National Rural prepays $325 million notes, sells $150 million notes

By Devika Patel

Knoxville, Tenn., April 20 – National Rural Utilities Cooperative Finance Corp. prepaid $325 million of notes in the last quarter and issued $150 million of new 20-year notes under its guaranteed underwriter program.

“In January 2018, we did a prepayment of $325 million of notes payable with an original maturity date of April 15, 2026 under the guaranteed underwriter program,” senior vice president and chief financial officer Andrew Don said on the company’s third quarter ended Feb. 28 earnings conference call on Friday.

“Separately, in February 2018, we advanced a total of $150 million of new amortizing notes with a 20-year final maturity under the same program,” Don said.

The company expects its balance sheet to expand.

“Over the next 12 months, we expect our balance sheet will continue to grow,” Don said.

Cash and cash equivalents were $250,697,000 as of Feb. 28, 2018, compared to $166,615,000 as of May 31, 2017.

The market lender for electric cooperatives is based in Herndon, Va.

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