Published on 3/17/2015 in the Prospect News Municipals Daily.
New Issue: Kentucky Municipal Power prices $210.62 million of refunding bonds
By Sheri Kasprzak
New York, March 17 – The Kentucky Municipal Power Agency sold $210.62 million of series 2015A power system revenue refunding bonds, according to a pricing sheet. The offering was upsized from $200 million.
The bonds (A3/AA-/) were sold through Goldman Sachs & Co.
The bonds are due 2017 to 2030 with term bonds due in 2039 and 2042. The serial bonds have 5% coupons. The 2039 bonds have a 4% coupon priced at 97.859, and the 2042 bonds have a 5% coupon priced at 109.561.
Proceeds will be used to refund the agency’s series 2007A bonds.
| Issuer: | Kentucky Municipal Power Agency
|
| Issue: | Series 2015A power system revenue refunding bonds
|
| Amount: | $210.62 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead), Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: AA-
|
| Pricing date: | March 17
|
| Settlement date: | April 2
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.89 million | 2017 | Serial | 5% | 109.415
|
| $1,995,000 | 2018 | Serial | 5% | 111.604
|
| $2.09 million | 2019 | Serial | 5% | 113.291
|
| $6.74 million | 2020 | Serial | 5% | 114.987
|
| $7,085,000 | 2021 | Serial | 5% | 115.949
|
| $7.45 million | 2022 | Serial | 5% | 116.306
|
| $7.83 million | 2023 | Serial | 5% | 116.632
|
| $8.23 million | 2024 | Serial | 5% | 117.19
|
| $8,655,000 | 2025 | Serial | 5% | 117.674
|
| $9.1 million | 2026 | Serial | 5% | 116.313
|
| $9.56 million | 2027 | Serial | 5% | 115.066
|
| $10.05 million | 2028 | Serial | 5% | 113.742
|
| $10.57 million | 2029 | Serial | 5% | 113.086
|
| $11,115,000 | 2030 | Serial | 5% | 112.714
|
| $52,285,000 | 2039 | Term | 4% | 97.859
|
| $55,975,000 | 2042 | Term | 5% | 109.561
|
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