MGE Energy Inc: amends and restates credit agreements

What happened

• MGE Energy Inc and Madison Gas and Electric Company filed an 8-K reporting they entered into third amended and restated credit agreements dated Oct 1, 2026, that amend and restate prior agreements dated Nov 8, 2022.
• The filing states these amendments principally extend the maturity dates to Oct 1, 2031 and, with respect to one of MGE's credit agreements with JPMorgan Chase Bank, N.A., increase the aggregate commitments from $90,000,000 to $210,000,000.

Key details

• MGEE entered into a Third Amended and Restated Credit Agreement dated as of Oct 1, 2026 (the MGEE Credit Agreement) allowing MGEE to borrow on a revolving basis and request letters of credit up to $50,000,000 outstanding; initial term expires Oct 1, 2031, and MGEE may request up to two one-year extensions to Oct 1, 2033. MGEE may request increases in aggregate commitments up to an additional $25,000,000 (subject to lender agreement).
• MGE entered into a Third Amended and Restated Credit Agreement dated as of Oct 1, 2026 with JPMorgan Chase Bank, N.A. (the MGE JPM Credit Agreement) increasing the maximum revolving and letter of credit amount to $210,000,000 from $90,000,000; initial term expires Oct 1, 2031, with up to two one-year extension requests to Oct 1, 2033.
• MGE also entered into a Third Amended and Restated Credit Agreement dated as of Oct 1, 2026 with U.S. Bank National Association (the MGE USB Credit Agreement) allowing revolving borrowings up to $40,000,000; term expires Oct 1, 2031.
• The third amended and restated credit agreements include customary representations, warranties, covenants and events of default, require the borrower to maintain a ratio of consolidated indebtedness to consolidated total capitalization not to exceed 65%, and treat certain change of control events as defaults.

Why it may matter

• Item 1.01 (entry into a material definitive agreement) and Item 2.03 (creation of a direct financial obligation) were reported; the filing describes the amended and restated credit agreements and the availability of revolving credit and letters of credit under those agreements.
• The filing does not explain why the company entered into these agreements.