Published on 2/10/2016 in the Prospect News Municipals Daily.
New Issue: Missouri Joint Municipal Electric sells $242.55 million refunding bonds
By Sheri Kasprzak
New York, Feb. 10 – The Missouri Joint Municipal Electric Utility Commission sold $242.55 million of series 2016A power project revenue refunding bonds for the Prairie State Project, according to a pricing sheet.
The bonds (A2//A) were sold through Goldman, Sachs & Co.
The bonds are due 2032 to 2037 and 2040 to 2041. The coupons range from 4% to 5% with 2.92% to 3.61% yields.
Proceeds will be used to refund the commission’s series 2007A revenue bonds.
| Issuer: | Missouri Joint Municipal Electric Utility Commission/Prairie State Project
|
| Issue: | Series 2016A power project revenue refunding bonds
|
| Amount: | $242.55 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead), BofA Merrill Lynch, Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Piper Jaffray & Co. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
| Pricing date: | Feb. 9
|
| Settlement date: | March 10
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $19,285,000 | 2032 | Serial | 4% | 107.286 | 3.16%
|
| $20,245,000 | 2033 | Serial | 4% | 106.835 | 3.21%
|
| $21.26 million | 2034 | Serial | 5% | 118.268 | 2.92%
|
| $22,325,000 | 2035 | Serial | 4% | 105.85 | 3.32%
|
| $13.44 million | 2036 | Serial | 5% | 117.302 | 3.02%
|
| $10 million | 2036 | Serial | 4% | 105.406 | 3.37%
|
| $24.61 million | 2037 | Serial | 5% | 116.727 | 3.08%
|
| $81.47 million | 2040 | Serial | 5% | 115.21 | 3.24%
|
| $29,915,000 | 2041 | Serial | 4% | 103.305 | 3.61%
|
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