OLD DOMINION ELECTRIC COOPERATIVE: debt financing — Old Dominion Electric enters $400M credit agreement, appoints new COO and CLO

OLD DOMINION ELECTRIC COOPERATIVE

Entered $400M Second Amended and Restated Credit Agreement, maturing Dec 7, 2028, with CFC as administrative agent.
Borrowings bear interest at SOFR plus margin ranging from 1.00% to 1.50% based on credit ratings.
Micheal L. Hern to resign as SVP and Chief Legal Officer effective Dec 31, 2023.
Christopher F. Cosby appointed SVP and COO effective Dec 12, 2023; previously SVP of Power Supply.
John M. Robb III appointed SVP and Chief Legal Officer effective Jan 1, 2024, succeeding Hern.

item 1.01 item 2.03 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Micheal L. Hern

Senior Vice President and Chief Legal Officer

OLD DOMINION ELECTRIC COOPERATIVE

Effective: 2023-12-31
Filed: December 13, 2023, 6:59 PM ET

Mr. Micheal L. Hern will resign from his position as Senior Vice President and Chief Legal Officer effective December 31, 2023.

Appointed

Christopher F. Cosby

Senior Vice President and Chief Operating Officer

OLD DOMINION ELECTRIC COOPERATIVE

Effective: 2023-12-12
Filed: December 13, 2023, 6:59 PM ET

On December 12, 2023, Mr. Christopher F. Cosby was appointed Senior Vice President and Chief Operating Officer, effective December 12, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

OLD DOMINION ELECTRIC COOPERATIVE incurred revolving credit of $400 million in aggregate commitments with National Rural Utilities Cooperative Finance Corporation at Adjusted Term SOFR plus a margin ranging from 1.00% to 1.50% maturing December 7, 2028.

Instrument: revolving credit
Principal: $400 million in aggregate commitments
Counterparty: National Rural Utilities Cooperative Finance Corporation
Rate: Adjusted Term SOFR plus a margin ranging from 1.00% to 1.50%
Maturity: December 7, 2028
Event: incurrence

Exact text from the filing

The $400 million in aggregate commitments under the credit agreement mature on December 7, 2028

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Micheal L. Hern resigned as Senior Vice President and Chief Legal Officer at OLD DOMINION ELECTRIC COOPERATIVE.

Action: resigned
Role: Senior Vice President and Chief Legal Officer

Exact text from the filing

Mr. Micheal L. Hern will resign from his position as Senior Vice President and Chief Legal Officer effective December 31, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Christopher F. Cosby was appointed as Senior Vice President and Chief Operating Officer at OLD DOMINION ELECTRIC COOPERATIVE.

Action: appointed
Role: Senior Vice President and Chief Operating Officer

Exact text from the filing

On December 12, 2023, Mr. Christopher F. Cosby was appointed Senior Vice President and Chief Operating Officer, effective December 12, 2023.

View on SEC.gov

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Source: SEC EDGAR

accession 0000950170-23-069906

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