Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 8-K

__________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 18, 2024

__________________________

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

(Exact name of registrant as specified in its charter)

District of Columbia			1-7102			52-0891669
(state or other jurisdiction of incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)

20701 Cooperative Way,			Dulles,			VA			20166-6691
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:  [phone]

(Former name or former address, if changed since last report)

__________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
7.35% Collateral Trust Bonds, due 2026			NRUC 26			New York Stock Exchange
5.50% Subordinated Notes, due 2064			NRUC			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 1.01			Entry into a Material Definitive Agreement.

On December 18, 2024, National Rural Utilities Cooperative Finance Corporation (“CFC”) closed on a $450 million Series V 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 V facility, CFC is able to borrow any time before July 15, 2029, 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 $1,650 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, 2024.

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).

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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 19, 2024

Cover	Dec. 18, 2024
Cover [Abstract]
Document Period End Date	Dec. 18, 2024
Entity Registrant Name	NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Entity Incorporation, State or Country Code	DC
Entity File Number	1-7102
Entity Tax Identification Number	52-0891669
Entity Address, Address Line One	20701 Cooperative Way,
Entity Address, City or Town	Dulles,
Entity Address, Postal Zip Code	20166-6691
City Area Code	703
Local Phone Number	467-1800
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000070502
Amendment Flag	false
Document Type	8-K

Cover	Dec. 18, 2024
Document Information [Line Items]
Entity Address, State or Province	VA
7.35% Collateral Trust Bonds, due 2026
Document Information [Line Items]
Trading Symbol	NRUC 26
Title of 12(b) Security	7.35% Collateral Trust Bonds, due 2026
Security Exchange Name	NYSE
5.50% Subordinated Notes, due 2064
Document Information [Line Items]
Trading Symbol	NRUC
Title of 12(b) Security	5.50% Subordinated Notes, due 2064
Security Exchange Name	NYSE

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