Published on 7/24/2014 in the Prospect News Municipals Daily.
New Issue: Omaha Public Power District, Neb., sells $204.75 million revenue bonds
By Sheri Kasprzak
New York, July 24 – The Omaha Public Power District of Nebraska sold $204.75 million of series 2014 electric system revenue bonds, according to a pricing sheet. The offering was upsized from $111.15 million.
The deal included $155,545,000 of series 2014AA bonds and $49,205,000 of series 2014BB bonds.
The 2014AA bonds are due 2016 to 2027 with term bonds due in 2030, 2032, 2034 and 2036. The serial coupons range from 2% to 5% with 0.27% to 2.81% yields. The 2030 bonds have a 2.25% coupon priced at par and the 2032 bonds have a 5% coupon priced at 114.376 to yield 3.22%. The 2034 bonds have a 4% coupon priced at 102.688 to yield 3.66% and the 2036 bonds have a 4% coupon priced at 101.888 to yield 3.76%.
The 2014BB bonds are due Feb. 1, 2042 and have a 4% coupon priced at par.
The bonds (Aa3/AA-/) were sold through Morgan Stanley & Co. LLC and Edward D. Jones & Co. LP.
Proceeds will be used to refund the district’s series 2007AA, 2005B and 2006C revenue bonds.
Issuer: | Omaha Public Power District
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Issue: | Series 2014 electric system subordinate revenue bonds
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Amount: | $204.75 million
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Type: | Negotiated
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Underwriters: | Morgan Stanley & Co. LLC and Edward D. Jones & Co. LP (lead); Ameritas Investment Corp., BofA Merrill Lynch, Citigroup Global Markets Inc., Fidelity Capital Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Piper Jaffray & Co., Ramirez & Co. Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
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Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA-
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Pricing date: | July 24
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Settlement date: | Aug. 26
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$155,545,000 series 2014AA bonds
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Amount | Maturity | Type | Coupon | Price | Yield
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$95,000 | 2016 | Serial | 2% | 102.468 | 0.27%
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$95,000 | 2017 | Serial | 2% | 103.495 | 0.55%
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$1,095,000 | 2018 | Serial | 3% | 107.078 | 0.90%
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$1.09 million | 2019 | Serial | 4% | 111.77 | 1.26%
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$825,000 | 2020 | Serial | 4% | 112.601 | 1.57%
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$2.55 million | 2022 | Serial | 5% | 120.464 | 2.02%
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$2,555,000 | 2023 | Serial | 5% | 121.094 | 2.24%
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$2.56 million | 2024 | Serial | 5% | 121.73 | 2.41%
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$7,565,000 | 2025 | Serial | 5% | 120.048 | 2.59%
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$8.61 million | 2026 | Serial | 5% | 118.851 | 2.72%
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$10,445,000 | 2027 | Serial | 5% | 118.03 | 2.81%
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$30,965,000 | 2030 | Term | 2.25% | 100 | 2.25%
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$19,785,000 | 2032 | Term | 5% | 114.376 | 3.22%
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$38.89 million | 2034 | Term | 4% | 102.688 | 3.66%
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$28.42 million | 2036 | Term | 4% | 101.888 | 3.76%
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$49,205,000 series 2014BB bonds
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Maturity | Type | Coupon | Price
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Feb. 1, 2042 | Term | 4% | 100
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