New Issue: Puerto Rico Electric Power brings $673.15 million power revenue bonds

By Sheri Kasprzak

New York, Aug. 16 - The Puerto Rico Electric Power Authority sold $673,145,000 of series 2013A power revenue bonds, according to a pricing sheet.

The bonds (Baa3/BBB/BBB-) were sold through senior managers Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.

The bonds are due 2030, 2033, 2036, 2040 and 2043. The 2030 bonds have a 7.25% coupon to yield 6.73% and the 2033 bonds have a 7% coupon priced at par. The 2036 bonds have a 6.75% coupon to yield 7.02%. The 2040 bonds have a 7% coupon to yield 7.07% and the 2043 bonds have a 7% coupon to yield 7.12%.

Proceeds will be used to finance capital projects.

Issuer:	Puerto Rico Electric Power Authority
Issue:	Series 2013A power revenue bonds
Amount:	$673,145,000
Type:	Negotiated
Underwriters:	Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (lead), Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays, J.P. Morgan Securities LLC, First Bank PR Securities, Goldman, Sachs & Co., Jefferies & Co., Mesirow Financial Inc., Oriental Financial Services, Popular Securities, Ramirez & Co. Inc., RBC Capital Markets LLC, Santander Securities Inc., Scotia MSD and UBS FS Puerto Rico (co-managers)
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB
	Fitch: BBB-
Pricing date:	Aug. 15
Settlement date:	Aug. 21
Amount	Maturity	Type	Coupon	Price/Yield
$35 million	2030	Term	7.25%	6.73%
$150 million	2033	Term	7%	100
$307.5 million	2036	Term	6.75%	7.02%
$50 million	2040	Term	7%	7.07%
$130,645,000	2043	Term	7%	7.12%

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