Wells Fargo & Co (NYSE: WFC), JP Morgan Chase (NYSE: JPM) and UBS AG have extended a line of credit to USEC Inc (NYSE: USU), a company that provides supplies and materials for nuclear power plants.
USEC Inc, based on Maryland, says that the new line of credit it is receiving from the bank will provide the company $225 million upon closing. The company also has the option to secure up to $350 million if needed.
The new credit facility being offered by Wells Fagro, JP Morgan Chase and UBS AG matures on May 31st, 2012.
USEC Inc is a supplier of enriched uranium fuel for commercial nuclear power plants. The company operates the only active enrichment facility for uranium in the United States and had 2008 revenues of $1.6 billion. According to the company’s website, it meets half of the United States’ demand for enriched uranium and a quarter of the world-wide demand.
