By Aaron Hochman-Zimmerman
New York, Dec. 22 - Oglethorpe Power Corp. priced $248 million in series 2008 tax-exempt pollution control revenue bonds via the Development Authority of Burke County, Ga., and the Development Authority of Monroe County, Ga., according to an 8-K filing with the Securities and Exchange Commission.
Of the total, $103.6 million was issued through the two development authorities jointly as series 2008 term rate refunding bonds. They mature in 2038, 2039 and 2040.
Out of this amount, $41.125 million carry a coupon of 6½% through March 31, 2011.
The remaining $62.475 million term bonds due carry a coupon of 6¾% through March 31, 2012.
The other $144.75 million was issued through Development Authority of Burke County and sold as series 2008 fixed-rate refunding bonds due July 1, 2023. They carry a coupon of 7% and have mandatory redemptions in 2020, 2021 and 2022.
Proceeds will be used to refinance outstanding tax-exempt pollution control revenue bonds.
Oglethorpe had intended to refinance an additional $123 million of outstanding pollution control revenue bonds and issue $9 million in new debt to fund an environmental compliance project; however the issue was postponed "due to current difficulties in the capital markets," the filing said.
Oglethorpe will reschedule the issue for sometime in 2009.
Series 2008 term rate refunding bonds
Issuer: Development Authority of Burke County, Ga., and the Development Authority of Monroe County, Ga. (Oglethorpe Power Corp.)
Issue: Series 2008 term rate refunding pollution control revenue bonds
Amount: $103.6 million
| Maturity: | 2038, 2039, 2040
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| Settlement date: | Dec. 16
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| Amount: | $41.125 million
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| Coupon: | 6½% through March 31, 2011
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|
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| Amount: | $62.475 million
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| Coupon: | 6¾% through March 31, 2012
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|
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| Series 2008 fixed rate refunding bonds
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| Issuer: | Development Authority of Burke County, Ga. (Oglethorpe Power Corp.)
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| Issue: | Series 2008 fixed rate refunding pollution control revenue bonds
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| Amount: | $144.75 million
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| Maturity: | July 1, 2023 (amortize starting 2020)
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| Coupon: | 7%
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| Settlement date: | Dec. 16
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