v3.26.1
Long-Term Debt and Other Financing
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt and Other Financing LONG-TERM DEBT AND OTHER FINANCING
Outstanding long-term debt was as follows at:
Due DateWeighted Average Interest Rate at March 31, 2026March 31,
2026		December 31,
2025
(In thousands)
Basin Electric Power Cooperative
First Mortgage Bonds
2006 SeriesJune 20416.13%$200,000 $200,000 
2017 SeriesApril 20474.75%500,000 500,000 
2025 SeriesOct. 20555.85%700,000 700,000 
1,400,000 1,400,000 
First Mortgage Obligations
2005 SeriesDec. 2028-May 20305.85%90,000 90,000 
2007 SeriesSep. 20425.75%214,711 216,854 
2008 SeriesDec. 2028-Dec. 20385.92%413,389 413,389 
2009 SeriesOct. 2027-April 20405.47%132,222 132,222 
2011 SeriesOct. 2031-Oct. 20494.53%208,080 208,080 
2012 SeriesNov. 20444.07%73,949 73,949 
2015 SeriesJune 2027-June 20444.50%1,353,420 1,353,420 
2016 CoBank NoteApril 20464.48%66,667 68,333 
2016 CFC NoteApril 20463.74%50,420 51,050 
2022 SeriesFeb. 2042-Feb. 20623.00%276,810 276,810 
2024 CoBank NoteNov. 2034-May 20356.14%200,000 200,000 
2024 SeriesFeb. 2029-Feb. 20546.22%344,033 350,525 
2007 and 2008 NotesJune 2027-Dec. 20285.09%4,750 4,750 
2023 NoteOct. 20435.56%72,000 72,000 
2025 RUS LoanJune 20334.33%538 538 
3,500,989 3,511,920 
Equipment NotesDec. 2035-Apr. 20365.00%21,446 21,617 
2019 Tax-Exempt BondsJuly 20393.63%150,000 150,000 
171,446 171,617 
Dakota Coal
Equipment notesMay 2026-July 20364.92%64,345 66,462 
OtherVarious12,583 11,806 
76,928 78,268 
5,149,363 5,161,805 
Less:
Current portion(175,854)(176,019)
Unamortized debt issue costs(35,059)(35,447)
Discount payable(1,067)(1,075)
Long-term debt, net of current portion$4,937,383 $4,949,264 

In October 2025, in connection with the issuance and sale in a private offering of the First Mortgage Bonds, 2025 Series, Basin Electric entered into an exchange and registration rights agreement with the
representatives of the initial purchasers of the First Mortgage Bonds. Pursuant to such agreement, Basin Electric filed a Registration Statement on Form S-4 with the SEC on April 15, 2026, which was declared effective on May 6, 2026, with respect to an offer to exchange these First Mortgage Bonds for substantially similar First Mortgage Bonds of Basin Electric that are registered under the Securities Act. On June 5, 2026, Basin Electric completed an exchange offer of these First Mortgage Bonds for like principal amounts registered under the Securities Act.
The estimated fair value of debt at March 31, 2026 and December 31, 2025 was $5.0 billion and $5.1 billion, respectively, based on cash flows discounted at interest rates for similar issues or at the current rates offered to Basin Electric for debt of comparable maturities.
NOTES PAYABLE–Basin Electric and Dakota Gas have outstanding revolving credit facilities which are included in Notes payable on the consolidated balance sheets as follows:
Facility
Expiration Date
Facility Limit
Outstanding Amounts as of March 31, 2026
(In thousands)
Commercial Paper/Revolving Credit Agreement (a)
March 2031$100,000 $100,000 
Revolving Credit Agreement (a)
May 20301,250,000 - 
2025 Term LoanOctober 2026375,000 375,000 
Total notes payable$1,725,000 $475,000 
_______________
(a)The taxable and tax-exempt commercial paper programs are supported by revolving credit agreements with various banks. Balances reflect commercial paper amounts outstanding. There were no amounts outstanding under the revolving credit agreements.
As of March 31, 2026 and December 31, 2025, the effective interest rate of the outstanding advances was 4.60 percent and 4.74 percent, respectively.
MEMBER INVESTMENT PROGRAM–Basin Electric holds notes related to funds invested by the members under a member investment program. These funds are used by Basin Electric to reduce short-term borrowings. The members receive investment earnings based on market rates, adjusted for administrative costs. The notes held as part of this program were as follows at:
March 31,
2026		December 31,
2025
(In thousands)
Long-term debt, net of current portion$1,000 $— 
Notes payable – Members
176,988 159,495 
$177,988 $159,495