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National Rural Utilities expands credit agreements

EditorLina Guerrero
Published 07/12/2024, 00:04
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National Rural Utilities Cooperative Finance Corporation (NRUC) has amended its revolving credit agreements, extending the maturity dates and increasing the commitments by $250 million for both its three-year and four-year facilities, as reported in its latest SEC filing.

On Thursday, NRUC, a finance cooperative serving rural utility systems, announced significant changes to its credit arrangements. The maturity date of the three-year revolving credit agreement has been extended to November 28, 2027, and the four-year agreement to November 28, 2028.

Additionally, the amendments include an increase of $250 million in commitments for each agreement, not including the $150 million commitment that was terminated under the three-year agreement.

Prior to the amendments, commitments that were set to mature on November 28, 2025, have been terminated, while commitments of $150 million under the four-year agreement will still expire on the previously set date of November 28, 2026.

Following these changes, the total commitment amounts under the three-year and four-year facilities are $1,595 million and $1,705 million, respectively. The combined total commitment amount for both facilities is now $3,300 million, of which $3,298 million is available due to letter of credit issuances.

The financial instruments affected by these amendments are listed on the New York Stock Exchange, with the 7.35% Collateral Trust Bonds due 2026 and the 5.50% Subordinated Notes due 2064 under the trading symbols NRUC 26 and NRUC, respectively.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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