Oglethorpe lowered weighted average interest rate over 1% since 2007

By Devika Patel

Knoxville, Tenn., April 10 – Oglethorpe Power Corp. has decreased the weighted average interest rate on its debt to the low 4% range from an interest rate in the mid-5% range in 2007.

“Due to the favorable interest rate environment, we have been able to work down our weighted average interest rate on [our debt] portfolio from something in the mid-5% range back in the 2007 time frame down to something in the very low 4s as of today,” executive vice president and chief financial officer Betsy B. Higgins said on the company’s fourth quarter and year ended March 31 investor briefing conference call on Wednesday.

Oglethorpe’s long-term debt balance was approaching $9 billion as of March 31, and the company’s total debt balance was $9.2 billion.

As of March 31, the company had $1.6 billion of liquidity.

Oglethorpe is a not-for-profit electric membership corporation based in Tucker, Ga.

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