A 15-bank consortium led by Citibank, Morgan Guaranty Trust Co., and Toronto-Dominion Bank has closed an $814 million bank credit facility to Niagara Mohawk Power Corp.

The facility provides working capital and financial flexibility as Niagara Mohawk seeks approval of a plan to create a competitive electricity market in New York, freeze average electricity prices for five years, and restructure in an attempt to maximize the value of the company's existing businesses and pursue growth opportunities, said William E. Davis, chairman and chief executive officer of Niagara Mohawk.

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