By Aaron Hochman-Zimmerman
New York, Dec. 11 - San Antonio Electric & Gas Systems (CPS Energy) priced $158 million series 2008A revenue refunding bonds (Aa1/AA+/AA), according to Lonny Ahr, a CPS Energy spokesman.
The deal was downsized from $219 million and carries a true interest cost of 3.73%.
The bonds were sold as serials with yields ranging from 2.2% to 4.14% and maturities from 2010 to 2016.
The bonds were brought to market by Morgan Stanley & Co. Inc., Merrill Lynch & Co., Banc of America Securities LLC.
Proceeds will be used to refinance outstanding series 1998A bonds.
Issuer: San Antonio Electric & Gas Systems
| Issue: | Series 2008A revenue refunding bonds
|
| Amount: | $158 million
|
| Maturity: | Serials from 2010 to 2016
|
| Yield: | 2.2% to 4.14%
|
| True interest cost: | 3.73%
|
| Underwriter: | Morgan Stanley, Merrill Lynch, Bank of America
|
| Pricing date: | Dec. 11
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
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