By Andrea Heisinger
New York, Oct. 26 - Oglethorpe Power Corp. sold $400 million of 5.95% 30-year first mortgage bonds on Monday to yield Treasuries plus 160 basis points, a market source away from the deal said.
The notes (A3/A/A) priced at par to yield 5.95%. They have a make-whole call at Treasuries plus 25 bps.
The deal was done via Rule 144A.
Goldman Sachs & Co. and J.P. Morgan Securities Inc. ran the books.
The electric utility is based in Tucker, Ga.
| Issuer: | Oglethorpe Power Corp.
|
| Issue: | First mortgage bonds
|
| Amount: | $400 million
|
| Maturity: | Nov. 1, 2039
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities Inc.
|
| Coupon: | 5.95%
|
| Price: | Par
|
| Yield: | 5.95%
|
| Spread: | Treasuries plus 160 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Distribution: | Rule 144A
|
| Trade date: | Oct. 26
|
| Settlement date: | Nov. 3
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A
|
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