Published on 9/25/2014 in the Prospect News Municipals Daily.
New Issue: Missouri Joint Muni Electric sells $155.73 million power project bonds
By Sheri Kasprzak
New York, Sept. 25 – The Missouri Joint Municipal Electric Utility Commission sold $155.73 million of series 2014A power project revenue refunding bonds for the Iatan 2 Project, according to a pricing sheet.
The bonds (A2//A) were sold through BMO Capital Markets LLC and Barclays.
The bonds are due 2017 to 2034 with 4% to 5% coupons and 0.59% to 3.38% yields.
Proceeds will be used to refund the commission’s series 2006A and 2009A revenue bonds.
Issuer: | Missouri Joint Municipal Electric Utility Commission/Iatan 2 Project
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Issue: | Series 2014A power project revenue refunding bonds
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Amount: | $155.73 million
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Type: | Negotiated
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Underwriters: | BMO Capital Markets LLC and Barclays (lead), BofA Merrill Lynch, Goldman, Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities LLC (co-managers)
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Ratings: | Moody’s: A1
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| Fitch: A
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Pricing date: | Sept. 25
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Settlement date: | Oct. 7
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Amount | Maturity | Type | Coupon | Price | Yield
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$4,635,000 | 2017 | Serial | 4% | 107.553 | 0.59%
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$4.82 million | 2018 | Serial | 4% | 109.889 | 0.89%
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$5,005,000 | 2019 | Serial | 4% | 111.522 | 1.20%
|
$7.63 million | 2020 | Serial | 5% | 117.275 | 1.55%
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$8.01 million | 2021 | Serial | 5% | 118.267 | 1.88%
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$8.42 million | 2022 | Serial | 5% | 118.626 | 2.20%
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$8,835,000 | 2023 | Serial | 5% | 118.74 | 2.47%
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$9.28 million | 2024 | Serial | 5% | 119.403 | 2.62%
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$9,745,000 | 2025 | Serial | 5% | 118.412 | 2.73%
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$10,225,000 | 2026 | Serial | 5% | 117.608 | 2.82%
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$10,735,000 | 2027 | Serial | 5% | 116.723 | 2.92%
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$11.27 million | 2028 | Serial | 5% | 115.671 | 3.04%
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$11,835,000 | 2029 | Serial | 5% | 115.063 | 3.11%
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$8,195,000 | 2030 | Serial | 5% | 114.458 | 3.18%
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$8,605,000 | 2031 | Serial | 5% | 113.943 | 3.24%
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$9,035,000 | 2032 | Serial | 5% | 113.601 | 3.28%
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$9,485,000 | 2033 | Serial | 5% | 113.175 | 3.33%
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$9,965,000 | 2034 | Serial | 5% | 112.752 | 3.38%
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