Oglethorpe wraps liquidity restructure with increased credit facility

By Aleesia Forni

Columbus, Ohio, Nov. 28 - Oglethorpe Power Corp. "finally" completed its liquidity restructuring and upsizing with the closing of its increased National Rural Utilities Cooperative Finance Corp. unsecured line of credit, resulting in total credit facilities of $1.925 billion, according to chief financial officer Betsy Higgins.

In September, the company increased its National Rural Utilities unsecured facility to $110 million from $50 million.

The company is also positioned "really nicely" with regards to its ability to finance its reconstruction programs at Vogtle units 3 and 4, Higgins added during the company's third-quarter 2011 investor briefing on Monday.

Oglethorpe continues to primarily use its debt financing for growth.

The company reported cash of $486 million as of Nov. 21 and total liquidity of roughly $1.9 billion.

Higgins also expects the company to have "sufficient" liquidity through the end of the year, as well as going forward beyond year-end.

Oglethorpe is working with the Department of Energy to finalize loan guarantees, and funding is not expected until 2012.

Oglethorpe is a Tucker, Ga.-based electric supply cooperative.

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