Western Power Distribution South West Plc, the U.K. electricity network, signed a 245 million- pound ($378 million) revolving credit.
The five-year facility replaces an existing 210 million- pound line due July 2012, according to a statement from lenders.
Lloyds TSB Bank Plc and Mizuho Corporate Bank Ltd. were coordinating bookrunners on the deal, lenders said. The refinancing attracted “significant oversubscription and reduction in pricing” from its current facility, Ian Williams, Western Power’s treasurer, said in the statement.
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