Simpson Thacher represented JPMorgan Chase Bank, N.A., as administrative agent, and the lenders in connection with the refinancing of AVANGRID’s revolving credit facility.
The size of the facility was increased to $2.5 billion, and the maturity date was extended to 2023. Adjustments to the loan pricing will be based on AVANGRID’s continuing reduction in emissions intensity.
AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with more than $31 billion in assets and operations in 24 states. The company owns regulated utilities and electricity generation assets through two primary lines of business, Avangrid Networks and Avangrid Renewables.
The Simpson Thacher team included James Cross (Picture) and Mike Vernace (Banking and Credit); Nancy Mehlman and Kelli Rivers (Tax); and Timothy Mulvihill (Environmental).
Involved fees earner: James Cross – Simpson Thacher & Bartlett; Michael Vernace – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Kelli Rivers – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett;
Law Firms: Simpson Thacher & Bartlett;
Clients: JPMorgan Chase & Co.;