Delaware Economic Development Authority preps $190 million sale of Indian River Power bonds

By Sheri Kasprzak

New York, Sept. 24 - The Delaware Economic Development Authority is set to sell $190 million in series 2010 exempt facility revenue bonds for Indian River Power LLC, said a preliminary official statement.

The bonds will be sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager. The co-managers are J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc.

The bonds are due Oct. 1, 2045.

Proceeds will be used to acquire, construct, improve and complete solid waste disposal facilities at the company's Indian River Generating Plant near Millsboro, Del.

Based in Dover, the authority provides financing and assistance to economic development and industrial development projects throughout the state. The company is a subsidiary of NRG Energy Inc. of Princeton, N.J.

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