Northwest Natural Holding Co (NWN): debt financing — NW Natural enters $100M uncommitted LC facility for Washington cap-and-invest program

Northwest Natural Holding Co

NW Natural entered into an uncommitted LC facility; aggregate LCs limited to $100M per Oregon PUC authorization.
Proceeds of LCs will primarily support NW Natural's participation in Washington Climate Commitment Act cap-and-invest auctions.
Facility has no fixed term; lenders have no commitment to issue LCs and may terminate at any time in their discretion.
NW Natural must maintain S&P/Moody's ratings and a financial covenant: Consolidated Indebtedness <= 70% of Total Capitalization.
NW Natural was in compliance with the financial covenant as of January 5, 2024.

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

Northwest Natural Holding Co incurred credit facility of $100 million with Canadian Imperial Bank of Commerce, New York Branch.

Instrument: credit facility
Principal: $100 million
Counterparty: Canadian Imperial Bank of Commerce, New York Branch
Event: incurrence

Exact text from the filing

from the Oregon Public Utility Commission, the aggregate sum of Letters of Credit outstanding and available to be drawn under the LC Reimbursement Agreement may not exceed $100 million at any one time. The Issuing Banks have no commitment to issue Letters of Credit under the LC Facility and will have the discretion to limit and condition the terms for the

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Source: SEC EDGAR

accession 0001733998-24-000002

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