NRUC 8-K: Bond and Note Maturities Reported
Ticker: NRUC · Form: 8-K · Filed: Nov 1, 2024 · CIK: 70502
Sentiment: neutral
Topics: debt-disclosure, bonds, notes
TL;DR
NRUC filed an 8-K detailing their 5.75% 2026 bonds and 5.50% 2064 notes.
AI Summary
National Rural Utilities Cooperative Finance Corp. (NRUC) filed an 8-K on November 1, 2024, reporting on other events and financial statements. The filing includes details about their Collateral Trust Bonds with a 5.75% interest rate due in 2026 and Subordinated Notes with a 5.50% interest rate due in 2064.
Why It Matters
This filing provides transparency on NRUC's outstanding debt obligations, including specific bond and note series with their respective interest rates and maturity dates.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of debt instruments and does not indicate any immediate financial distress or significant new risks.
Key Numbers
- 5.75% — Interest Rate (Collateral Trust Bonds due 2026)
- 2026 — Maturity Year (Collateral Trust Bonds)
- 5.50% — Interest Rate (Subordinated Notes due 2064)
- 2064 — Maturity Year (Subordinated Notes)
Key Players & Entities
- NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (company) — Registrant
- NRUC (company) — Abbreviation for Registrant
- CollateralTrustBonds5.75Percentdue2026 (dollar_amount) — Debt Instrument
- SubordinatedNotes5.50Percentdue2064 (dollar_amount) — Debt Instrument
- November 1, 2024 (date) — Filing Date
FAQ
What is the primary purpose of this 8-K filing by NRUC?
The primary purpose is to report on 'Other Events' and 'Financial Statements and Exhibits' as of November 1, 2024.
What specific debt instruments are mentioned in the filing?
The filing mentions 'CollateralTrustBonds5.75Percentdue2026' and 'SubordinatedNotes5.50Percentdue2064'.
What is the maturity date for the Collateral Trust Bonds?
The Collateral Trust Bonds have a maturity date in 2026.
What is the interest rate on the Subordinated Notes?
The Subordinated Notes have an interest rate of 5.50%.
What is the fiscal year end for NRUC?
NRUC's fiscal year ends on May 31.
Filing Stats: 674 words · 3 min read · ~2 pages · Grade level 9.9 · Accepted 2024-11-01 16:37:44
Filing Documents
- tm2427272d1_8k.htm (8-K) — 36KB
- tm2427272d1_ex1-1.htm (EX-1.1) — 317KB
- tm2427272d1_ex4-1.htm (EX-4.1) — 92KB
- tm2427272d1_ex4-2.htm (EX-4.2) — 210KB
- tm2427272d1_ex5-1.htm (EX-5.1) — 20KB
- tm2427272d1_ex8-1.htm (EX-8.1) — 13KB
- image_001.jpg (GRAPHIC) — 2KB
- image_002.jpg (GRAPHIC) — 6KB
- image_001.gif (GRAPHIC) — 2KB
- image_003.jpg (GRAPHIC) — 3KB
- 0001104659-24-113529.txt ( ) — 1055KB
- nruc-20241101.xsd (EX-101.SCH) — 4KB
- nruc-20241101_def.xml (EX-101.DEF) — 26KB
- nruc-20241101_lab.xml (EX-101.LAB) — 36KB
- nruc-20241101_pre.xml (EX-101.PRE) — 25KB
- tm2427272d1_8k_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. On November 1, 2024, National Rural Utilities Cooperative Finance Corporation (the "Company") entered into an agency agreement (the "Agency Agreement") with InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, LLC and Wells Fargo Clearing Services, LLC, as agents, in connection with a program through which the Company may offer and sell, from time to time, an unlimited aggregate principal amount of its Subordinated Notes (Subordinated Deferrable Interest Notes) (the "Notes"). The Company has filed a prospectus supplement, dated and filed on November 1, 2024, with the Securities and Exchange Commission (the "SEC") related to the Notes (the "Prospectus Supplement"). Copies of the Agency Agreement and the Form of Global Certificates for the Notes are filed as Exhibits 1.1, 4.1 and 4.2, respectively, and are incorporated by reference herein. The Notes will be issued pursuant to the shelf registration statement on Form S-3 (File No. 333-275151) filed by the Company with the SEC on October 24, 2023, a base prospectus, dated October 24, 2023, included as part of the registration statement, and the Prospectus Supplement.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) The following exhibits are filed as part of this report. Exhibit No. Description 1.1 Agency Agreement, dated November 1, 2024, by and between the Company and InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, LLC and Wells Fargo Clearing Servies, LLC. 4.1 Form of Fixed Rate Subordinated Notes. 4.2 Form of Floating Rate Subordinated Notes. 5.1 Opinion of Hogan Lovells US LLP regarding the legality of the Notes. 8.1 Opinion of Hogan Lovells US LLP regarding certain tax matters in connection with the issuance and sale of the Notes. 23.1 Consent of Hogan Lovells US LLP (included in Exhibits 5.1 and 8.1 ). 104 Cover Page Interactive Data File (embedded within the inline XBRL document).
SIGNATURES
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: November 1, 2024