Davis Polk advised El Paso Electric Company on the amendment and restatement of its existing $200 million unsecured revolving credit facility, in which the trustee of a Texas grantor trust through which El Paso Electric finances nuclear fuel for its interest in the Palo Verde Nuclear Generation Station near Phoenix, Arizona, is a co-borrower. In connection with the amendment and restatement, El Paso Electric obtained improved pricing and extended the maturity of the revolving commitments. Union Bank, N.A. and J.P. Morgan Securities LLC acted as joint bookrunners for this facility, and JPMorgan Chase Bank, N.A. will act as administrative agent thereunder.

El Paso Electric Company is a public utility engaged in the generation, transmission and distribution of electricity in an area of approximately 10,000 square miles in west Texas and southern New Mexico.

The Davis Polk credit team included partner Jinsoo H. Kim and associates John Perry and Daniel M. Silberger (not yet admitted). Associate Catherine L. Martin provided ’40 Act advice. Daniel G. Kelly Jr. and associate Aaron Justin Epstein provided general corporate advice. Sonya Jackman was the legal assistant on the transaction. Members of the Davis Polk team are based in the New York and Menlo Park offices.