Published on 6/27/2012 in the Prospect News Municipals Daily.
New Issue: Long Island Power, N.Y., prices $502.89 million general revenue bonds
By Sheri Kasprzak
New York, June 27 - The Long Island Power Authority sold $502,895,000 of series 2012 electric system general revenue bonds, according to a pricing sheet.
The deal included $250 million of series 2012A bonds and $252,895,000 of series 2012B bonds.
The 2012A bonds are due in 2037 and 2042. The 2037 bonds have a 5% coupon priced at 108.514 and the 2042 bonds have a 5% coupon priced at 107.994.
The 2012B bonds are due 2012, 2014 to 2016, 2021 to 2027 and 2029. The coupons range from 2% to 5%.
The bonds (Aa3) were sold through Morgan Stanley & Co. LLC and Goldman, Sachs & Co. The co-managers were Bank of America Merrill Lynch, Barclays Capital Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BMO Capital Markets, Citigroup Global Markets Inc., Jefferies & Co., M.R. Beal & Co., RBC Capital Markets LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and TD Securities (USA) LLC.
Proceeds will be used to fund capital expenditures for the authority and to refund existing debt.
| Issuer: | Long Island Power Authority
|
| Issue: | Series 2012 electric system general revenue bonds
|
| Amount: | $502,895,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Goldman, Sachs & Co. (lead), Bank of America Merrill Lynch, Barclays Capital Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BMO Capital Markets, Citigroup Global Markets Inc., Jefferies & Co., M.R. Beal & Co., RBC Capital Markets LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and TD Securities (USA) LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Pricing date: | June 27
|
| Settlement date: | July 16
|
|
|
| $250 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $90.8 million | 2037 | Term | 5% | 108.514
|
| $159.2 million | 2042 | Term | 5% | 107.994
|
|
|
| $252,895,000 series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2 million | 2012 | Serial | 2% | NRO
|
| $2,845,000 | 2014 | Serial | 3% | 104.582
|
| $650,000 | 2015 | Serial | 4% | 109.433
|
| $9,605,000 | 2016 | Serial | 5% | 115.596
|
| $3.32 million | 2021 | Serial | 5% | 119.112
|
| $12,915,000 | 2022 | Serial | 5% | 119.763
|
| $13,905,000 | 2023 | Serial | 5% | 117.635
|
| $9,745,000 | 2024 | Serial | 5% | 115.928
|
| $15,845,000 | 2025 | Serial | 5% | 114.434
|
| $86.65 million | 2026 | Serial | 5% | 113.605
|
| $47,955,000 | 2027 | Serial | 5% | 112.964
|
| $47.46 million | 2029 | Serial | 5% | 111.607
|
© 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.
