LOS ANGELES -- An Alaska electric cooperative's recent refinancing of federal loans in the capital markets might foreshadow similar efforts by other cooperatives that have several billion dollars of high-coupon federal loans outstanding, industry officials said this week.

The Chugach Electric Association Inc., Alaska's largest electric utility, made its market debut when it sold $314 million of taxable first mortgage bonds last month to prepay its debt to the Rural Electrification Administration and the Federal Financing Bank.

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