1:36pm

Tue August 16, 2011
Business and the Economy

Major Savings for East KY Power Cooperative

East Kentucky Power Cooperative will save approximately $5 million per year after renegotiating the terms of a three-year $450 million credit facility, according to a statement released by the company. The cooperative closed on the credit facility in 2010 to provide “the liquidity from day-to-day to make sure we have the cash in hand that East Kentucky needs,” Nick Comer, EKPC representative, said in a recent interview. “We don’t have a group of shareholders like Microsoft or Walmart or Ford Motor Co.”