Oglethorpe Power Corporation filed a Current Report on Form 8-K dated October 2, 2026, announcing amendments to its unsecured credit agreement and the creation of new credit facilities. The company amended its agreement with eleven lenders, including the National Rural Utilities Cooperative Finance Corporation, which serves as the administrative agent.
The amendment increased the available amount under the credit agreement to $1.35 billion, up from $1.275 billion. The facility is divided into two tranches: a $1.15 billion tranche maturing on October 2, 2031, and a $200 million tranche maturing on May 23, 2029. The company may use the facility for commercial paper issuance, working capital, and letters of credit. Interest rates are determined based on SOFR or base rates, with spreads ranging from 0% to 1.75% depending on credit ratings.
The amended agreement includes financial covenants requiring the maintenance of at least $1.025 billion in patronage capital and a limitation on unsecured indebtedness to $4.0 billion. As of the filing date, the company stated it was well within these covenant thresholds.
In addition to the amended facility, Oglethorpe Power entered into two new term loan agreements and extended an existing one. On October 2, 2026, the company entered into a $650 million term loan with five lenders, including Bank of America, N.A., as administrative agent, maturing on October 2, 2028. The company also amended and extended its existing credit agreement with JPMorgan Chase Bank, N.A., reducing the available amount to $150 million and extending the maturity date to March 26, 2030.
On October 6, 2026, the company entered into a $200 million term loan credit agreement with CoBank, ACB, as administrative agent, maturing on October 6, 2028. As of October 6, 2026, the company reported having $2.6 billion of committed credit arrangements. The company stated these facilities will provide liquidity for its current construction program, including the Smarr Combined Cycle and Talbot Unit No. 7 projects.
