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Oglethorpe Power, Ga., plans $380 million series 2008 pollution control revenue bonds
By Angela McDaniels
Tacoma, Wash., Nov. 13 - Oglethorpe Power Corp. in Georgia plans to issue $380 million series 2008 pollution control revenue bonds on or around Dec. 11 as part of a refinancing program.
Proceeds will be used to refinance $10 million of pollution control revenue bonds due Jan. 1, 2009 and the company's remaining $123 million of auction-rate securities, among other things, according to the company's 10-Q for the third quarter filed with the Securities and Exchange Commission Thursday.
Included in the refinancing program is a planned issue of $9 million in new tax-exempt debt for an environmental compliance project.
In other upcoming offerings, National Rural Utilities Cooperative Finance Corp. plans to issue roughly $12 million of Clean Renewable Energy Bonds in early 2009 and lend the proceeds to Oglethorpe, which will apply the funds toward an upgrade project underway at its Rocky Mountain generating facility. Another $12 million of bonds could be issued in 2009 if upgrade work on the company's other two Rocky Mountain units begins.
Series 1993A, 1994A refinancing
In the 10-Q, the company also reported that it issued $260 million of commercial paper in April and May of 2008 and used the proceeds to redeem its $255 million of series 1993A and series 1994A pollution control revenue bonds.
The commercial paper was then paid off with the proceeds from a $255 million issue of series 2008 refunding bonds in late August.
The company redeemed the series 1993A and 1994A bonds in order to reduce the interest rate that it was paying due to a downgrade of the bonds' insurer.
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