Iowa Coop Refinances More Than $8 Million in Outstanding Debt
Raccoon Valley Electric Cooperative (RVEC), which serves parts of nine counties in west-central Iowa, has refinanced more than $8 million in outstanding debt with other lenders. After a January 2010 ice storm ravaged RVEC’s system, requiring millions of dollars in restoration and reconstruction work, the National Rural Utilities Cooperative Finance Corporation (CFC) provided an emergency line of credit and helped the coop develop a financial plan to manage restoration costs. RVEC’s recent refinancing agreement makes the Glidden, Iowa-based cooperative CFC’s newest 100-percent borrower. Click here to read more.