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EXHIBIT 10.2

EXECUTION VERSION

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT
 
This Amendment No. 1 to Amended and Restated Credit Agreement, dated as of March
17, 2014 (this “Amendment”), is among UIL Holdings Corporation, a Connecticut
corporation (the “Parent”), The United Illuminating Company, a specially
chartered Connecticut corporation (“UI”), The Southern Connecticut Gas Company,
a Connecticut corporation (“Southern Connecticut”), Connecticut Natural Gas
Corporation, a Connecticut corporation (“Connecticut Gas”), and The Berkshire
Gas Company, a Massachusetts gas company (“Berkshire Gas” and, together with the
Parent, UI, Southern Connecticut and Connecticut Gas, the “Borrowers”), the
Banks party hereto (collectively, the “Banks” and individually, a “Bank”) and
JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, together
with its successors and permitted assigns, the “Administrative Agent”) under the
Credit Agreement (as defined below).
 
W I T N E S S E T H:
 
WHEREAS, reference is made to the Amended and Restated Credit Agreement, dated
as of November 30, 2011 (as amended, restated, extended, supplemented, modified
and otherwise in effect on the date hereof, the “Credit Agreement”), among,
inter alios, the Borrowers, each lender from time to time party thereto and the
Administrative Agent; and
 
WHEREAS, the parties hereto wish now to amend the Credit Agreement in certain
respects;
 
NOW THEREFORE, in consideration of the foregoing recitals, mutual agreements
contained herein and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrowers, the Administrative
Agent and the Banks party hereto hereby agree as follows:

Section 1.               Defined Terms.  All capitalized terms used but not
defined in this Amendment shall have the respective meanings specified in the
Credit Agreement.
 
Section 2.               Amendments to the Credit Agreement.  Subject to the
satisfaction of the conditions set forth in Section 3 of this Amendment, the
Credit Agreement is hereby amended as follows:
 
(a)                 The following definitions are hereby inserted in the
appropriate alphabetical locations into Section 1.01:
 
(i)            “Acquisition” means the acquisition by WGP Acquisition LLC of
assets and certain liabilities of the Philadelphia Gas Works pursuant to the
Acquisition Agreement.
 
(ii)           “Acquisition Agreement” means the Asset Purchase Agreement dated
as of March 2, 2014, by and among The City of Philadelphia, the Parent and WGP
Acquisition LLC.
 
(iii)          “Acquisition Closing Date” means the “Closing Date” as defined in
the Acquisition Agreement.

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(iv)         “Amendment No. 1” means Amendment No. 1 to this Agreement dated as
of March 17, 2014.
 
(v)          “Amendment No. 1 Effective Date” means March 17, 2014.
 
(vi)         “Covenant Adjustment Date” has the meaning specified in Section
5.02(e).
 
(vii)        “WGP Indenture” means any indenture pursuant to which WGP
Acquisition LLC issues first mortgage bonds that are secured by the property of
WGP Acquisition LLC and its subsidiaries, as such indenture may be amended,
supplemented or replaced from time to time.
 
(b)                The following definitions appearing in Section 1.01 are
hereby amended and restated in their entirety as follows:
 
(i)            “Berkshire Gas Indenture” means the First Mortgage Indenture and
Deed of Trust, dated as of July 1, 1954, of the Pittsfield Coal Gas Company to
Chemical Bank & Trust Company, as trustee, as amended, supplemented or replaced
from time to time.
 
(ii)          “FMB Indentures” means the Berkshire Gas Indenture, the Southern
Connecticut Indenture and any WGP Indenture.
 
(iii)         “Southern Connecticut Indenture” means the Indenture, dated as of
March 1, 1948, between The Bridgeport Gas Light Company and The Bridgeport-City
Trust Company, as trustee, as amended, supplemented or replaced from time to
time.
 
