(Adds ABR definition)
NEW YORK, Aug 14 (Reuters) - Puerto Rico's electric power authority, known as PREPA, will pay an interest rate of alternate base rate (ABR) plus 4 percent under credit agreements with Scotiabank and Citibank, the utility said in a filing on Thursday.
PREPA disclosed the rate in a filing on a site of the Municipal Securities Rulemaking Board. It earlier said that banks extended a vital line of credit to March 31 from a previous deadline of Thursday.
ABR is typically defined as the greatest of the prime rate, the federal funds rate plus 50 basis points, or LIBOR plus 100 basis points.
PREPA was on the hook for $146 million from Citibank and $525 million from a consortium led by Scotiabank. PREPA had already gained a two-week extension to the credit lines that expired on Thursday.
Its bank credit lines are now extended to March 31, during which the banks will receive interest payments, PREPA said. (Reporting by Hilary Russ and Ed Krudy; and Luciana Lopez; Editing by Ken Wills, Bernard Orr)