Black Hills Corp. has upsized its revolving credit facility to $750 million from $500 million and closed a $500 million unsecured term loan.

The amended and restated corporate revolving credit facility has a five-year term expiring Aug. 9, 2021, with two one-year extension options. The facility also has an accordion feature that allows Black Hills to increase the total commitment under the facility up to $1 billion under certain conditions. The facility will be used to fund working capital and for general corporate purposes.  The cost of borrowing under the new facility is based on the company's credit rating and is unchanged at a spread of 112.5 basis points over LIBOR. Current borrowings under the amended facility are $75 million with $26 million of letters of credit issued.

The new $500 million term loan has a three-year term with a maturity date of Aug. 9, 2019. The cost of borrowing under the loan is based on LIBOR plus a spread based on the company's credit rating, which is currently 95 basis points per annum. Proceeds of the term loan will be used to repay existing corporate debt.

U.S. Bank N.A. is the administrative agent for the Black Hills revolving credit facility. U.S. Bank N.A., JPMorgan Chase Bank, N.A., MUFG Union Bank, N.A. and Wells Fargo Securities, LLC are co-lead arrangers and co-book runners.

JP Morgan Chase Bank, N.A., is the administrative agent for the Black Hills term loan. U.S. Bank N.A., MUFG Union Bank, N.A. and Wells Fargo Securities, LLC are co-lead arrangers and co-book runners.

Black Hills Corp. is a customer focused, growth-oriented, vertically-integrated utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.2 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.