Published on 6/10/2014 in the Prospect News Municipals Daily.
New Issue: Intermountain Power Agency, Utah, prices $84.86 million refunding bonds
By Sheri Kasprzak
New York, June 10 – The Intermountain Power Agency of Utah sold $84.86 million of series 2014 revenue refunding bonds, according to a pricing sheet.
The deal included $49,015,000 of series 2014A bonds and $35,845,000 of series 2014B taxable bonds.
The 2014A bonds are due 2017 to 2019 with 4% to 5% coupons. The 2014B bonds are due 2016 to 2017 with 0.785% to 1.333% coupons, both priced at par.
The bonds (A1/A+/AA-) were sold through Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC.
Proceeds will be used to refund the agency’s series 2009A-B revenue bonds.
| Issuer: | Intermountain Power Agency, Utah
|
| Issue: | Series 2014 revenue refunding bonds
|
| Amount: | $84.86 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A+
|
| Fitch: AA-
|
| Pricing date: | June 10
|
| Settlement date: | June 23
|
|
|
| $49,015,000 series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,505,000 | 2017 | Serial | 4% | 109.725
|
| $21,335,000 | 2018 | Serial | 5% | 115.218
|
| $24,175,000 | 2019 | Serial | 5% | 117.029
|
|
|
| $35,845,000 series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $19.98 million | 2016 | Serial | 0.785% | 100
|
| $15,865,000 | 2017 | Serial | 1.333% | 100
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
