Tri-State enters new $520 million revolving credit facility

• Credit facility can be accessed for working capital, issuing letters of credit and supporting the issuance of commercial paper.
• National Rural Utilities Cooperative Finance Corporation served as lead arranger.
• Tri-State continues to decrease year-over-year debt.

(April 25, 2022 – Westminster, Colo.) Wholesale power supply cooperative Tri-State Generation and Transmission Association today successfully closed a $520 million amended and restated credit facility. The credit facility will be used for corporate liquidity and to support the cooperative’s commercial paper program.

National Rural Utilities Cooperative Finance Corporation (CFC) served as lead arranger, and the facility has the participation of CFC, CoBank, Bank of America, US Bank, Wells Fargo, JP Morgan and Truist.

“Our members benefit from a supportive bank group committed to Tri-State and our mission,” said Pat Bridges, chief financial officer of Tri-State. “Tri-State is grateful for the confidence of our lenders in our business model and our future, as we continue our Responsible Energy Plan clean energy transition.”

The credit facility can be used for working capital, issuing letters of credit and supporting the issuance of up to $500 million in commercial paper. Commercial paper is a lower-cost, short-term debt instrument.

Tri-State’s long-term and commercial paper ratings remain classified as investment grade, aligned with other regional utilities in the West. Tri-State has reduced debt year-over-year, and has a debt portfolio structured to be flexible to react to changes in the market and regulation, adjust to changes in its asset portfolio, accommodate potential changes to its contracts, appropriately capitalize the cooperative and return equity to its members.

In 2021, the not-for-profit cooperative allocated net margins of $26 million to its members and returned $10 million of patronage capital to its members. In March 2022, Tri-State completed a 4% reduction of its wholesale rates to its members.

Tri-State’s Responsible Energy Plan maintains reliability and increases the affordability of wholesale power to its members, while significantly adding clean energy, reducing emissions, increasing member contract flexibility and supporting member beneficial electrification programs.

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About Tri-State
Tri-State is a power supply cooperative of 45 members, operating on a not-for-profit basis, including 42 utility electric distribution cooperative and public power district members in four states that together deliver reliable, affordable and responsible power to more than a million electricity consumers across nearly 200,000 square miles of the West. For more information about Tri-State, visit www.tristate.coop.

Contact:
Lee Boughey, 303-254-3555, lboughey@tristategt.org
Mark Stutz, 303-254-3183, mstutz@tristategt.org

Certain information contained in this press statement are forward-looking statements including statements concerning Tri-State’s plans, future events, and other information that is not historical information. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described from time to time in Tri-State’s filings with the Securities and Exchange Commission. Tri-State’s expectations and beliefs are expressed in good faith, and Tri-State believes there is a reasonable basis for them. However, Tri-State cannot assure you that management’s expectations and beliefs will be achieved. There are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from the forward-looking statements contained herein.