Municipal Electric Authority of Georgia plans $246.445 million in bonds for Feb. 26

By Sheri Kasprzak

New York, Feb. 21 - The Municipal Electric Authority of Georgia intends to price several bonds (A2) totaling $246.445 million on Feb. 26, a source confirmed to Prospect News Thursday morning.

The competitive offering includes $106.82 million in series 2008A project one subordinated taxable bonds, $57.475 million in series 2008A general resolution projects subordinated taxable bonds, $39.575 million in series 2008B project one subordinated tax-exempt bonds and $42.575 million in series 2008B general resolution projects subordinated tax-exempt bonds, according to a preliminary official statement released Thursday.

The 2008A project one subordinated taxable bonds have a serial structure from 2008 to 2019, and the 2008A general resolution projects subordinated taxable bonds are due from 2008 to 2020.

The 2008B project one subordinated tax-exempt bonds are due from 2009 to 2023, and the 2008B general resolution projects subordinated tax-exempt bonds are also due from 2009 to 2023.

Proceeds from the bonds will be used to refund the authority's series 2000A general resolution project subordinated taxable bonds and its 2000B project one subordinated taxable bonds. The remaining proceeds will refund certain of the authority's tax-exempt commercial paper notes.

The deal settles March 3.

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