Section 1 – Registrant’s Business and Operations
| Item 1.01: | Entry into a Material Definitive Agreement |
On December 18, 2020, Tampa Electric Company (“Tampa Electric”) amended and restated its bank credit facility, entering into a Sixth Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., Canada Branch, The Bank of Nova Scotia and Royal Bank of Canada, as Joint Lead Arrangers and Joint Bookrunners, JPMorgan Chase Bank, N.A. as Syndication Agent, MUFG Bank, Ltd., Canada Branch, The Bank of Nova Scotia, and Royal Bank of Canada as Documentation Agents, and the following lenders (the “Lenders”): Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., Royal Bank of Canada, MUFG Bank, Ltd., Canada Branch, The Bank of Nova Scotia, Morgan Stanley Bank, N.A., Truist Bank, Bank of America N.A., Bank of Montreal, Canadian Imperial Bank of Commerce, New York Branch, and The Toronto-Dominion Bank, New York Branch.
The Credit Agreement contains customary representations and warranties, events of default, and financial and other covenants; provides for interest to accrue at variable rates based on the London interbank deposit rate plus a margin, or, as an alternative to such interest rate, at an interest rate equal to a margin plus the highest of Wells Fargo bank’s prime rate, the federal funds rate plus 0.50%, or the one-month London interbank deposit rate plus 1.00%.
The amendments to the Credit Agreement increase the amount of the commitment by the Lenders to $800 million, extend the maturity date of the credit facility from March 22, 2022 to March 22, 2023 (subject to further extension with the consent of each lender) and make other technical changes.
The foregoing description of the amended Credit Agreement is qualified in its entirety by reference to the complete text of the Credit Agreement, which is filed as Exhibit 10.1 to this Report and incorporated herein by reference.
The Lenders are lenders under other credit facilities of the Company and its affiliates, and affiliates of the Lenders have in the past provided, and in the future may provide, investment banking, underwriting, lending, commercial banking and other advisory services to the Company and its affiliates.
Section 2 – Financial Information
| Item 2.03: | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant |
The information in Item 1.01 with respect to the Tampa Electric $800 million Sixth Amended and Restated Credit Agreement dated as of December 18, 2020 is hereby incorporated by reference.
Section 9 – Financial Statements and Exhibits
| Item 9.01: | Financial Statements and Exhibits |
(d) Exhibits
| | |
| 10.1 | | Sixth Amended and Restated Credit Agreement dated as of December 18, 2020, among Tampa Electric Company, as Borrower, with Wells Fargo Bank, National Association, as Administrative Agent, and the Lenders party thereto. |
