Summary
Xcel Energy Inc. (XEL) has entered into a $1.5 billion 364-day Delayed Draw Term Loan Facility, with $750 million drawn on January 30, 2026, for general corporate operations. This unsecured facility matures on January 30, 2027, and carries interest based on either the Term SOFR rate plus 85 basis points or an alternate base rate. The primary financial covenant requires Xcel Energy to maintain a consolidated funded debt to total capitalization ratio of 70% or less.
Key Highlights
- 1Xcel Energy secured a $1.5 billion 364-day Delayed Draw Term Loan Facility.
- 2An initial $750 million was drawn on January 30, 2026, for general corporate purposes.
- 3The facility is unsecured and matures in 364 days, on January 30, 2027.
- 4Interest rates will be based on Term SOFR plus 85 basis points or an alternate base rate.
- 5A key financial covenant limits the consolidated funded debt to total capitalization ratio to a maximum of 70%.
- 6Events of default include cross-defaults on indebtedness exceeding $75 million and change of control.
- 7Standard covenants regarding mergers, asset sales, and liens are also included.