8-KMaterial AgreementsExhibits & Filings

EDISON INTERNATIONAL 8-K Report, Material Agreement (Mar 19, 2008)

Filed March 19, 2008For Securities:EIX

Summary

Edison International (EIX) filed an 8-K on March 19, 2008, detailing a First Amendment to its Amended and Restated Credit Agreement. The primary impact for investors is the extension of the company's $1.5 billion revolving credit facility by one year, pushing the termination date from February 23, 2012, to February 25, 2013. This extension provides Edison International with continued access to this significant source of liquidity for an extended period, enhancing financial flexibility. The amendment also introduces a new $200 million swingline sub-facility with JPMorgan Chase Bank, N.A., offering immediate access to funds for short-term needs. Furthermore, modifications were made to the Eurodollar interest period options and notice periods, allowing for greater operational efficiency in managing its debt obligations. These changes collectively underscore the company's proactive approach to managing its capital structure and ensuring robust financial resources.

Key Highlights

  • 1Extended the termination date of the $1.5 billion revolving credit facility by one year, from February 23, 2012, to February 25, 2013.
  • 2Added four remaining extension options, extending the outside termination date to February 23, 2017.
  • 3Established a new $200 million swingline sub-facility with JPMorgan Chase Bank, N.A.
  • 4Revised notice periods for requests to extend the termination date.
  • 5Provided additional Eurodollar interest period options for greater flexibility.
  • 6Shortened the notice period for requesting Eurodollar loans, improving responsiveness.

Frequently Asked Questions

The main change is the extension of the revolving credit facility's termination date by one year, moving it from February 23, 2012, to February 25, 2013. This provides Edison International with continued access to $1.5 billion in revolving credit for a longer period.

No, the amendment states that the interest rates specified in the Credit Agreement remain unchanged.

The $200 million swingline sub-facility, with JPMorgan Chase Bank, N.A. as the initial lender, is designed to provide Edison International with immediate access to funds for short-term liquidity needs.

The amendment extends the credit facility's term and provides for additional one-year extension options, pushing the ultimate termination date to February 23, 2017. This demonstrates the company's focus on securing long-term financial flexibility.