DALLAS, Aug. 1, 2019 /PRNewswire/ -- GridLiance, an
independent electric transmission company, today announced
that its subsidiary, GridLiance Western Holdings, and transmission
company, GridLiance West, closed on two new revolving credit
facilities with commitments totaling $185
million. The new five-year $80
million revolving credit facility for GridLiance Western
Holdings and $105 million five-year
revolving credit facility at GridLiance West will be used to repay
current debt and related transaction costs while creating
significant financial capacity and flexibility to support
GridLiance's growth objectives.
"We are excited to have completed this financing, which
increases our financial flexibility and provides cost-efficient
capital to support our growth plans," said Calvin Crowder, president and CEO of GridLiance.
"This achievement reflects GridLiance's financial discipline and
strong execution on our mission to invest in collaborative
transmission solutions and long-term partnerships. Through
acquisition and organic growth, we have expanded our portfolio of
assets, and this additional financing will help us to continue to
grow."
The lead arranger for the credit facilities was KeyBanc Capital
Markets Inc. KeyBank National Association serves as administrative
agent, LC issuing bank and collateral agent. Also participating in
the facilities are CoBank, ACB and National Cooperative Services
Corporation, an affiliate of National Rural Utilities Cooperative
Finance Corporation.
Fitch Ratings, Inc. recently published investment-grade issuer
ratings for GridLiance. Fitch assigned GridLiance West an
"A-" rating, with a stable outlook, and assigned GridLiance Western
Holdings a "BBB" rating, with a stable outlook.
"We are pleased to receive these investment-grade ratings from
Fitch, which further reflects GridLiance's strong operating and
financial performance," Crowder added.
About GridLiance
GridLiance is an independent electric
transmission utility holding company. GridLiance partners with
electric cooperatives, public power, and renewable energy
developers to plan for the future of the grid, invest in electric
infrastructure and implement strategies that meet its partners'
ownership, capital investment, and operational goals. Based in
Dallas, GridLiance operates
hundreds of miles of transmission lines and related substation
facilities in Nevada, Missouri, and Oklahoma. The company has long-term
partnerships with utility partners operating in Missouri, Oklahoma, Nevada, Texas, and Kansas. GridLiance is a portfolio company of
Blackstone Energy Partners, an affiliate of Blackstone (NYSE: BX),
a leading energy infrastructure investor. For more information
about GridLiance, visit gridliance.com.
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SOURCE GridLiance