Oglethorpe Power in Tucker, Ga., converts interest rate mode on $181.89 million auction-rate bonds

By Cristal Cody

Springdale, Ark., April 24 - Oglethorpe Power Corp. in Tucker, Ga., converted the interest rate mode on $181.89 million of bonds from an auction rate to a term rate on Thursday, according to a filing with the Securities and Exchange Commission.

The converted series 2007 pollution control revenue bonds bear 4.75% interest until a mandatory tender on March 31, 2011.

The bonds were sold through the Development Authority of Appling County, the Development Authority of Burke County and the Development Authority of Monroe County.

The bonds, insured by MBIA Insurance Corp., have bullet maturities in 2038, 2039 and 2040.

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