NorthWestern Energy Group, Inc. (NWE): debt financing — NW Corp amends $425M credit facility, NWE Group enters $200M facility for reorganization

NorthWestern Energy Group, Inc.

NW Corp amended its $425M revolving credit facility; maturity extended to Nov 29, 2028 (from May 2027).
New $200M unsecured credit facility for NWE Group and NWE Public Service; becomes active upon reorganization completion.
Aggregate credit facilities total $600M, replacing prior $550M facilities.
Financial covenant: consolidated debt to total capitalization ≤65%; interest rates based on SOFR plus 100-175 bps margin.
Reorganization second phase expected early 2024; NW Corp to operate only Montana utility post-reorganization.

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

NorthWestern Energy Group, Inc. incurred revolving credit of $200 million base capacity with Bank of America, N.A. at SOFR plus a credit spread adjustment of 10.0 basis points, plus a margin of 100. maturing November 29, 2028.

Instrument: revolving credit
Principal: $200 million base capacity
Counterparty: Bank of America, N.A.
Rate: SOFR plus a credit spread adjustment of 10.0 basis points, plus a margin of 100.
Maturity: November 29, 2028
Event: incurrence

Exact text from the filing

the Credit Facility, the Lenders are not required to make any revolving credit loans until the Reorganization occurs. Once the Reorganization occurs, the Credit facility has a $200 million base capacity, with base sublimits for NWE Group ($50 million) and NWE Public Service ($150 million), plus uncommitted features that allow NWE Group and NWE Public Service to

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NorthWestern Energy Group, Inc. amended revolving credit of $425 million with Bank of America, N.A. at SOFR plus a credit spread adjustment of 10.0 basis points, plus a margin of 100. maturing November 29, 2028 (from May 18, 2027).

Instrument: revolving credit
Principal: $425 million
Counterparty: Bank of America, N.A.
Rate: SOFR plus a credit spread adjustment of 10.0 basis points, plus a margin of 100.
Maturity: November 29, 2028 (from May 18, 2027)
Event: amendment

Exact text from the filing

NW Corp entered into a second amendment and restatement of its existing $425 million revolving credit facility (the " Amended Facility ") to address the Reorganization and extend the maturity date of the Amended Facility to November 29, 2028 (from May 18, 2027).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

NorthWestern Energy Group, Inc. entered into a credit facility valued at $600 million.

Action: entry
Agreement: credit facility
Value: $600 million

Exact text from the filing

e new unsecured credit facilities for NWE Group, NW Corp, and NWE Public Service (aggregating $600 million) will replace the current unsecured credit facilities of NW Corp (aggregating $550 million).

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NorthWestern Energy Group, Inc. filing history →

Source: SEC EDGAR

accession 0001993004-23-000012

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