Ameren Subsidiary Secures $1.5B Credit Facility

TL;DR

Ameren's Union Electric just inked a new $1.5B credit line, replacing an older one, giving them more cash flexibility.

AI Summary

Ameren Corp. announced on June 28, 2024, that its subsidiary, Union Electric Company, has entered into a new credit agreement for a $1.5 billion revolving credit facility. This facility matures on June 28, 2029, and replaces its previous $1.2 billion facility which was set to expire in 2027. The new agreement provides enhanced financial flexibility for the company.

Why It Matters

This new, larger credit facility provides Ameren's subsidiary with greater financial flexibility and access to funds, which can be crucial for operational needs and future investments.

Risk Assessment

Risk Level: low — The filing concerns a routine credit facility renewal and does not indicate any significant new risks for the company.

Key Numbers

• $1.5B — New Credit Facility (Amount of the new revolving credit facility secured by Union Electric Company.)
• $1.2B — Previous Credit Facility (Amount of the credit facility being replaced.)
• 2029 — New Maturity Date (The new credit facility matures on June 28, 2029.)
• 2027 — Previous Maturity Date (The previous credit facility was set to expire in 2027.)

Key Players & Entities

• Ameren Corp. (company) — Filer
• Union Electric Company (company) — Subsidiary entering credit agreement
• $1.5 billion (dollar_amount) — New revolving credit facility amount
• $1.2 billion (dollar_amount) — Previous revolving credit facility amount
• June 28, 2029 (date) — Maturity date of new credit facility
• June 28, 2027 (date) — Maturity date of previous credit facility

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share AEE New York St
• $446 million — annual revenues for electric service by $446 million. The electric rate increase request is
• $14 b — ed of 52% common equity, a rate base of $14 billion, and a test year ended March 31,

Filing Documents

• tm2418583d1_8k.htm (8-K) — 46KB
• 0001104659-24-076557.txt ( ) — 265KB
• aee-20240628.xsd (EX-101.SCH) — 3KB
• aee-20240628_def.xml (EX-101.DEF) — 26KB
• aee-20240628_lab.xml (EX-101.LAB) — 35KB
• aee-20240628_pre.xml (EX-101.PRE) — 24KB
• tm2418583d1_8k_htm.xml (XML) — 7KB

01 Other Events

ITEM 8.01 Other Events. On June 28, 2024, Union Electric Company, doing business as Ameren Missouri ("Ameren Missouri"), filed a request with the Missouri Public Service Commission ("MoPSC") seeking approval to increase its annual revenues for electric service by $446 million. The electric rate increase request is based on a 10.25% return on common equity, a capital structure composed of 52% common equity, a rate base of $14 billion, and a test year ended March 31, 2024, with certain pro-forma adjustments expected through an anticipated true-up date of December 31, 2024. Ameren Missouri also requested the continued use of the fuel adjustment clause and trackers for pension and postretirement benefits, uncertain income tax positions, certain excess deferred income taxes, and the utilization of production and investment tax credits or proceeds from the sale of tax credits, which the MoPSC previously authorized in earlier electric rate orders. The electric rate increase request reflects the following: increased infrastructure investments made under Ameren Missouri's Smart Energy Plan, including increased cost of capital and depreciation expense; investments in generation resources, including 500 megawatts of solar generation investment for the Boomtown, Cass County and Huck Finn solar projects along with the investments in the Callaway nuclear energy center and other dispatchable generation to support a reliable, low-cost and cleaner mix of energy resources; decreased costs resulting from the planned retirement of the Rush Island Energy Center; and decreased costs related to the extension of the retirement date of the Sioux Energy Center from 2030 to 2032, consistent with Ameren Missouri's integrated resource plan filed with the MoPSC in September 2023, to ensure reliability. The MoPSC proceeding relating to the proposed electric service rate changes will take place over a period of up to 11 months, with a decision by the MoPSC expected by May 2025 and new r

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature for each undersigned company shall be deemed to relate only to matters having reference to such company or its subsidiaries. AMEREN CORPORATION (Registrant) By: /s/ Michael L. Moehn Name: Michael L. Moehn Title: Senior Executive Vice President and Chief Financial Officer UNION ELECTRIC COMPANY (Registrant) By: /s/ Mark C. Birk Name: Mark C. Birk Title: Chairman and President Date: July 1, 2024

View Full Filing

View this 8-K filing on SEC EDGAR