ITEM 1.01 Entry into a Material Definitive Agreement.
Reference is made to the Current Report on Form
8-K
filed on December 8, 2016, and to Note 4 – Short-term Debt and Liquidity to the financial statements under Part II, Item 8. Financial Statements and Supplementary Data of the Annual Report on Form
10-K
for the year ended December 31, 2018, of registrants Ameren Corporation (“Ameren”), Union Electric Company, doing business as Ameren Missouri (“Ameren Missouri”) and Ameren Illinois Company (“Ameren Illinois”) for a discussion of the 2016 Credit Agreements (as defined below).
On December 9, 2019, Ameren and Ameren Missouri (together, the “Missouri Borrowers”), JPMorgan Chase Bank, N.A., as agent, and the lenders party thereto entered into a $1.2 billion multi-year, senior unsecured revolving Amended and Restated Credit Agreement (the “Amended Missouri Credit Agreement”) that amended and restated the $1 billion multi-year, senior unsecured revolving Amended and Restated Credit Agreement, dated as of December 7, 2016, among the parties thereto (the “2016 Missouri Credit Agreement”). Also on December 9, 2019, Ameren and Ameren Illinois (together, the “Illinois Borrowers”, and the Illinois Borrowers and the Missouri Borrowers, being, collectively, the “Borrowers”), JPMorgan Chase Bank, N.A., as agent, and the lenders party thereto entered into a $1.1 billion multi-year, senior unsecured revolving Amended and Restated Credit Agreement (the “Amended Illinois Credit Agreement” and together with the Amended Missouri Credit Agreement, the “Amended Credit Agreements”) that amended and restated the $1.1 billion multi-year, senior unsecured revolving Amended and Restated Credit Agreement, dated as of December 7, 2016, among the parties thereto (the “2016 Illinois Credit Agreement” and, together with the 2016 Missouri Credit Agreement, the “2016 Credit Agreements”).
The Amended Credit Agreements extended the maturity date of the commitments under each of the 2016 Credit Agreements from December 7, 2022, to December 9, 2024. Similar to the 2016 Credit Agreements, the maturity date under each Amended Credit Agreement may be further extended for two additional
one-year
periods if so requested by the applicable Borrowers and agreed to by the requisite lenders (such maturity date, as it may be extended from time to time, the “Final Maturity Date”). The total facility size of the Amended Missouri Credit Agreement was increased from $1.0 billion to $1.2 billion, and the maximum borrowing limits for the Missouri Borrowers were increased from $700 million to $900 million for Ameren and from $800 million to $850 million for Ameren Missouri. The total facility size of the Amended Illinois Credit Agreement remains unchanged at $1.1 billion, and the maximum borrowing limits for the Illinois Borrowers also remain unchanged at $500 million for Ameren and $800 million for Ameren Illinois. Borrowings by Ameren will be due and payable no later than the Final Maturity Date, while borrowings by Ameren Missouri and Ameren Illinois will be due and payable no later than the earlier of the Final Maturity Date or 364 days after the date of such borrowing (subject to the right of each such Borrower to reborrow in accordance with the terms of the applicable Amended Credit Agreement).
The maximum amount of letters of credit issuable under the Amended Credit Agreements remains unchanged at $275 million, in aggregate, for the Missouri Borrowers, in the case of the Amended Missouri Credit Agreement, and $250 million, in aggregate, for the Illinois Borrowers, in the case of the Amended Illinois Credit Agreement. At closing, the Borrowers under each of the Amended Credit Agreements had received commitments from lenders to issue letters of credit of up to $100 million, in aggregate, under each such Amended Credit Agreement. In addition, a $50 million swingline subfacility was added to each Amended Credit Agreement.
