By Aleesia Forni
Virginia Beach, Oct. 27 – Tri-State Generation & Transmission Association Inc. priced $500 million of notes (A3/A/A) on Monday in tranches due 2024 and 2044, according to a market source.
The company sold $250 million of 3.7% 10-year bonds at 99.958 to yield 3.705%, or Treasuries plus 145 basis points
There was also $250 million of 4.7% 30-year bonds priced at 170 bps over Treasuries.
The notes sold at 99.474 to yield 4.733%.
BofA Merrill Lynch and Goldman Sachs & Co. were the bookrunners for the Rule 144A and Regulation S deal.
The electric cooperative is based in Westminster, Colo.
| Issuer: | Tri-State Generation & Transmission Association Inc.
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Bookrunners: | BofA Merrill Lynch, Goldman Sachs & Co.
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| Trade date: | Oct. 27
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| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| 10-year notes
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| Amount: | $250 million
|
| Maturity: | Nov. 1, 2024
|
| Coupon: | 3.7%
|
| Price: | 99.958
|
| Yield: | 3.705%
|
| Spread: | Treasuries plus 145 bps
|
| Price talk: | Treasuries plus 150 bps area, tightened from Treasuries plus 160 bps to 165 bps
|
|
|
| 30-year bonds
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| Amount: | $250 million
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| Maturity: | Nov. 1, 2044
|
| Coupon: | 4.7%
|
| Price: | 99.474
|
| Yield: | 4.733%
|
| Spread: | Treasuries plus 170 bps
|
| Price talk: | Treasuries plus 175 bps area, tightened from Treasuries plus 180 bps area
|
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