NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ 8-K

What Happened

• National Rural Utilities Cooperative Finance Corporation (CFC) announced it closed a $450 million Series W committed loan facility on January 29, 2026, from the U.S. Treasury Department’s Federal Financing Bank (FFB), guaranteed by the U.S. (Rural Utilities Service). Borrowings under the facility are available through July 15, 2030, and each advance may have a final maturity up to 30 years from the advance date. Interest spreads over comparable-maturity U.S. Treasury bonds are 42.5 basis points for maturities ≤10 years and 55 basis points for maturities >10 years; the quoted rates include fees, 30 basis points of which support USDA’s Rural Economic Development Loan & Grant Program. The Series W commitment raises CFC’s total FFB committed loan facilities to $1.8 billion. Proceeds may be used for eligible utility infrastructure loans or to refinance related bonds/notes.

Key Details

• $450 million Series W committed loan facility closed Jan 29, 2026 (FFB-guaranteed via RUS).
• Borrowing window: any time before July 15, 2030; each advance may mature up to 30 years from advance date.
• Interest spreads: 42.5 bps (≤10 years) and 55 bps (>10 years); includes a 30 bps fee for USDA program.
• Jan 28, 2026 amendment to the Agency Agreement: removes Scotia Capital (USA) Inc. and adds BMO Capital Markets Corp., FNB America Securities LLC, Huntington Securities, Inc., and M&T Securities Inc. as agents.

Why It Matters

• The new guaranteed facility increases CFC’s available long-term funding and liquidity, enhancing its capacity to make or refinance loans for rural utility infrastructure. The Treasury-guaranteed nature and Treasury-based spreads can provide relatively low-cost, predictable funding compared with unsecured markets. Changes to the agent group affect how CFC may market and place its medium-term notes (Series D) going forward. Investors should view this as a funding and execution update rather than a change in operating results; no earnings or executive changes were reported in this filing.