SMUD to issue $250 million in revenue bonds

SMUD to issue $250 million in revenue bonds

SMUD proudly announces that it plans to issue approximately $250 million of Electric Revenue Bonds and Subordinated Electric Revenue Bonds (the "Bonds") during the month of June 2026. The Bonds consist of Green Bonds with a second party opinion provided by Kestrel.

Since 2019, SMUD has been issuing green bonds and was the first municipal utility in the nation to issue green commercial paper in 2025. These offerings build on SMUD's strong record of responsible financial management and climate leadership, and provide retail investors an ability to invest in SMUD's carbon reduction efforts.

The preliminary official statements and/or official statements for the Bonds will be available at smud.org/investors and munios.com.

SMUD currently anticipates that the Bonds will be priced and sold on June 30, 2026, with priority given to California individual retail investors. Pricing and sale, however, could occur earlier or later depending upon market conditions.

SMUD anticipates that the proceeds of the Bonds will be used for various purposes including to finance certain additions and improvements to its electric system and to pay the outstanding principal balance on its green commercial paper notes.

The sale of the bonds will be managed by Goldman Sachs and PNC Capital Markets LLC. For more information, please contact Michael Fleishman at (415) 834-7986, [email protected] or Chris Roberts (310) 735-9164, [email protected].

This news release is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any Bonds. Any such offer or solicitation will only be made pursuant to the applicable preliminary official statement and/or official statement that prospective investors should review in entirety before making any investment decision.

About SMUD

As the nation's sixth-largest, community-owned, not-for-profit electric service provider, SMUD has been providing low-cost, reliable electricity to Sacramento County for more than 75 years. SMUD is a recognized industry leader for its innovative energy efficiency programs, renewable power technologies and for its sustainable solutions for a healthier environment. SMUD's goal is to completely eliminate carbon in its electricity production by 2030 while maintaining reliability and keeping rates among the lowest in California - on average, 50% lower than its neighboring, investor-owned utility. For more information on SMUD's Zero Carbon Plan and customer programs, visit smud.org.