Old Dominion Electric enters $400 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, Dec. 13 – Old Dominion Electric Cooperative obtained $400 million of five-year commitments under a second amended and restated credit agreement dated Dec. 7 with National Rural Utilities Cooperative Finance Corp. as lead arranger and administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The commitments mature on Dec. 7, 2028.

Borrowings bear interest at adjusted SOFR plus a margin ranging from 100 basis points to 150 bps, depending on credit ratings.

Financial covenants include a maximum consolidated debt to consolidated total capitalization ratio of 0.85 to 1.0 and a minimum interest ratio of 1.1 to 1.0.

Bank of America, NA is syndication agent.

Loan proceeds may be used for general corporate purposes.

The electric utility company is based in Glen Allen, Va.

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