin up to 1.25%; Green Loan facility capped at $50M.
Proceeds used for general corporate purposes, including working capital and sustainable investments.

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

CHESAPEAKE UTILITIES CORP amended revolving credit of $200 million with PNC Bank, National Association at the SOFR Rate plus a 10-basis point credit spread adjustment and an applicable m maturing expiring on August 8, 2024.

Instrument: revolving credit
Principal: $200 million
Counterparty: PNC Bank, National Association
Rate: the SOFR Rate plus a 10-basis point credit spread adjustment and an applicable m
Maturity: expiring on August 8, 2024
Event: amendment

Exact text from the filing

(together with PNC, collectively, the “Lenders”), pursuant to which the Lenders committed to provide the Company an unsecured $400 million revolving credit facility, including a $200 million five year facility (the “Five Year Facility”) and a $200 million 364 days facility (the “364 Days Facility” and, together with the Five Year Facility, the “Revolver”), subject to

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Source: SEC EDGAR

accession 0001193125-23-213536

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