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2017-10-18
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Announcement of Loan Refinancing Procedures, and Deadlines for the Refinancing of Federal Financing Bank Loans Pilot Program (Refinancing Program)
Notices
D09002ee1bdbaba17
D09002ee1bdbaba9a
United States
Department of Agriculture
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org
United States Government Agency or Subagency
United States
Rural Utilities Service
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org
United States Government Agency or Subagency
The Rural Utilities Service (RUS), an agency of the United States Department of Agriculture (USDA), is soliciting Letters of Intent and opening a window for a pilot program to refinance a loan, or any part thereof, consisting of one or more whole but not partial advance(s), made under a loan by the Federal Financing Bank (FFB) and guaranteed by RUS. RUS is announcing the process for the Refinancing of Federal Financing Bank Loans Pilot Program (Refinancing Program) made to RUS Electric Program borrowers operating as an electric utility (Eligible entity). This notice describes the eligibility requirements, the process and deadlines, and the criteria that will be used by RUS to assess refinancing requests from Eligible entities with outstanding FFB debt. The Refinancing Program will refinance a higher interest rate loan or a portion thereof i.e., one or more advance under a FFB loan at the interest rate available as of the date of the advance of the new FFB loan used to refinance the outstanding FFB loan. A new FFB loan will be advanced to prepay the FFB loan. A maximum amount for refinancing per Eligible entity is also being announced. The new FFB loan will be made for the amount identified solely by FFB and RUS to prepay the outstanding FFB loan together with the required prepayment premium, if applicable. In order to maximize the Refinancing Program and the benefits to electric consumers, the Eligible entity will have the option of paying the prepayment premium or rolling the amount into the new FFB loan. The Refinancing Program is made available under Section 749 of the Public Law 115-31, Consolidated Appropriations, Act 2017 (section 749).
82 FR 48476
https://www.govinfo.gov/app/details/FR-2017-10-18/2017-22623
2017-22623
fr18oc17-30
https://www.govinfo.gov/app/details/FR-2017-10-18/2017-22623
https://www.govinfo.gov/content/pkg/FR-2017-10-18/html/2017-22623.htm
https://www.govinfo.gov/content/pkg/FR-2017-10-18/pdf/2017-22623.pdf
5 p.
48476
48480
82 FR 48476
Announcement of Loan Refinancing Procedures, and Deadlines for the Refinancing of Federal Financing Bank Loans Pilot Program (Refinancing Program); Federal Register Vol. 82, Issue
NOTICE
2017-22623
DEPARTMENT OF AGRICULTURE
Rural Utilities Service
2017-22623
Notice of solicitation for letters of intent.
The Rural Utilities Service (RUS), an agency of the United States Department of Agriculture (USDA), is soliciting Letters of Intent and opening a window for a pilot program to refinance a loan, or any part thereof, consisting of one or more whole but not partial advance(s), made under a loan by the Federal Financing Bank (FFB) and guaranteed by RUS. RUS is announcing the process for the Refinancing of Federal Financing Bank Loans Pilot Program (Refinancing Program) made to RUS Electric Program borrowers operating as an electric utility (Eligible entity). This notice describes the eligibility requirements, the process and deadlines, and the criteria that will be used by RUS to assess refinancing requests from Eligible entities with outstanding FFB debt. The Refinancing Program will refinance a higher interest rate loan or a portion thereof i.e., one or more advance under a FFB loan at the interest rate available as of the date of the advance of the new FFB loan used to refinance the outstanding FFB loan. A new FFB loan will be advanced to prepay the FFB loan. A maximum amount for refinancing per Eligible entity is also being announced. The new FFB loan will be made for the amount identified solely by FFB and RUS to prepay the outstanding FFB loan together with the required prepayment premium, if applicable. In order to maximize the Refinancing Program and the benefits to electric consumers, the Eligible entity will have the option of paying the prepayment premium or rolling the amount into the new FFB loan. The Refinancing Program is made available under Section 749 of the Public Law 115-31, Consolidated Appropriations, Act 2017 (section 749).
To be considered for this program, borrowers must submit their documentation no later than the dates set forth herein. Failure to comply with the following deadlines will prevent RUS from considering the borrower for the Refinancing Program.
Jonathan Claffey, Office of the Assistant Administrator, Rural Utilities Service, Rural Development, United States Department of Agriculture, 1400 Independence Avenue SW., STOP 1560 Room 5165-S, Washington, DC 20250; Telephone: (202) 720-9545; Email: jon.claffey@wdc.usda.gov.
Announcement of Loan Refinancing Procedures, and Deadlines for Refinancing of Federal Financing Bank Loans Pilot Program
,
jon.claffey@wdc.usda.gov
program.intake@usda.gov
REFINANCE-EP@RD.usda.gov
http://www.ascr.usda.gov/complaint_filing_cust.html
http://www.rd.usda.gov/Refinancing/
Federal Register
Vol. 82, no. 200
Office of the Federal Register, National Archives and Records Administration
2017-10-18
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Table of Contents:
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https://www.govinfo.gov/app/details/FR-2017-10-18
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https://www.govinfo.gov/app/details/FR-2017-10-18
https://www.govinfo.gov/content/pkg/FR-2017-10-18/pdf/FR-2017-10-18.pdf
https://www.govinfo.gov/content/pkg/FR-2017-10-18/xml/FR-2017-10-18.xml
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