(c)           Section 5.02(a)(vii) is hereby restated in its entirety to read as
follows:
 
(vii)  Liens in respect of property of (A) any Borrower or any Subsidiary of
such Borrower existing on the date hereof and described in Schedule 5.02 or (B)
any of Southern Connecticut, Berkshire Gas or WGP Acquisition LLC, and their
respective subsidiaries, under the FMB Indentures, as modified, supplemented or
replaced from time to time; provided that, after giving effect to any
modification, supplement or replacement of any such FMB Indenture, the
collateral subject to such FMB Indenture does not consist of property other than
property of Southern Connecticut, Berkshire Gas or WGP Acquisition LLC (and
their respective subsidiaries), as applicable;
 
(d)                Section 5.02(e) is hereby restated in its entirety to read as
follows:
 
(e)  Additional Debt of Parent.  The Parent shall not create, incur or assume
any Debt after the date hereof, other than Debt (including the Advances of the
Parent) not exceeding (i) prior to the Amendment No. 1 Effective Date,
$500,000,000 (ii) from the Amendment No. 1 Effective Date to and including the
earliest to occur of (such date, the “Covenant Adjustment Date”) (A) the date
the Acquisition Agreement is terminated in accordance with its terms, (B) the
last day of the second full fiscal quarter of the Parent following the
Acquisition Closing Date and (C) December 31, 2015, $1,600,000,000 and (iii)
after the Covenant Adjustment Date (x) if the Acquisition Closing Date has
occurred on or prior to such date, $1,400,000,000 or (y) if the Acquisition
Closing Date
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has not occurred on or prior to such date, $500,000,000, in each case, in an
aggregate principal amount at any one time outstanding.
 
(e)                 Section 5.03 is hereby restated in its entirety to read as
follows:
 
Section 5.03.  Financial Covenant.
 
So long as any Bank shall have any Commitment hereunder or any Advance or Letter
of Credit shall remain outstanding, each Borrower will maintain a ratio of
Consolidated Debt to Consolidated Capital, as of the last day of each March,
June, September and December, of not greater than (i) 0.65 to 1.00, for any such
date occurring prior to the Amendment No. 1 Effective Date, (ii) 0.77 to 1.00,
for any such date occurring during the period from the Amendment No. 1 Effective
Date to and including the Covenant Adjustment Date and (iii) 0.65 to 1.00, for
any such date occurring after the Covenant Adjustment Date.
 
Section 3.               Conditions to Effectiveness.  This Amendment shall
become effective on the date hereof (the “Effective Date”) when and if each of
the following conditions is satisfied:
 

(a)                 Executed Amendment No. 1 to Credit Agreement.  The
Administrative Agent shall have received one or more counterparts of this
Amendment duly executed by the Borrowers, the Administrative Agent and Banks
constituting Majority Banks.
 
(b)                 Fees and Expenses.  Each of the Administrative Agent, the LC
Banks and the Banks shall have received payment of all fees then due and payable
to the Administrative Agent, each LC Bank and the Banks, respectively, subject
to the Parent receiving, to its satisfaction, an invoice of such amount prior to
the date hereof.
 
Section 4.              Representations and Warranties.  To induce the
Administrative Agent and the Banks to enter into this Amendment, each Borrower
hereby represents and warrants to the Administrative Agent and the Banks that:
 
(a)                the execution and delivery by such Borrower of this Amendment
and all other instruments and documents to be delivered hereunder, the
performance by such Borrower of this Amendment and the Credit Agreement, as
amended hereby, and the transactions contemplated hereby and thereby, are within
such Borrower’s corporate powers, have been duly authorized by all necessary
corporate action, do not contravene (i) such Borrower’s certificate of
incorporation or bylaws or (ii) any law, rule, regulation, order or judgment
applicable to, or any contractual restriction binding on or affecting, such
Borrower, and do not result in or require the creation of any Lien, security
interest or other charge or encumbrance upon or with respect to any of its
properties;
 
(b)                no authorization or approval or other action by, and no
notice to or filing with, any  governmental  authority  or  regulatory  body 
is  required  for  the  due  execution and delivery  by such Borrower of this
Amendment or any other document or instrument to be delivered by such Borrower
hereunder or for the performance by such Borrower of this Amendment or the
Credit Agreement, as amended hereby;
 
