Posted February 08, 2018 07:15:13Northwestern Energy Corp. (NWE) has received a $2.8 billion US Treasury loan from the US Department of the Treasury, the Wall Street Journal reported Wednesday.
The loan is part of a broader $7.2bn loan package that was announced on Wednesday.
The loan was secured by Northwestern’s asset base, which includes $1.8 trillion in debt, according to a statement from the bank.
The US government has said that it will repay $1 trillion in the fiscal year that starts Oct. 1.
The bank said it was also looking for additional financing from international lenders.
Northwestern’s shares closed up 4.4% at $23.50, up from $23, a little more than $1 a share.
The company was founded in 1889 and is one of the country’s largest coal-fired power producers.
The company operates one of North America’s largest thermal coal-burning power plants.NWE’s chief executive officer, Dan Stenberg, told the Wall Times that the $2 billion loan will help the company to meet its long-term financial commitments, including increasing capital investment and building new facilities.
The bank also said it would seek additional funding from its international lenders and other financing sources, including from other US and foreign governments.NUKE’s assets are valued at $7 trillion.