News Column

Black Hills Corp. Amends and Extends $500 Million Revolving Credit Facility

June 2, 2014

ENP Newswire - 02 June 2014

Release date- 30052014 - RAPID CITY, S.D. - Black Hills Corp. (NYSE: BKH) today announced that it amended and extended its $500 million, unsecured revolving credit facility that is used to fund working capital needs and for general corporate purposes.

The amended facility has a five-year term expiring May 29, 2019, and can be increased to $750 million under certain conditions. The cost of borrowing under the new facility is based on the company's credit rating and is currently at a spread of 112.5 basis points over LIBOR. Current borrowings under the amended facility are $112 million with an additional $21 million of letters of credit issued.

'Our improved financial condition and favorable interest rate environment allowed us to lower our borrowing costs under 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 their continued confidence in Black Hills. The credit facility provides ample liquidity during the next several years in support of our growth initiatives.'

U.S. Bank N.A. is the administrative agent for the Black Hills revolving credit facility. U.S. Bank N.A. The Bank of Nova Scotia and Union Bank, N.A. are the co-lead arrangers and co-book runners.


Black Hills Corp. (NYSE: BKH) is a growth-oriented, vertically-integrated energy company with a tradition of exemplary service and a vision to be the energy partner of choice. Based in Rapid City, S.D., the company serves 777,000 natural gas and electric utility customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company generates wholesale electricity and produces natural gas, oil and coal. Black Hills Corp.'s 1,948 employees partner to produce results that are improving life with energy. More information is available at


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 2013 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.

Investor Contact:

Jerome E. Nichols

Tel: 605-721-1171

Media Contact:

Tel: 866-243-9002

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: ENP Newswire

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters