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E-mailAllegheny Energy to borrow $550 million
Allegheny Energy Inc. has instructed financial institutions BNP Paribas and Citigroup to market a $550 million, seven-year term loan the Greensburg-based energy company will use to help finance the $1.2 billion Trans-Allegheny Interstate Line.
"The financing is out there, but hasn't yet closed, although we do expect it to close shortly," said Allegheny Energy spokesman David Neurohr.
Allegheny expects to fund the project roughly 50-50, with debt and internal funds, Neurohr said.
Construction on the 240-mile, 500,000-volt power transmission line, running from Washington County, through West Virginia and ending in Loudoun County, Va., near Washington, awaits rulings from West Virginia, Pennsylvania and Virginia regulators.
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