Published on 6/14/2012 in the Prospect News Municipals Daily.
New Issue: American Municipal Power, Ohio, sells $546.09 million gas project revenue bonds
By Sheri Kasprzak
New York, June 14 - American Municipal Power of Ohio priced $546,085,000 of series 2012 multistate gas project bonds, according to a pricing sheet.
The offering included $20.54 million of series 2012A taxable bonds and $525,545,000 of series 2012B tax-exempt bonds.
The 2012A bonds are due 2014 to 2016 with 1.1% to 1.74% coupons, all priced at par. The 2012B bonds are due 2016 to 2032 with term bonds due in 2037, 2042 and 2044. The serial coupons range from 4% to 5.25%. The 2037 bonds have a 5% coupon priced at 107.672, and the 2042 bonds have a 5% coupon priced at 107.013. The 2044 bonds have a 4.375% coupon priced at 98.228.
J.P. Morgan Securities LLC was the senior manager for the bonds (A1//A).
Proceeds will be used to repay an interim term loan facility used to acquire and complete the Fremont Energy Center in Fremont, Ohio.
| Issuer: | American Municipal Power
|
| Issue: | Series 2012 multistate gas project
|
| Amount: | $546,085,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody's: A1
|
| Fitch: A
|
| Pricing date: | June 14
|
| Settlement date: | June 29
|
|
|
| $20.54 million series 2012A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8,385,000 | 2014 | Serial | 1.1% | 100
|
| $8,475,000 | 2015 | Serial | 1.5% | 100
|
| $3.68 million | 2016 | Serial | 1.74% | 100
|
|
|
| $525,545,000 series 2012B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,925,000 | 2016 | Serial | 5% | 113.448
|
| $8.91 million | 2017 | Serial | 5% | 115.541
|
| $9.36 million | 2018 | Serial | 5% | 116.876
|
| $9,825,000 | 2019 | Serial | 5% | 117.65
|
| $10,315,000 | 2020 | Serial | 5% | 117.792
|
| $10.83 million | 2021 | Serial | 5% | 117.593
|
| $11,375,000 | 2022 | Serial | 5% | 117.988
|
| $11.94 million | 2023 | Serial | 5% | 116.613
|
| $12.54 million | 2024 | Serial | 5% | 115.257
|
| $13,165,000 | 2025 | Serial | 5% | 114.186
|
| $13,825,000 | 2026 | Serial | 5.25% | 115.166
|
| $14.55 million | 2027 | Serial | 5.25% | 114.458
|
| $15,315,000 | 2028 | Serial | 5.25% | 113.844
|
| $16.12 million | 2029 | Serial | 5.25% | 113.233
|
| $16,965,000 | 2030 | Serial | 4% | 98.997
|
| $17,645,000 | 2031 | Serial | 5% | 109.849
|
| $18,525,000 | 2032 | Serial | 5% | 109.511
|
| $107,485,000 | 2037 | Term | 5% | 107.672
|
| $137,175,000 | 2042 | Term | 5% | 107.013
|
| $64,755,000 | 2044 | Term | 4.375% | 98.228
|
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