By Lisa Kerner
Charlotte, N.C., July 2 - Old Dominion Electric Cooperative issued $100 million of first mortgage bonds in a private placement on Friday, according to an 8-K filing with the Securities and Exchange Commission.
The bonds consist of
• $50 million of 4.21% 2013 series A bonds due Dec. 1, 2043; and
• $50 million of 4.36% 2013 series B bonds due Dec. 1, 2053.
Proceeds will be used to redeem the cooperative's first mortgage bonds, 2002 series A, and for general corporate purposes, the filing said.
The notes have a make-whole call option at Treasuries plus 50 basis points. Old Dominion must call not less than 3% of the total principal amount then outstanding in the case of a partial prepayment.
Old Dominion is a consumer-owned power supplier based in Glen Allen, Va.
| Issuer: | Old Dominion Electric Cooperative
|
| Issue: | First mortgage bonds
|
| Amount: | $100 million
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Settlement date: | June 28
|
| Distribution: | Private placement
|
|
|
| Series A bonds
|
| Amount: | $50 million
|
| Maturity: | Dec. 1, 2043
|
| Coupon: | 4.21%
|
|
|
| Series B bonds
|
| Amount: | $50 million
|
| Maturity: | Dec. 1, 2053
|
| Coupon: | 4.36%
|
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