MGE Energy extends credit facilities to Oct 1, 2031; MGE JPM revolver raised to $210M from $90M

MGE ENERGY INC

MGEE and Madison Gas and Electric amended and restated credit agreements originally dated Nov 8, 2022, extending maturity to Oct 1, 2031, with up to two one-year extensions possible to Oct 1, 2033.
MGE's JPMorgan Chase-administered revolver capacity rose to $210M from $90M; MGEE's facility remains $50M with a $25M accordion, and MGE's U.S. Bank revolver is $40M.
Financial covenant: consolidated indebtedness to consolidated total capitalization may not exceed 65%, excluding variable interest entity assets, liabilities, revenues and expenses.
Change of control default defined as MGEE failing to hold 100% of MGE voting equity, or one or more persons acting in concert acquiring 30%+ of MGEE voting power.
JPMorgan Chase is administrative agent for MGEE and MGE; Bank of America and U.S. Bank are syndication agents, with U.S. Bank agent and Associated Bank syndication agent on MGE's $40M facility.

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