By Sheri Kasprzak
New York, May 24 - The Lansing Board of Water and Light of Michigan sold Tuesday $250 million of series 2011A utility system revenue bonds, said a pricing sheet.
The bonds (Aa3/AA-/) were sold through Bank of America Merrill Lynch.
The deal was structured with serials due 2015 to 2031 with term bonds due in 2034, 2037 and 2041. The serial coupons range from 3% to 5%. The 2034 bonds have a 5% coupon priced at par and the 2037 bonds have a 5% coupon priced at 99.277. The 2041 bonds have a 5.5% coupon priced at 108.551.
The board intends to use the proceeds to finance the construction of a 100MW gas-fired combined cycle steam and electric generation facilities, as well as to fund general capital improvements to the utility system as a whole.
| Issuer: | Lansing Board of Water and Light
|
| Issue: | Series 2011A utility system revenue bonds
|
| Amount: | $250 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | May 24
|
| Settlement date: | June 15
|
|
|
| Maturity | Type | Coupon | Price
|
| 2015 | Serial | 3% | 105.099
|
| 2016 | Serial | 3% | 105.266
|
| 2017 | Serial | 3% | 103.756
|
| 2018 | Serial | 3% | 102.105
|
| 2019 | Serial | 5% | 114.506
|
| 2020 | Serial | 3.5% | 102.023
|
| 2021 | Serial | 5% | 112.699
|
| 2022 | Serial | 5% | 111.504
|
| 2023 | Serial | 5% | 110.794
|
| 2024 | Serial | 4% | 99.696
|
| 2024 | Serial | 5% | 109.764
|
| 2025 | Serial | 5% | 108.531
|
| 2026 | Serial | 5% | 107.463
|
| 2027 | Serial | 5% | 106.613
|
| 2028 | Serial | 5% | 105.782
|
| 2029 | Serial | 5% | 104.865
|
| 2030 | Serial | 5% | 103.873
|
| 2031 | Serial | 4.75% | 99.613
|
| 2031 | Serial | 5% | 102.814
|
| 2034 | Term | 5% | 100
|
| 2037 | Term | 5% | 99.277
|
| 2041 | Term | 5.5% | 108.551
|
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