Published on 5/23/2016 in the Prospect News Municipals Daily.
New Issue: Black Belt Energy Gas, Ala., prices $523.67 million gas revenue bonds
By Sheri Kasprzak
New York, May 23 – The Black Belt Energy Gas District of Alabama priced $523,675,000 of series 2016A gas supply revenue bonds, according to a pricing sheet. The deal was upsized from $500 million.
The bonds (Aa3) were sold through RBC Capital Markets LLC.
The bonds are due 2017 to 2021 with a term bond due in 2046. The serial bonds have 4% coupon with yields from 0.8% to 1.49%. The 2046 bonds have a 4% coupon priced at 111.423 to yield 1.62%.
Proceeds will be used to make a gas supply purchase.
| Issuer: | Black Belt Energy Gas District
|
| Issue: | Series 2016A gas supply revenue bonds
|
| Amount: | $523,675,000
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC
|
| Rating: | Moody’s: Aa3
|
| Pricing date: | May 17
|
| Settlement date: | May 24
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $155,000 | 2017 | Serial | 4% | 104.823 | 0.80%
|
| $15,000 | 2018 | Serial | 4% | 106.003 | 0.99%
|
| $155,000 | 2018 | Serial | 4% | 107.341 | 1.04%
|
| $20,000 | 2019 | Serial | 4% | 108.464 | 1.14%
|
| $160,000 | 2019 | Serial | 4% | 109.657 | 1.19%
|
| $70,000 | 2020 | Serial | 4% | 110.416 | 1.33%
|
| $165,000 | 2020 | Serial | 4% | 111.394 | 1.39%
|
| $25,000 | 2021 | Serial | 4% | 112.06 | 1.49%
|
| $522.91 million | 2046 | Term | 4% | 111.423 | 1.62%
|
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