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BKH - Black Hills News Story

$67.42 -1.2  -1.8%

Last Trade - 05/05/21

Sector
Utilities
Size
Large Cap
Market Cap £3.11bn
Enterprise Value £5.89bn
Revenue £1.22bn
Position in Universe 1535th / 6846

BLACK HIILS CORP. REFINANCES $500 MILLION REVOLVING CREDIT FACILITY

Wed 1st February, 2012 9:05pm

RAPID CITY, SD - Feb. 1, 2012 - Black Hills Corp. (NYSE:BKH) today announced that it closed a new $500 million, unsecured revolving credit facility that will be used to fund working capital needs and for general corporate purposes. The new facility has a five-year term expiring Feb. 1, 2017, and can be increased to $750 million. This facility replaces the previous $500 million revolving credit facility due April 14, 2013. The costs of borrowings under the new facility are based on the company's credit rating and are currently at a spread of 150 basis points over LIBOR.

"A favorable market environment allowed us to lower our cost for the credit facility and to extend the term," said Tony Cleberg, executive vice president and chief financial officer of Black Hills Corp. "We are pleased with the strong support from our bank group and the new institutions in the revolving credit facility, which resulted in a substantial oversubscription. The credit facility provides ample liquidity during the next several years in support of our growth initiatives and should allow us the flexibility to efficiently raise long-term capital."

US Bank is the administrative agent for the Black Hills revolving credit facility; the co-lead arrangers and co-book runners are US Bank, RBS Securities, The Bank of Nova Scotia and Union Bank. Wells Fargo Bank and Royal Bank of Canada are co-documentation agents.

Black Hills Corporation
Black Hills Corp. (NYSE: BKH) - a diversified energy company with a tradition of exemplary service and a vision to be the energy partner of choice - is based in Rapid City, S.D., with corporate offices in Denver and Papillion, Neb. The company serves 762,000 natural gas and electric utility customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company's non-regulated businesses generate wholesale electricity, produce natural gas, oil and coal, and market energy. Black Hills' 2,100 employees partner to produce results that improve life with energy. More information is available at www.blackhillscorp.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release includes "forward-looking statements" as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements that the credit facility provides ample liquidity during the next several years in support of our growth initiatives, are forward-looking statements. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including the factors discussed above, the risk factors described in Item 1A of Part I of our 2010 Annual Report on Form 10-K filed with the SEC, and other reports that we file with the SEC from time to time. New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact:
Jerome E. Nichols 605-721-1171
Media Relations line 866-243-9002




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Black Hills Corporation via Thomson Reuters ONE

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