IDACORP INC: Conclusion of a major definitive agreement, creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a holder, financial statements and supporting documents (form 8-K)
Item 1.01 Entry into a Material Definitive Agreement.
IDACORP credit facility
The IDACORP Facility is a
The changes to the IDACORP Facility included in the Amendment to the IDACORP Facility extended the termination date of the IDACORP Facility to 2025 and provided additional information on potential alternatives, successors or replacement rates for the
Idaho Power Credit Facility
The IPC Facility is a
The changes to the IPC facility included in the change to the IPC facility extended the termination date of the IPC facility until 2025 and provided additional information on alternatives, successors or potential replacement rates for LIBOR. in the event that it is no longer available on the date of the loan. , among others.
Summary of additional conditions of the facilities
The IDACORP Facility and the IPC Facility have similar terms and conditions. The interest rates for any borrowing under the Facilities are based on (1) a variable rate equal to the greater of the Prime Rate, the Fed Funds Rate plus 0.5%, or the LIBOR Rate plus 1.0% or (2) the LIBOR rate, plus, in each case, an applicable margin, provided that the federal funds rate and the LIBOR rate are not less than 0.0%. The applicable margin is based on
Events of default under the Facilities include, without limitation, non-payment of principal, interest or charges; materially false statements or guarantees; violation of restrictive covenants; bankruptcy or insolvency events; condemnation of property; cross default on certain other debts; non-payment of certain judgments; change of control; failure of
In the event of default relating to the voluntary or involuntary bankruptcy of
The Installations each contain a clause requiring
Copies of the IDACORP Facility and the IPC Facility are filed as Exhibits 10.1 and 10.2, respectively, of this current report on Form 8-K and are incorporated by reference in this Section 1.01. The above description is a summary of the Facilities, does not provide a full description of the Facilities and is qualified in its entirety by the full text of the Facilities themselves.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information set out in section 1.01 of this report is incorporated in this section 2.03 by reference.
Item 9.01 Financial statements and supporting documents.
(d) Exhibitions. The following exhibits are filed as part of this report.
Exhibit Description Number 10.1 Second Amendment to Credit Agreement, dated
December 3, 2021, among IDACORP, Inc., Wells Fargo Bank, National Association, as administrative agent, an extending lender, swingline lender, and LC issuer; JPMorgan Chase Bank, N.A.; KeyBank National Associationand MUFG Union Bank, N.A., as extending lenders and LC Issuers; and the other financial institutions party thereto 10.2 Second Amendment to Credit Agreement, dated December 3, 2021, among Idaho Power Company, Wells Fargo Bank, National Association, as administrative agent, an extending lender, swingline lender, and LC issuer; JPMorgan Chase Bank, N.A.; KeyBank National Associationand MUFG Union Bank, N.A., as extending lenders and LC Issuers; and the other financial institutions party thereto 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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