ONCOR ELECTRIC DELIVERY CO LLC: debt financing — Oncor adopts $500M revolving credit line and amends executive compensation plans

ONCOR ELECTRIC DELIVERY CO LLC

Entered into $500M unsecured revolving credit agreement with Wells Fargo as agent; three-year term expiring Feb 2027, with accordion feature for up to $500M additional.
Borrowings bear interest at SOFR + 0.10% + margin ranging 0.875%-1.50% depending on credit ratings, or alternate base rate.
Adopted new Executive Annual Incentive Plan (effective Jan 1, 2024) with final funding percentage range expanded to 0%-200% from previous 50%-150%.
Adopted Amended Long-Term Incentive Plan removing previous 150% cap on funding percentage; new 36-month metrics include WACC, safety, reliability, adjusted net income, and growth adder.
Long-term incentive awards for performance periods starting on or after Jan 1, 2024 will have metrics and methodology communicated within six months.

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

ONCOR ELECTRIC DELIVERY CO LLC incurred revolving credit of up to $500 million with Wells Fargo Bank, National Association at term SOFR plus 0.10% plus an applicable margin of between 0.875% and 1.50% maturing 2027-02-21.

Instrument: revolving credit
Principal: up to $500 million
Counterparty: Wells Fargo Bank, National Association
Rate: term SOFR plus 0.10% plus an applicable margin of between 0.875% and 1.50%
Maturity: 2027-02-21
Event: incurrence

Exact text from the filing

The Credit Agreement provides for an unsecured revolving credit facility in an aggregate principal amount of up to $500 million.

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

ONCOR ELECTRIC DELIVERY CO LLC entered into Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto valued at $500 million (effective 2024-02-21).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto
Value: $500 million
Effective: 2024-02-21

Exact text from the filing

On February 21, 2024, Oncor Electric Delivery Company LLC, a Delaware limited liability company (“Oncor”), entered into an unsecured revolving credit agreement (the “Credit Agreement”) among Oncor, as borrower, the lenders from time to time party thereto, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent for the lenders.

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Source: SEC EDGAR

accession 0001193125-24-040770

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