Electrical District No. 3 (ED3) has successfully completed an $84 million electric system revenue bond sale, providing significant savings for customers while funding critical investments to support the District's growing electric system.

The financing follows S&P Global Ratings' recent upgrade of ED3's electric system revenue bonds from A+ to AA-, reflecting the District's strong financial performance, sound management, and stable outlook. The higher credit rating helped position ED3 to access the municipal bond market on favorable terms.

The bond transaction generated net present value savings of $2,591,846.72 through the refinancing of existing debt, lowering long-term borrowing costs and reinforcing ED3's commitment to responsible financial stewardship. Bank of America served as the underwriter for the bond issuance.

In addition to refinancing existing obligations, the financing provides approximately $30 million for capital improvements, including new substation expansions and transmission system investments. These projects will enhance electric reliability, improve system resilience, and provide the infrastructure needed to accommodate continued growth throughout ED3's service territory. The new funds are helping finance some of the following substation expansion projects: Sonny Dunn Substation, Kelly Substation, Anderson Substation, Farrell Substation, Sexton Substation, and Wingfield Substation.

"The successful completion of this financing locked in refinancing savings and new money to support our multi-year capital improvement plan that advance’s reliability and capacity expansion for our distribution and transmission." Brian Yerges, General Manager said. "The combination of lower financing costs and continued investment in our electric infrastructure ensures we are well positioned to meet the needs of our customers today and into the future."

The bond sale represents another milestone in ED3's ongoing strategy of maintaining financial strength while investing in infrastructure that supports reliability and exceptional service for the communities it serves.

Map Figure – Substation Capacity Improvements