Allegheny Energy Issues $1 Billion Revolving Credit Facility

Skadden is representing Allegheny Energy Supply Company LLC, the power generation business of Allegheny Energy Inc., in its $1 billion senior unsecured revolving credit facility with a three-year maturity. The financing, which was completed on September 24, replaces Allegheny Energy Supply’s existing $400 million revolving credit facility, which was scheduled to mature in May 2011, and is the first broadly syndicated three-year credit facility completed in the industry in the past year. In completing this facility, the company significantly strengthened its liquidity position and improved its financial flexibility.