Summary
Edison International (EIX) announced on February 7, 2005, the execution of a Credit Agreement dated February 1, 2005, with a syndicate of banks led by JPMorgan Chase Bank, N.A. This agreement establishes a revolving credit facility that allows the company to borrow up to $750 million. The facility has a maturity date of February 1, 2010, and includes standard covenants, representations, and warranties. Investors should note that Edison International anticipates that the outstanding borrowings under this credit facility will generally not exceed $500 million to $600 million. The company has stated that it will not disclose changes to outstanding borrowings on Form 8-K unless the amount materially exceeds these expected levels. This disclosure is primarily focused on the establishment of a significant new borrowing capacity for the company.
Key Highlights
- 1Edison International entered into a new Credit Agreement on February 1, 2005.
- 2The agreement provides a revolving credit facility with a maximum borrowing capacity of $750 million.
- 3JPMorgan Chase Bank, N.A. is the Administrative Agent for the credit facility.
- 4The credit facility has a maturity date of February 1, 2010.
- 5The company expects borrowings to range between $500 million and $600 million.
- 6Changes in borrowings will only be reported on Form 8-K if they materially exceed expected levels.