Tri-State is a not-for-profit wholesale electrical power supplier serving 1.5 million consumers through 44 electric distribution cooperatives and public power districts in Colorado, Nebraska, New Mexico and Wyoming. The restructuring should ease Tri-States's annual debt service requirements, allowing it to postpone and temper rate adjustments in future years.

The refinancing, among the largest ever pursued by a wholesale generation and transmission cooperative, included a $500 million Rule 144A bond offering. These bonds have registration rights, and we will be advising Tri-State as it transitions to being a public company. Members of the transaction team contributed expertise across a variety of offices and disciplines to power this transaction.