Published on 4/17/2013 in the Prospect News Municipals Daily.
New Issue: Connecticut Municipal Electric sells $75.17 million power supply bonds
By Sheri Kasprzak
New York, April 17 - The Connecticut Municipal Electric Energy Cooperative sold $75,165,000 of series 2013 power supply system revenue bonds, according to a pricing sheet.
The bonds (Aa3//A+) were sold through BMO Capital Markets Corp.
The offering included $58.45 million of series 2013A bonds and $16,715,000 of series 2013B taxable bonds.
The 2013A bonds are due 2014 to 2029 with term bonds due in 2032 and 2038. The serial coupons range from 2% to 5%. The 2032 bonds have a 5% coupon priced at 115.043 and the 2038 bonds have a 5% coupon priced at 112.998. The 2013B bonds are due 2014 to 2018 with 0.66% to 1.5% coupons, all priced at par.
Proceeds will be used to finance the costs to acquire and construct generating units and to refund outstanding debt.
| Issuer: | Connecticut Municipal Electric Energy Cooperative
|
| Issue: | Series 2013 power supply system revenue bonds
|
| Amount: | $75,165,000
|
| Type: | Negotiated
|
| Underwriters: | BMO Capital Markets Corp. (lead), Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Fitch: A+
|
| Pricing date: | April 17
|
| Settlement date: | April 30
|
|
|
| $58.45 million series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.54 million | 2014 | Serial | 2% | 101.081
|
| $1,365,000 | 2015 | Serial | 3% | 104.338
|
| $1,405,000 | 2016 | Serial | 3% | 106.428
|
| $1,455,000 | 2017 | Serial | 4% | 111.624
|
| $1,505,000 | 2018 | Serial | 4% | 113.7
|
| $1.57 million | 2019 | Serial | 4% | 115.3
|
| $1.63 million | 2020 | Serial | 5% | 122.416
|
| $1.71 million | 2021 | Serial | 5% | 123.389
|
| $1,795,000 | 2022 | Serial | 5% | 123.946
|
| $1,885,000 | 2023 | Serial | 5% | 124.265
|
| $1.98 million | 2024 | Serial | 5% | 122.217
|
| $2.08 million | 2025 | Serial | 5% | 120.684
|
| $2.18 million | 2026 | Serial | 5% | 119.267
|
| $2,295,000 | 2027 | Serial | 5% | 118.147
|
| $2,405,000 | 2028 | Serial | 5% | 117.132
|
| $515,000 | 2029 | Serial | 3% | 98.153
|
| $10.33 million | 2032 | Term | 5% | 115.043
|
| $20,805,000 | 2038 | Term | 5% | 112.998
|
|
|
| $16,715,000 series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,165,000 | 2014 | Serial | 0.66% | 100
|
| $3.1 million | 2015 | Serial | 0.75% | 100
|
| $3,115,000 | 2016 | Serial | 1% | 100
|
| $3.15 million | 2017 | Serial | 1.25% | 100
|
| $3,185,000 | 2018 | Serial | 1.5% | 100
|
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