Oglethorpe Power extends its $1.21 billion credit agreement to 2024

By Sarah Lizee

Olympia, Wash., Dec. 11 – Oglethorpe Power Corp. amended and restated its unsecured $1.21 billion credit agreement with National Rural Utilities Cooperative Finance Corp. as administrative agent on Wednesday, extending the maturity to Dec. 11, 2024, according to an 8-K filing with the Securities and Exchange Commission.

The company can use the facility to support the issuance of commercial paper, to advance funds for working capital purposes and to issue letters of credit. The prior $1 billion limitation on the company’s issuance of commercial paper supported by the credit agreement was removed.

Interest is Libor plus 100 basis points to 175 bps depending on credit ratings.

The company will continue to pay unused commitment fees, an administrative agent fee and letter-of-credit fees. The unused fee ranges from 10 bps to 27.5 bps.

Financial covenants require the company to maintain patronage capital of at least $750 million and limit its secured and unsecured debt to $14 billion and $4 billion, respectively.

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

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