20251007Final_Order_No_36793.pdf

Office of the Secretary
Service Date
October 7,2025
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF INTERMOUNTAIN ) CASE NO. INT-G-25-06
GAS COMPANY'S APPLICATION FOR )
AUTHORIZATION TO AMEND AND ) ORDER NO. 36793
EXTEND ITS REVOLVING CREDIT )
AGREEMENT )
On September 12, 2025, Intermountain Gas Company, a subsidiary of MDU Resources
Group,Inc. ("Company")applied to the Idaho Public Utilities Commission("Commission")under
Idaho Code §§ 61-901 et seq., for authority to amend and extend its current Revolving Credit
Agreement to a new maturity date of December 2030 while maintaining the current Revolving
Credit Agreement's amounts of up to $175,000,000, not to exceed a five-year period, with an
option to borrow an additional $50,000,000 for the same time frame, or$225,000,000 in total.
Based on our review of the record,the Commission now issues this Final Order approving
the Company's Application.
THE APPLICATION
The Company applied to the Commission requesting authorization to amend and extend
the current Revolving Credit Agreement, approved in Order No. 36151, to a new maturity of
December 2030. Application at 1. The Company asserted that the proposed Revolving Credit
Agreement would exist for a period not to exceed five years from the date of execution and delivery
of the credit agreement. Id. at 3. Additionally, the interest rate in the proposed Revolving Credit
Agreement would either be based on the Secured Overnight Financing Rate ("SOFR") plus an
applicable margin or the base rate, which is the higher of the U.S. Bank prime rate, the Federal
Funds rate plus 0.50%, or a daily rate equal to one-month SOFR plus I%.Id.
The Company stated that it would use the Revolving Credit Agreement to provide for
capital expenditures,deferred gas costs,and for general corporate purposes.Id. at 5. The Company
anticipated arrangement, syndication, and legal fees necessary to complete the amendment and
extension of the Revolving Credit Agreement to total up to$425,000,which the Company believed
would not reduce the amount the Company was able to borrow.Id.
STAFF COMMENTS
Commission Staff ("Staff') recommended the Commission approve and authorize the
amendment and extension of the Company's current Revolving Credit Agreement to a new
ORDER NO. 36793 1

maturity date of 2030 while maintaining the current Revolving Credit Agreement's amounts up to
$175,000,000 not to exceed a five-year period with an option to borrow an additional$50,000,000
for the same time frame, or$225,000,000 in total. Staff Decision Memorandum at 2-3.
Staff reviewed the Application and proposed amendment and extension of the Company's
current Revolving Credit Agreement and believed there were minimal differences from the
previously approved agreement. Id. at 2. Staff stated the proposed Revolving Credit Agreement
would include an extension of an additional year, the renewal fees were estimated to be $25,000
less, the standby letters of credit sublimit would increase from $25,000,000 to $50,000,000, and
the sublimit for swingline loans would increase from $5,000,000 to $15,000,000. Id. Staff also
reviewed the Company's Notice of the Application and agreed that the cost of publication in the
Idaho Business Review had significantly increased and was higher than publishing a notice with
the Idaho Statesman which covered the same Boise area. Therefore, Staff believes it is appropriate
for the Commission to waive the requirement to publish in the Idaho Business Review for this
Application.Id.
Staff also recommended the Commission order the Company to continue filing quarterly
reports identifying the date of issuance, principal amount, interest rate, date of maturity, identity
of payee for all promissory notes issued in that quarter, and capitalization ratios.Id. at 3.
COMMISSION FINDINGS AND DISCUSSION
The Company is an Idaho corporation with its office and principal place of business in
Boise, Idaho. It is a natural gas public utility that owns and operates transmission pipelines,
liquefied natural gas storage facilities, compressor stations, distribution mains, services, meters
and regulators,and general plant and equipment.It is a gas corporation and public utility as defined
in Idaho Code §§ 61-117 and 61-129. The Commission has jurisdiction over the Application under
Idaho Code § 61-901, et seq.
We find that the proposed transaction is in the public interest and a formal hearing on this
matter is not required. We further find that the proposed transaction is for a lawful purpose and is
within the Company's corporate powers, that the Application reasonably conforms to Rules 141
through 150 of the Commission's Rules of Procedure, IDAPA 31.01.01.141-150, and that the
Company has paid all fees due under Idaho Code § 61-905. Accordingly, we find that the
Application should be approved, and the proposed financing should be allowed.
ORDER NO. 36793 2

The Commission's Order approving the proposed financing and the general purposes to
which the proceeds may be put is not a determination that the Commission approves of the
particular use to which these funds will be put. This Order also is not a Commission determination
or approval of the type of financing or the related costs for ratemaking purposes. The Commission
is not determining the effect of the proposed transaction on rates the Company will charge for
providing natural gas service.
ORDER
IT IS HEREBY ORDERED that the Company's Application for authority to amend and
extend its Revolving Credit Agreement to a new maturity of December 2030 while maintaining
the current Revolving Credit Agreement's amounts up to $175,000,000, not to exceed a five-year
period, with an option to borrow an additional $50,000,000 for the same time frame, or
$225,000,000 in total is granted.
IT IS FURTHER ORDERED that the Company must continue to file quarterly reports with
the Commission setting forth the date of issuance, principal amount, interest rate, date of maturity
and identity of payee for all promissory notes issued during the quarter. The Company must
continue to file its capitalization ratios with the quarterly reports.
IT IS FURTHER ORDERED that the foregoing authorization is without prejudice to the
regulatory authority of this Commission with respect to rates, utility capital structure, service,
accounts,valuation,estimates or determination of cost or any other matter which may come before
this Commission pursuant to its jurisdiction and authority as provided by law.
IT IS FURTHER ORDERED that nothing in this Order and no provisions of Chapter 9,
Title 61, Idaho Code, or any act or deed done or performed in connection therewith shall be
construed to obligate the state of Idaho to pay or guarantee in any manner whatsoever any security
authorized,issued, assumed or guaranteed under the provisions of Chapter 9, Title 61,Idaho Code.
IT IS FURTHER ORDERED that issuance of this Order does not constitute acceptance of
the Company's exhibits or other material accompanying the Application for any purpose other
than the issuance of this Order.
THIS IS A FINAL ORDER. Any person interested in this Order may petition for
reconsideration within twenty-one (21) days of the service date of this Order. Within seven (7)
days after any person has petitioned for reconsideration, any other person may cross-petition for
reconsideration. See Idaho Code § 61-626.
ORDER NO. 36793 3

DONE by order of the Idaho Public Utilities Commission at Boise, Idaho this 71h day of
October, 2025.
YRDDGE, O SSIONER
?HN R. HAMMOND JR., COMMISSIONER
DAYN HARDIE, COMMISSIONER
ATTEST:
9UJ-0-IJ �A—ft.
L a Calderon Robles
Interim Commission Secretary
I:\Legal\GAS\INTG2506_securities\orders\INTG2506_final_em.docx
ORDER NO. 36793 4