(c)                each of this Amendment and the Credit Agreement, as amended
hereby, is the legal, valid and binding obligation of such Borrower enforceable
against such Borrower in accordance with its terms, except as limited by (i)
applicable bankruptcy, insolvency, reorganization, moratorium or
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other laws of general application affecting enforcement of creditors’ rights and
(ii) general principles of equity that restrict the availability of equitable
remedies;
 
(d)                 no event has occurred and is continuing, or would result
from the execution, delivery or performance by such Borrower of this Amendment,
that constitutes an Event of Default or would constitute an Event of Default but
for the requirement that notice be given or time elapse or both; and
 
(e)                 the representations and warranties of each Borrower as set
forth in this Amendment and in any other Loan Document, as amended hereby, to
which a Borrower is a party, are true and correct in all material respects on
and as of the Effective Date as if made on and as of the Effective Date except
to the extent that such representations and warranties relate to a specific
date, in which case such representations and warranties are true and correct in
all material respects as of such specific date; provided, that any
representation and warranty that is qualified as to “materiality”, “Material
Adverse Effect” or similar language is true and correct in all respects.
 
Section 5.               Miscellaneous.
 
(a)                 Confirmation of Loan Documents.  Except as expressly
provided in this Amendment, each of the Borrowers hereby ratifies and confirms
all of the terms and conditions of the Credit Agreement and the other Loan
Documents to which it is a party and all documents, instruments and agreements
related thereto, which remain in full force and effect.  Each Borrower hereby
reconfirms its obligations pursuant to the Credit Agreement to pay and reimburse
the Administrative Agent, the LC Banks and the Banks for all costs and expenses
(including without limitation, the fees and expenses of its counsel) incurred in
connection with the negotiation, preparation, execution and delivery of this
Amendment to the extent required by Section 8.04 of the Credit Agreement, as
amended hereby.  The Credit Agreement, together with this Amendment, shall be
read and construed as a single agreement.  All references in the Loan Documents
to the Credit Agreement or any other Loan Document shall hereafter refer to the
Credit Agreement, as amended hereby, or any other Loan Document as amended
hereby.  This Amendment shall constitute a Loan Document.
 
(b)                Limitation of this Amendment.  The amendments set forth
herein are effective solely for the purposes set forth herein and shall be
limited precisely as written.  Except as expressly provided herein, this
Amendment shall not be deemed to (i) be a consent to any amendment, waiver or
modification of any other term or condition of the Credit Agreement or any other
Loan Document, or (ii) operate as a waiver or otherwise prejudice any right,
power or remedy that the Administrative Agent or Banks may now have or may have
in the future under or in connection with the Credit Agreement or any other Loan
Document, except as specifically set forth herein.  Upon the effectiveness of
this Amendment, each reference in the Credit Agreement to “this Agreement”,
“herein”, “hereof” and words of like import and each reference in the Credit
Agreement and the Loan Documents to the Credit Agreement shall mean the Credit
Agreement as amended hereby.  This Amendment shall be construed in connection
with and as part of the Credit Agreement.
 
(c)                 Captions.  Section headings used herein are for convenience
of reference only, are not part of this Amendment and shall not affect the
construction of, or be taken into consideration in interpreting, this Amendment.
 
(d)                Governing Law.  This Amendment shall be governed by, and
construed in accordance with, the law of the State of New York.
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(e)                 Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.  Receipt by
facsimile or electronic transmission of any executed signature page to this
Amendment shall constitute effective delivery of such signature page.
 
(f)                  Successors and Assigns.  This Amendment shall be binding
upon and shall inure to the sole benefit of the Borrowers, the Administrative
Agent and the Banks and their respective successors and assigns.
 
