UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 29, 2016
OLD DOMINION ELECTRIC COOPERATIVE
(Exact name of Registrant as Specified in Its Charter)
Virginia | 000-50039 | 23-7048405 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| | |
4201 Dominion Boulevard Glen Allen, Virginia | | 23060 |
(Address of Principal Executive Offices) | | (Zip Code) |
(804) 747-0592
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events.
In 1996, Old Dominion Electric Cooperative (“ODEC”, “we”, or “our”) entered into a lease transaction relating to our 50% undivided ownership interest in Clover Power Station (“Clover”) Unit 1. In this transaction, we leased our undivided interest in the facility to an owner trust for the benefit of an investor for the full productive life of the unit. Immediately after the lease to the owner trust, we leased the unit and common facilities back for a term of 21.8 years and agreed to make periodic rental payments to the owner trust. At the end of the term of the leaseback, we have the option to purchase the owner trust’s interest in the unit and, if we do so, we must pay the owner trust a fixed purchase price of $430.5 million. On June 29, 2016, we provided written notice of our exercise of the option to purchase the owner trust’s interest in Clover Unit 1 in 2018. For additional information and discussion of our obligations at the end of the term of the leaseback of Clover Unit 1 and sources of funding for these obligations, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Significant Contingent Obligations—Clover Lease” in Item 7 in our 2015 Annual Report on Form 10-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | OLD DOMINION ELECTRIC COOPERATIVE |
| | | Registrant |
| | | |
Date: June 30, 2016 | | | /s/ Robert L. Kees |
| | | Robert L. Kees |
| | | Senior Vice President and Chief Financial Officer |
| | | (Principal Financial Officer) |
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