Oglethorpe Power to Extend Deadline for Exchange Offer

Jan 27, 2010, 10:05 ET from Oglethorpe Power Corporation

TUCKER, Ga., Jan. 27 /PRNewswire/ -- Oglethorpe Power Corporation (An Electric Membership Corporation) ("Oglethorpe") today announced that it will extend the deadline with respect to its exchange offer regarding its 5.95% First Mortgage Bonds, Series 2009 B due 2039 (the "Original Bonds") (CUSIP No: 677050 AF3).  The exchange offer deadline, which was 5:00 p.m., New York City time, on January 26, 2010, will be extended to 5:00 p.m., New York City time, on February 1, 2010, unless further extended.  

All other material terms of the exchange offer remain unchanged.  Holders who have already properly tendered their Original Bonds do not need to retender.

Oglethorpe also announced that as of 5:00 p.m., New York City time, January 26, 2010, of the $400,000,000 aggregate principal amount of Original Bonds, $392,500,000 had been tendered.

U.S. Bank National Association ("U.S. Bank") is the exchange agent for the exchange offer and also acts as trustee.  Requests for exchange offer materials or questions relating to the exchange offer may be directed to U.S. Bank, Bondholder Communications at 800-934-6802.  

For additional information regarding Oglethorpe, please contact Thomas J. Brendiar, Oglethorpe's Director of Bank and Investor Relations at 770-270-7600.

About Oglethorpe:

Oglethorpe is the nation's largest power supply cooperative with approximately $6 billion in assets serving 39 Electric Membership Corporations which, collectively, provide electricity to more than 4 million Georgia citizens.  A proponent of conscientious energy development and use, Oglethorpe balances reliable affordable energy with environmental responsibility and has an outstanding record of regulatory compliance.  Its diverse energy portfolio includes natural gas, hydroelectric, coal, and nuclear generating plants, with combined capacity of approximately 5,500 MW, as well as purchased power.  Oglethorpe was established in 1974 and is owned by its 39 member systems.  It is headquartered in Tucker, GA.

SOURCE Oglethorpe Power Corporation