Municipal Electric Authority of Georgia to price $178.11 million of subordinated bonds

By Sheri Kasprzak

New York, April 13 - The Municipal Electric Authority of Georgia plans to price $178.105 million of series 2011 subordinated bonds, said a preliminary official statement.

The offering includes $114.6 million of series 2011 project one subordinated bonds and $63.505 million of general resolution project bonds.

The project one bonds include $82.43 million of series 2011A bonds, $31.085 million of series 2011B bonds and $1.085 million of series 2011C taxable bonds. The general resolution project bonds include $5.785 million of series 2011A bonds, $55.77 million of series 2011B bonds and $1.95 million of series 2011C taxable bonds.

The bonds (A2/A/A+) will be sold on a negotiated basis with Morgan Stanley & Co. Inc. as the senior manager. The co-managers are Barclays Capital Inc.; BMO Capital Markets; Merrill Lynch; Citigroup Global Markets Inc.; FirstSouthwest Co.; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; US Bancorp; and Wells Fargo Securities LLC.

The 2011A project one bonds are due 2013 to 2021, and the 2011B project one bonds are due 2014 to 2021. The 2011C project one bonds are due in 2013.

The 2011A general resolution project bonds are due 2014 to 2021, and the 2011B general resolution bonds are due 2014 to 2021. The 2011C general resolution bonds are due 2013 to 2014.

Proceeds will be deposited into the authority's construction fund for a variety of capital improvements.

Based in Atlanta, the authority is an electric utility.

© 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.