On November 18, 2016, National Rural Utilities Cooperative Finance Corporation (“CFC”) amended its three-year and five-year revolving credit agreements to extend the maturity dates to November 19, 2019 and November 19, 2021, respectively, and to terminate $165 million of commitments under the three-year agreement and $45 million of commitments under the five-year agreement. In connection with the amendments, commitments from the existing banks increased by $32.5 million under each of the three-year and five-year agreements. As of the closing date, the total commitment amounts under the three-year facility and the five-year facility were $1,532.5 million and $1,632.5 million, respectively, with the total commitment amount under the two facilities being $3,165 million, of which $3,164 million is available due to letter of credit issuances. All of the foregoing amounts exclude the commitments of National Cooperative Services Corporation (“NCSC”), a consolidated entity of CFC. NCSC’s commitments of $30 million under each of the three-year and five-year agreements were also terminated.
The foregoing summary is qualified in its entirety by reference to the full text of the amendments to the revolving credit agreements, which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2016.
About NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (Private:Hong Kong)
