By Sheri Kasprzak
New York, March 1 – The Lehigh County Industrial Development Authority of Pennsylvania sold $223.75 million of series 2016 pollution control revenue refunding bonds for PPL Electric Utilities Corp., according to a pricing sheet.
The deal included $115.5 million of series 2016A non-AMT bonds and $108.25 million of series 2016B non-AMT bonds.
The 2016A bonds are due Sept. 1, 2029 and have a 0.9% coupon priced at par.
The 2016B bonds are due Feb. 15, 2027 and have a 0.9% coupon priced at par.
Morgan Stanley & Co. LLC was the bookrunner for the 2016A bonds, and SunTrust Robinson Humphrey was the bookrunner for the 2016B bonds, with PNC Capital Markets LLC and U.S. Bancorp Investments Inc. as the co-managers for the deal.
Proceeds will be used to refund the authority’s series 2005 and 2005A revenue bonds.
| Issuer: | Lehigh County Industrial Development Authority/PPL Electric Utilities Corp.
|
| Issue: | Series 2016 pollution control revenue refunding bonds
|
| Amount: | $223.75 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (bookrunner for 2016A), SunTrust Robinson Humphrey (bookrunner for 2016B), PNC Capital Markets LLC and U.S. Bancorp Investments Inc. (co-managers)
|
| Pricing date: | Feb. 29
|
| Settlement date: | March 9
|
|
|
| $115.5 million series 2016A bonds
|
| Maturity | Type | Coupon | Price
|
| Sept. 1, 2029 | Term | 0.9% | 100
|
|
|
| $108.25 million series 2016B bonds
|
| Maturity | Type | Coupon | Price
|
| Feb. 15, 2027 | Term | 0.9% | 100
|
|
|
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