Published on 9/18/2014 in the Prospect News Municipals Daily.
New Issue: Guam Power Authority hits market with $76.47 million of revenue bonds
By Sheri Kasprzak
New York, Sept. 18 – The Guam Power Authority sold $76.47 million of series 2014A revenue bonds, said a pricing sheet.
The bonds (Baa3/BBB/BBB-) were sold through senior managers Barclays and Citigroup Global Markets Inc.
The bonds are due 2017 to 2034 with term bonds due in 2039 and 2044. The serial bonds have 5% coupons with 1.29% to 3.64% yields. The 2039 bonds have a 5% coupon priced at 110.17 to yield 3.77%. The 2044 bonds have a 4% coupon priced at 98.964 to yield 4.06% and a 5% coupon priced at 109.472 to yield 3.85%.
Proceeds will be used to finance power capital projects for the authority.
| Issuer: | Guam Power Authority
|
| Issue: | Series 2014A revenue bonds
|
| Amount: | $76.47 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Citigroup Global Markets Inc. (lead)
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
| Fitch: BBB-
|
| Pricing date: | Sept. 18
|
| Settlement date: | Sept. 30
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.31 million | 2017 | Serial | 5% | 110.892 | 1.29%
|
| $1,375,000 | 2018 | Serial | 5% | 113.048 | 1.62%
|
| $1,445,000 | 2019 | Serial | 5% | 114.419 | 1.96%
|
| $1.52 million | 2020 | Serial | 5% | 114.876 | 2.33%
|
| $1,595,000 | 2021 | Serial | 5% | 114.792 | 2.67%
|
| $1,675,000 | 2022 | Serial | 5% | 114.364 | 2.97%
|
| $1,755,000 | 2023 | Serial | 5% | 114.067 | 3.19%
|
| $1,845,000 | 2024 | Serial | 5% | 114.474 | 3.29%
|
| $1,935,000 | 2025 | Serial | 5% | 113.108 | 3.44%
|
| $2,035,000 | 2026 | Serial | 5% | 112.298 | 3.53%
|
| $2,135,000 | 2027 | Serial | 5% | 111.583 | 3.61%
|
| $2,245,000 | 2028 | Serial | 5% | 111.051 | 3.67%
|
| $2,355,000 | 2029 | Serial | 5% | 110.521 | 3.73%
|
| $2.47 million | 2030 | Serial | 5% | 110.083 | 3.78%
|
| $2,595,000 | 2031 | Serial | 5% | 109.733 | 3.82%
|
| $2,725,000 | 2032 | Serial | 5% | 111.761 | 3.59%
|
| $2.86 million | 2033 | Serial | 5% | 111.494 | 3.62%
|
| $3,005,000 | 2034 | Serial | 5% | 111.317 | 3.64%
|
| $17.44 million | 2039 | Term | 5% | 110.17 | 3.77%
|
| $5 million | 2044 | Term | 4% | 98.964 | 4.06%
|
| $17.15 million | 2044 | Term | 5% | 109.472 | 3.85%
|
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