By Sheri Kasprzak
New York, June 2 - The city of San Antonio sold $375 million in series 2009 electric and gas system Build America Bonds for CPS Energy on Tuesday, said Paula Gold-Williams, controller for CPS. The offering was upsized from its planned $351.18 million.
The bonds (Aa1/AA/AA+) were sold through senior manager Goldman, Sachs & Co. The co-managers were Barclays Capital Inc., RBC Capital Markets Inc., Morgan Keegan & Co. Inc., Samco Capital Markets Inc., Ramirez & Co. Inc. and Southwestern Capital Markets Inc.
The corporation had intended to sell a portion of the bonds as tax-exempt revenue bonds, but decided to sell the bonds fully as taxable Build America Bonds.
The 30-year bonds were priced at Treasuries plus 145 basis points. The coupon came at 5.985%.
Proceeds will be used to pay for capital improvements and to refund CPS's series 1998A bonds.
| Issuer: | CPS Energy/City | of San Antonio
|
| Issue: | Series 2009 electric and gas system Build America Bonds
|
| Amount: | $375 million
|
| Type: | Negotiated
|
| Maturity: | 2039
|
| Coupon: | 5.985%
|
| Yield: | Treasuries plus 145 bps
|
| Underwriters: | Goldman, Sachs & Co. (lead); Barclays Capital Inc., RBC Capital Markets Inc., Morgan Keegan & Co. Inc., Samco Capital Markets Inc., Ramirez & Co. Inc. and Southwestern Capital Markets Inc.
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | June 2
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
