UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Item 1.01 | Entry into a Material Definitive Agreement. |
On December 15, 2022, National Rural Utilities Cooperative Finance Corporation (“CFC”) closed on a $750 million Series T committed loan facility from the U.S. Treasury Department’s Federal Financing Bank (“FFB”) guaranteed by the United States of America, acting through the Rural Utilities Service. Under this Series T facility, CFC is able to borrow any time before July 15, 2027, with each advance having a final maturity not longer than 30 years from the advance date. Interest rates, including all fees (30 basis points of which are used to support the United States Department of Agriculture’s Rural Economic Development Loan and Grant Program), will be at a spread over comparable maturity Treasury Bonds as follows:
| 10 years or less | 42.5 basis points |
| Greater than 10 years | 55 basis points |
This new commitment increases total funding available to CFC under committed loan facilities from the FFB to $1,525 million. The proceeds of the guaranteed loans are to be used by CFC to make loans for any utility infrastructure purpose eligible under the Rural Electrification Act of 1936, as amended, or to refinance bonds or notes issued for such purposes.
The foregoing description is a summary and is qualified in its entirely by reference to the agreements themselves, which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2022.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | The following exhibit is filed as part of this report: |
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION | ||
| By: | /s/ Yu Ling Wang | |
| Yu Ling Wang | ||
| Senior Vice President and Chief Financial Officer | ||
Dated: December 20, 2022