Published on 4/1/2015 in the Prospect News Municipals Daily.
New Issue: Illinois Municipal Electric brings $594.69 million of power supply debt
By Sheri Kasprzak
New York, April 1 – The Illinois Municipal Electric Agency sold $594,685,000 of series 2015A power supply system revenue refunding bonds, according to a pricing sheet.
The bonds (A1/A/A+) were sold through senior manager Citigroup Global Markets Inc.
The bonds are due 2017 to 2035 with 4% to 5% coupons and 0.69% to 3.77% yields.
Proceeds will be used to refund the agency’s series 2006 and 2007A power supply revenue bonds.
| Issuer: | Illinois Municipal Electric Agency
|
| Issue: | Series 2015A power supply system revenue refunding bonds
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| Amount: | $594,685,000
|
| Type: | Negotiated
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| Underwriters: | Citigroup Global Markets Inc. (lead), BMO Capital Markets Corp., J.P. Morgan Securities LLC and PNC Capital Markets LLC (co-managers)
|
| Ratings: | Moody’s: A1
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| Standard & Poor’s: A
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| Fitch: A+
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| Pricing date: | April 1
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| Settlement date: | April 28
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.9 million | 2017 | Serial | 5% | 107.518 | 0.69%
|
| $21,415,000 | 2018 | Serial | 5% | 110.652 | 1.07%
|
| $22,495,000 | 2019 | Serial | 5% | 113.054 | 1.42%
|
| $23.62 million | 2020 | Serial | 5% | 115.317 | 1.64%
|
| $24,795,000 | 2021 | Serial | 5% | 116.83 | 1.90%
|
| $26,015,000 | 2022 | Serial | 5% | 117.835 | 2.15%
|
| $27,325,000 | 2023 | Serial | 5% | 118.846 | 2.33%
|
| $28,645,000 | 2024 | Serial | 5% | 119.725 | 2.48%
|
| $30.07 million | 2025 | Serial | 5% | 120.468 | 2.61%
|
| $30,915,000 | 2026 | Serial | 5% | 120.186 | 2.73%
|
| $32.46 million | 2027 | Serial | 5% | 118.709 | 2.88%
|
| $34,065,000 | 2028 | Serial | 5% | 117.543 | 3.00%
|
| $35,775,000 | 2029 | Serial | 5% | 116.773 | 3.08%
|
| $37.56 million | 2030 | Serial | 5% | 116.104 | 3.15%
|
| $39.45 million | 2031 | Serial | 5% | 115.535 | 3.21%
|
| $41,425,000 | 2032 | Serial | 5% | 115.063 | 3.26%
|
| $43,485,000 | 2033 | Serial | 4% | 102.536 | 3.70%
|
| $45,235,000 | 2034 | Serial | 4% | 102.193 | 3.74%
|
| $47,035,000 | 2035 | Serial | 4% | 101.937 | 3.77%
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