NRUC amends revolvers, pushes maturities to 2028/2029 and adjusts SOFR

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation (NRUC) amended its three-year and four-year revolving credit agreements. The amendments extend the three-year facility’s maturity to November 28, 2028 and the four-year facility’s maturity to November 28, 2029, remove the credit spread adjustment in Term SOFR tenors, and adjust commitments.

Commitments increased by $150 million under the three-year facility and $50 million under the four-year facility, while $150 million of commitments scheduled to mature on November 28, 2026 were terminated under the four-year facility. Commitments of $50 million under the three-year facility will continue to expire on the prior maturity date of November 28, 2027. As of the date hereof, total commitments are $1,745 million (three-year) and $1,755 million (four-year), for $3,500 million in aggregate, with $3,493 million available due to letter of credit issuances.

Insights

Credit markets analyst

Maturities extended; aggregate commitments $3.5B with $3.493B available.

NRUC extended the maturities of its revolving credit facilities to Nov 28, 2028 and Nov 28, 2029, removed the Term SOFR credit spread adjustment, and adjusted commitments across tranches. The filing lists total commitments of $1,745M (three-year) and $1,755M (four-year).

The company terminated $150M of four-year commitments that were scheduled to mature on Nov 28, 2026, while $50M under the three-year facility will continue to expire on Nov 28, 2027. Availability is $3,493M out of $3,500M, reflecting outstanding letters of credit.

These amendments pertain to liquidity structure and permitted borrowing capacity. Actual utilization and cost impacts will depend on future borrowings and rate settings under the revised Term SOFR tenors.

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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): November 12, 2025

__________________________

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:  (703) 467-1800

(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. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On November 12, 2025, National Rural Utilities Cooperative Finance Corporation (the “Company”) amended its three-year and four-year revolving credit agreements to, among other things (i) extend the maturity date of the three-year revolving credit agreement to November 28, 2028 and the maturity date of the four-year revolving credit agreement to November 28, 2029, (ii) remove the credit spread adjustment in Term SOFR tenors as described in each agreement and (iii) increase commitments by $150 million under the three-year revolving credit agreement and $50 million under the four-year revolving credit agreement (excluding the $150 million commitment termination described below). Commitments of $150 million that were scheduled to mature on November 28, 2026 were terminated under the four-year revolving credit agreement and commitments of $50 million will continue to expire at the prior maturity date of November 28, 2027 under the three-year revolving credit agreement.

As of the date hereof, the total commitment amounts under the three-year facility and the four-year facility are $1,745 million and $1,755 million, respectively, with the total commitment amount under the two facilities being $3,500 million of which $3,493 million is available due to letter of credit issuances.

The foregoing summary is qualified in its entirety by reference to the full text of the amendments to the revolving credit agreements, which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2025.

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:  November 12, 2025

FAQ

What did NRUC (NRUC) change in its revolving credit agreements?

NRUC extended maturities to November 28, 2028 (three-year) and November 28, 2029 (four-year), removed the Term SOFR credit spread adjustment, and adjusted commitments.

How much total revolving commitment does NRUC (NRUC) have after the amendments?

Total commitments are $3,500 million, comprised of $1,745 million (three-year) and $1,755 million (four-year).

What is NRUC’s (NRUC) available capacity under the credit facilities?

Available capacity is $3,493 million, reflecting reductions due to letter of credit issuances.

Were any commitments terminated in the amendments for NRUC (NRUC)?

Yes. $150 million of commitments scheduled to mature on November 28, 2026 were terminated under the four-year facility.

Do any commitments still expire before the new maturity dates for NRUC (NRUC)?

Yes. $50 million of commitments under the three-year facility will continue to expire on the prior maturity date of November 28, 2027.

What interest benchmark change did NRUC (NRUC) make?

The amendments remove the credit spread adjustment in Term SOFR tenors as described in each agreement.