(g)                References.  Any reference to the Credit Agreement contained
in any notice, request, certificate, or other document executed concurrently
with or after the execution and delivery of this Amendment shall be deemed to
include this Amendment unless the context shall otherwise require.
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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
and delivered as of the date first above written.

 
JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Bank
 
 
By:
  /s/ Justin Martin
 
 
Name:    Justin Martin
 
 
Title:     Authorized Officer

(Signature Page to Amendment No. 1)

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UNION BANK, N.A., as a Bank
 
 
 
 
By:
/s/ Jeff Fesenmaier
 
 
Name:    Jeff Fesenmaier
 
 
Title:      Director

(Signature Page to Amendment No. 1)

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BANK OF AMERICA, N.A., as a Bank
 
 
 
 
By:
/s/ Ashish Arora
 
 
Name:    Ashish Arora
 
 
Title:      Senior Vice President

(Signature Page to Amendment No. 1)

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MORGAN STANLEY BANK, N.A., as a Bank
 
 
 
 
By:
/s/ Anish Shah
 
 
Name:    Anish Shah
 
 
Title:      Authorized Signatory

(Signature Page to Amendment No. 1)

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RBS CITIZENS, N.A., as a Bank
 
 
 
 
By:
/s/ Anthony Castellon
 
 
Name:    Anthony Castellon
 
 
Title:      Senior Vice President

(Signature Page to Amendment No. 1)

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TD BANK, N.A., as a Bank
 
 
 
 
By:
/s/ David Perlman
 
 
Name:    David Perlman
 
 
Title:      Senior Vice President

(Signature Page to Amendment No. 1)

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WELLS FARGO BANK, N.A., as a Bank
 
 
 
 
By:
/s/ Shawn Young
 
 
Name:    Shawn Young
 
 
Title:      Director

(Signature Page to Amendment No. 1)

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GOLDMAN SACHS BANK USA, as a Bank
 
 
 
 
By:
/s/ Ashwin Ramakrishna
 
 
Name:    Ashwin Ramakrishna
 
 
Title:      Authorized Signatory

(Signature Page to Amendment No. 1)

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PNC BANK, NATIONAL ASSOCIATION, as a Bank
 
 
 
 
By:
/s/ Thomas E. Redmond
 
 
Name:    Thomas E. Redmond
 
 
Title:      Senior Vice President

(Signature Page to Amendment No. 1)

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SANTANDER BANK, N.A., as a Bank
 
 
 
 
By:
/s/ Spencer Van Kirk
 
 
Name:    Spencer Van Kirk
 
 
Title:      Vice President

(Signature Page to Amendment No. 1)

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WEBSTER BANK, N.A., as a Bank
 
 
 
 
By:
/s/ Scott T. Smith
 
 
Name:    Scott T. Smith
 
 
Title:      Vice President

(Signature Page to Amendment No. 1)

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PEOPLE’S UNITED BANK, as a Bank
 
 
 
 
By:
/s/ David Ferretti
 
 
Name:    David Ferretti
 
 
Title:      Vice President, Commercial Relationship Manager

(Signature Page to Amendment No. 1)

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Accepted and Agreed:

UIL HOLDINGS CORPORATION
 
 
 
By:
  
 
Name:  Richard J. Nicholas
Title:    Executive Vice President and Chief Financial Officer
 
 
 
THE UNITED ILLUMINATING COMPANY
 
 
 
By:
  
 
Name:  Richard J. Nicholas
Title:      Executive Vice President and Chief Financial Officer
 
 
 
THE SOUTHERN CONNECTICUT GAS COMPANY
 
 
 
By:
  
 
Name:  Richard J. Nicholas
Title:      Chief Financial Officer
 
 
 
CONNECTICUT NATURAL GAS CORPORATION
 
 
 
By:
  
 
Name:  Richard J. Nicholas
Title:      Chief Financial Officer
 
 
 
THE BERKSHIRE GAS COMPANY
 
 
 
By:
  
 
Name:  Richard J. Nicholas
Title:      Chief Financial Officer

(Signature Page to Amendment No. 1)
 

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