International law firm Dorsey & Whitney LLP represented Tri-State Generation and Transmission Association, the not-for-profit wholesale power supplier to 44 member electric distribution cooperative and public power districts in Colorado, Nebraska, New Mexico and Wyoming, in a series of transactions completed earlier this month to refinance a portion of its debt.
The refinancing, which totaled $1.59 billion, is among the largest pursued by a wholesale generation and transmission cooperative. The transactions included a $750 million private debt placement, a $500 million Rule 144A bond offering and $340 million in CoBank and National Rural Utilities Cooperative Finance Corporation (CFC) loans. The average rate on the new debt is approximately 3.9 percent. Additionally, in early October Tri-State increased its credit facility to $750 million and extended the maturity to 2019.
As part of the refinancing, Tri-State paid off its Federal Financing Bank (FFB) and Rural Utilities Service (RUS) loans.
Dorsey advised Tri-State on all phases of this complex refinancing. The Dorsey team was led by Partners Steven Khadavi and Dave Swanson. The Dorsey team also included Partners Kim Severson, Thomas Lorenzen, Mark Kaster, Senior Attorney Chris Duggan and Associates Matt Smith and David Mack.
Dorsey & Whitney Represents Tri-State in $1.59 billion Debt Refinancing
November 18, 2014