National Rural extends revolvers, cuts commitments, lowers pricing

By Tali Rackner

Minneapolis, Nov. 22 – National Rural Utilities Cooperative Finance Corp. amended its three-year and five-year revolving credit agreements on Monday to extend the maturity, decrease commitments and revise pricing, according to an 8-K filing with the Securities and Exchange Commission.

The amendment to the three-year revolver extends the maturity to Nov. 20, 2020, terminates $40 million of commitments and reduces pricing.

The amendment to the five-year revolver extends the maturity to Nov. 20, 2022 and also terminates $40 million of commitments.

Each agreement now includes two one-year extension options.

At closing, there was $1,492,500,000 outstanding under the three-year revolver and $1,592,500,000 outstanding under the five-year revolver, with the total commitment amount under the two facilities being $3,085,000,000, of which $3,084,000,000 is available due to letters of credit, the filing said.

National Rural is a market lender for electric cooperatives. It is based in Herndon, Va.

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