Routine refinancing extending maturities to 2031 with no change in financial covenant (max 0.65 debt-to-capitalization). Monitor upcoming quarterly filings for any material changes in drawn vs. undrawn amounts on these facilities.
Price Chart
Executive Summary
MGE Energy, Inc. and its subsidiary Madison Gas and Electric Company each entered into Third Amended and Restated Credit Agreements on October 1, 2026, refinancing existing revolving credit facilities. MGE Energy secured a $50 million facility (up from the prior agreement), and Madison Gas and Electric secured a $210 million facility, both maturing October 1, 2031, with JPMorgan Chase as administrative agent. This is a routine refinancing that extends maturities and maintains liquidity — no material change in financial condition or operations.
Key Financial Metrics
Key Facts
- MGE Energy, Inc. entered into a $50,000,000 Third Amended and Restated Credit Agreement, maturing October 1, 2031.
- Madison Gas and Electric Company entered into a $210,000,000 Third Amended and Restated Credit Agreement, maturing October 1, 2031.
- Both facilities are revolving credit facilities with JPMorgan Chase Bank, N.A. as Administrative Agent.
- The agreements amend and restate the prior Second Amended and Restated Credit Agreements dated November 8, 2022.
- The MGE Energy facility includes an accordion feature allowing up to $25,000,000 in additional commitments.
- The Madison Gas and Electric facility includes an accordion feature capped at $0 in additional commitments.
- Both facilities have a financial covenant limiting the ratio of Consolidated Indebtedness to Consolidated Total Capitalization to 0.65 to 1.00.
- Existing Letters of Credit were rolled into the new facilities.
Financial Impact
MGE Energy: $50M revolving credit facility; Madison Gas and Electric: $210M revolving credit facility. Both mature October 1, 2031. No new borrowing was disclosed.
Risk Factors
- No material risks identified — this is a routine credit facility amendment and restatement.
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-414025 |
| Document: mgee-ex10_1.htm | 0001193125-26-414025 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 22d ago | 8-K | $70.27 $70.59 | ▲ +0.46% | ▼ −0.09% | $74.17 (+5.55%) |
Aug 21, 2026 9w ago | 8-K | $78.66 $79.32 | ▲ +0.84% | ▲ +1.13% | $74.17 (−5.71%) |
Aug 5, 2026 11w ago | 8-K | $80.21 $80.85 | ▲ +0.80% | ▲ +0.96% | $74.17 (−7.53%) |
May 8, 2026 24w ago | 8-K | $73.83 $75.30 | ▲ +1.99% | ▲ +2.13% | $74.17 (+0.46%) |
May 8, 2026 24w ago | 8-K | $73.83 $75.30 | ▼ −1.99% | ▼ −2.13% | $74.17 (−0.46%) |
May 6, 2026 24w ago | 424B5 | $74.65 $73.65 | ▲ +1.34% | ▲ +2.17% | $74.17 (+0.64%) |
May 5, 2026 25w ago | 8-K | $80.75 $80.80 | ▲ +0.06% | ▼ −1.32% | $74.17 (−8.15%) |
Apr 23, 2026 26w ago | DEFA14A | $80.55 $80.18 | ▼ −0.46% | ▼ −1.24% | $74.17 (−7.92%) |
Apr 2, 2026 29w ago | DEFA14A | $78.81 $78.41 | ▼ −0.51% | ▼ −0.98% | $74.17 (−5.89%) |
Apr 2, 2026 29w ago | DEFA14A | $78.81 $78.41 | ▼ −0.51% | ▼ −0.98% | $74.17 (−5.89%) |
US Market Status
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