CFC Leads $350M Syndication for Rayburn Electric Cooperative

CFC and Rayburn Electric Cooperative (Rayburn) closed a new $350 million, three-year unsecured revolving credit facility in March 2025. This follows the $250 million, five-year facility CFC arranged for Rayburn in June 2018.

“We are deeply honored to lead Rayburn’s successful return to the bank loan market,” CFC Senior Vice President and CFO Ling Wang said. “The strong response from lenders reflected the market’s confidence in Rayburn’s strategic direction. This transaction showcases Rayburn’s remarkable transformation since Winter Storm Uri and their exciting progress in expanding owned-generation assets. CFC is privileged to support Rayburn in this important milestone.”

The Rockwall, Texas-based generation and transmission cooperative, which operates exclusively in the ERCOT market, will use the syndication to provide it with the necessary liquidity throughout the year and support short-term financing needs for its ongoing generation expansion.

“Completing the transaction now ensures Rayburn has the flexibility and financial resources needed to support our growth initiatives without disruption,” Rayburn CFO Stephanie Weeks said. “One of the key challenges was managing the timing of several major initiatives occurring at once. Strong communication, proactive planning and close collaboration among all parties were essential to keeping the process on track and successfully completing the transaction.” 

Three new lenders and a returning lender committed $225 million in addition to CFC’s commitment of $125 million, for a total of $350 million.

“CFC has been a trusted financial partner for many years, having supported previous financing initiatives,” Weeks said. “Their deep understanding of our cooperative, combined with their strong relationships with participating banks, was instrumental in positioning Rayburn for a successful syndication.”

Since 2005, CFC has completed more than $37 billion of syndicated loan transactions for electric cooperatives. With Rayburn’s new revolving facility, the total number of credit facilities that CFC manages increased to 24.

Rayburn provides wholesale electricity and services to four electric distribution cooperatives that serve more than 575,000 Texans north and east of Dallas.