Allegheny Energy Announces $550 Million Financing for Transmission Projects

Allegheny Energy, Inc. announced that its subsidiary, Trans-Allegheny Interstate Line Company (TrAILCo), closed on a $550 million senior secured credit facility with a seven-year maturity. The facility includes a $530 million term loan and a $20 million revolving facility, both with an initial borrowing rate equal to the London Interbank Offered Rate (LIBOR) plus 1.875 percent.

TrAILCo intends to use the credit facilities for construction and operation of the 500-kilovolt Trans-Allegheny Interstate Line (TrAIL) transmission line project, and other transmission-related facilities and activities.

Headquartered in Greensburg, Pa., Allegheny Energy is an investor-owned electric utility with total annual revenues of over $3 billion and more than 4,000 employees. The company owns and operates generating facilities and delivers low-cost, reliable electric service to 1.6 million customers in Pennsylvania, West Virginia, Maryland and Virginia. For more information, visit the company’s Web site at www.alleghenyenergy.com.