Monday, September 26 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of Sep 26
Week of Sep 19
Week of Sep 12
Week of Sep 05
Week of Aug 29
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    LOUISVILLE GAS & ELECTRIC CO /KY/ FILES (8-K) Disclosing Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits


    August 1, 2022 - Edgar Glimpses

     

      Item 2.03 Creation of a Direct Financial Obligation under an Off-Balance Sheet Arrangement of a Registrant

       PPL Corporation 

      On July 29, 2022, PPL Corporation's subsidiaries, Louisville Gas and Electric Company ("LG&E") and Kentucky Utilities Company ("KU"), each entered into separate term loan agreements.

      Louisville Gas and Electric Company

       On July 29, 2022, LG&E, entered into a $300 million term loan credit agreement, with U.S. Bank National Association, as Administrative Agent, and the other Lenders party thereto (the "LG&E Credit Agreement"). The LG&E Credit Agreement is filed as Exhibit 10.1 to this Report. On July 29, 2022, LG&E borrowed the full principal amount of $300 million under the LG&E Credit Agreement. All principal and unpaid interest under the term loan is due and payable on July 29, 2024. The term loan will, at the option of LG&E and except as otherwise provided in the LG&E Credit Agreement, be incurred and maintained as a loan that bears interest at a fluctuating per annum rate of interest based on the applicable secured overnight financing rate ("SOFR"), the lender's prime rate or the federal funds rate as provided in the credit agreement. LG&E may prepay the principal and interest on the term loan and amounts prepaid may not be reborrowed. The LG&E Credit Agreement contains customary representations, covenants and events of default. Under the LG&E Credit Agreement, LG&E is required to maintain a Consolidated Debt to total Consolidated Capitalization ratio (as defined in the LG&E Credit Agreement) not to exceed 70 percent. Failure to comply with this covenant is an event of default. 

      Kentucky Utilities Company

       On July 29, 2022, KU, entered into a $300 million term loan credit agreement, with U.S. Bank National Association, as Administrative Agent, and the other Lenders party thereto (the "KU Credit Agreement"). The KU Credit Agreement is filed as Exhibit 10.2 to this Report. On July 29, 2022, KU borrowed the full principal amount of $300 million under the KU Credit Agreement. All principal and unpaid interest under the term loan is due and payable on July 29, 2024. The term loan will, at the option of KU and except as otherwise provided in the KU Credit Agreement, be incurred and maintained as a loan that bears interest at a fluctuating per annum rate of interest based on the applicable SOFR rate, the lender's prime rate or the federal funds rate as provided in the credit agreement. KU may prepay the principal and interest on the term loan and amounts prepaid may not be reborrowed. The KU Credit Agreement contains customary representations, covenants and events of default. Under the KU Credit Agreement, KU is required to maintain a Consolidated Debt to total Consolidated Capitalization ratio (as defined in the KU Credit Agreement) not to exceed 70 percent. Failure to comply with this covenant is an event of default. --------------------------------------------------------------------------------

      Item 9.01 Financial Statements and Exhibits

       (a) Exhibits 10.1 - $300,000,000 Term Loan Credit Agreement 

      dated as of July 29, 2022 among

       Louisville Gas and Electric Company, as 

      Borrower, the Lenders from time to time

       party hereto and U.S. Bank National 

      Association, as Administrative Agent.

       10.2 - $300,000,000 Term Loan Credit Agreement 

      dated as of July 29, 2022 among Kentucky

       Utilities Company, as Borrower, the 

      Lenders from time to time party hereto and

       U.S. Bank National Association, as 

      Administrative Agent.

       104 - Cover Page Interactive Data File 

      (embedded within the Inline XBRL document).

      --------------------------------------------------------------------------------

    TOP

    Other Articles - Utility Business / General


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.