By Sheri Kasprzak
New York, Nov. 20 - The Municipal Electric Authority of Georgia priced Thursday $350.345 million in series 2008 subordinated bonds (//A+), according to an official statement.
The sale included $339.34 million in series 2008D Project One subordinated bonds and $11.005 million in series 2008C general resolution projects subordinated bonds.
The 2008D bonds are due from 2011 to 2026 with term bonds due 2023 and 2026. The serials have coupons from 4% to 5.75% and yields from 3.15% to 5.8%. The 2023 bonds have a 6% coupon to yield 5.6%, and the 2026 bonds have a 5.5% coupon to yield 5.8%.
The 2008C bonds are due 2019 and 2020 with coupons from 5.25% to 5.5% with yields from 5.12% to 5.33%.
The negotiated sale was made through lead manager J.P. Morgan Securities Inc. The co-managers were Banc of America Securities LLC; Barclays Capital; Citigroup Global Markets; Goldman, Sachs & Co.; Merrill Lynch & Co.; Morgan Stanley & Co. Inc.; Raymond James & Associates; and Wachovia Bank.
Proceeds will be used to refund outstanding subordinated bonds, to fund the acquisition of nuclear fuel and to fund a debt service reserve fund.
| Issuer: | Municipal Electric Authority of Georgia
|
| Issue: | Series 2008 subordinated bonds
|
| Amount: | $350.345 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead); Banc of America Securities LLC; Barclays Capital; Citigroup Global Markets; Goldman, Sachs & Co.; Merrill Lynch & Co.; Morgan Stanley & Co. Inc.; Raymond James & Associates; and Wachovia Bank
|
| Rating: | Fitch: A+
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 25
|
|
|
| Series 2008D bonds
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 4% | 3.15%
|
| 2012 | Serial | 4% | 3.55%
|
| 2013 | Serial | 4% | 3.80%
|
| 2013 | Serial | 5% | 3.80%
|
| 2014 | Serial | 4% | 4.00%
|
| 2014 | Serial | 5% | 4.00%
|
| 2015 | Serial | 4% | 4.19%
|
| 2015 | Serial | 5% | 4.19%
|
| 2016 | Serial | 4% | 4.41%
|
| 2016 | Serial | 5% | 4.41%
|
| 2017 | Serial | 4% | 4.64%
|
| 2017 | Serial | 5% | 4.64%
|
| 2018 | Serial | 4.7% | 4.85%
|
| 2018 | Serial | 5% | 4.85%
|
| 2019 | Serial | 5.75% | 5.12%
|
| 2020 | Serial | 5.75% | 5.33%
|
| 2026 | Serial | 5.625% | 5.80%
|
| 2023 | Term | 5% | 5.60%
|
| 2026 | Term | 5.5% | 5.80%
|
|
|
| Series 2008C bonds
|
| Maturity | Type | Coupon | Yield
|
| 2019 | Serial | 5.5% | 5.12%
|
| 2020 | Serial | 5.25% | 5.33%
|
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