MGE Energy, Inc. and Madison Gas and Electric Company — Form 8-K
Business context and reporting period: Filed October 5, 2026, reporting credit-agreement amendments dated October 1, 2026. The filing covers MGE Energy, Inc. (MGEE) and its subsidiary Madison Gas and Electric Company (MGE).
Key financial and credit terms
- MGEE: Revolving credit and letter-of-credit capacity of up to $50 million, maturing October 1, 2031. MGEE may request commitment increases of up to $25 million, subject to lender agreement.
- MGE/JPMorgan: Revolving credit and letter-of-credit capacity increased from $90 million to $210 million; maturity is October 1, 2031.
- MGE/U.S. Bank: Revolving credit capacity of up to $40 million; maturity is October 1, 2031.
- The agreements permit requests for up to two one-year extensions for MGEE and the MGE/JPMorgan facility, potentially extending maturity to October 1, 2033. Extensions require lender approval.
- Each agreement requires consolidated indebtedness to consolidated total capitalization of no more than 65%, with specified variable-interest-entity amounts excluded from the calculation.
Changes, outlook, and risks
The amendments principally extend the prior agreements’ maturities and increase MGE’s JPMorgan facility commitment. The filing says the agreements otherwise have substantially the same terms as before. A change of control is a default, including MGEE ceasing to own 100% of MGE’s voting equity or a person or coordinated group acquiring 30% or more of MGEE’s voting power. The filing does not disclose amounts currently borrowed, fees, or financial performance metrics such as revenue, profit, cash flow, or margins.
Important facts for investors to verify
- Review Exhibits 10.1–10.3 for complete agreement terms, including pricing, borrowing conditions, and detailed covenants.
- Confirm actual outstanding borrowings and remaining availability; the filing provides facility limits, not utilization.
- Note that extensions and MGEE commitment increases are discretionary and are not assured.
- Assess compliance with the 65% leverage covenant and the consequences of the change-of-control default provisions.