Tri-State Generation & Transmission Association, Inc. 8-K

What Happened
Tri-State Generation & Transmission Association, Inc. announced on April 21, 2026 that it entered into a second amended and restated secured revolving credit agreement for $650 million with eight lenders, led by National Rural Utilities Cooperative Finance Corporation (CFC) as sole arranger and administrative agent. The facility replaces and amends the prior $520 million revolver (dated April 25, 2022), is secured under Tri-State’s Master Indenture (trustee: U.S. Bank Trust Company, N.A.), and has a maturity date of April 21, 2031 unless extended. Tri-State may use the facility for working capital, capital expenditures, general corporate purposes, letters of credit, and to support commercial paper issuance. Also filed was Supplemental Master Mortgage Indenture No. 49 to authenticate the secured note related to this facility. Separately, Tri-State certified that White River Electric Association elected Kelly Sheridan to replace Ronald Hilkey on Tri-State’s Board effective May 1, 2026.

Key Details

• Total facility: $650 million (includes $150M swingline and $150M letter-of-credit sublimits).
• Maturity: April 21, 2031 (subject to extension provisions).
• Interest: Term SOFR + margin (currently 1.25%) or alternate base rate + margin (currently 0.25%); alternate base rate = highest of fed funds + 0.50%, prime, or Term SOFR + 1.00%.
• Security & covenants: Secured under the Master Indenture; contains customary reps, covenants and financial DSR and ECR requirements consistent with the Master Indenture — covenant breach would prevent borrowing under the facility.
• Board change: Kelly Sheridan elected by White River Electric Association to replace Ronald Hilkey as its director on Tri-State’s Board, effective May 1, 2026.

Why It Matters
The new $650M revolver increases Tri-State’s committed liquidity and extends its credit runway to 2031, supporting near-term working capital, capital spending and commercial paper programs. Interest rates are variable and tied to Term SOFR or an alternate base rate, so borrowing costs will move with market rates. The facility is secured and subject to financial covenants (DSR and ECR); failure to meet those covenants would restrict access to this liquidity. The board seat change is a routine governance update reflecting member representation and does not itself affect financial statements. The full agreement and mortgage supplement are attached as exhibits to the filing for investors who want the detailed terms.