Published on 10/19/2012 in the Prospect News Municipals Daily.
New Issue: Municipal Electric Authority of Georgia sells $234.76 million of revenue bonds
By Sheri Kasprzak
New York, Oct. 19 - The Municipal Electric Authority of Georgia sold $234.76 million of series 2012 revenue bonds, according to a pricing sheet.
The deal included $49.49 million of series 2012B general power revenue bonds (A1//A+), $140,015,000 of series 2012GG general power revenue bonds (A1//AA+) and $45,255,000 of series 2012C project one subordinate bonds (A2//A+).
The 2012B bonds are due 2014 to 2033 with a term bond due in 2039. The serial coupons range from 3% to 3.5%. The 2039 bonds have a 3.75% coupon priced at 98.517.
The 2012GG general power revenue bonds are due 2014 to 2033 with term bonds due in 2039 and 2043. The serial coupons range from 3.375% to 5%. The 2039 bonds have a 5% coupon priced at 113.679, and the 2043 bonds have a 5% coupon priced at 113.035.
The 2012C project one subordinate bonds are due 2020 to 2022 with 5% coupons.
Bank of America Merrill Lynch was the senior manager.
Proceeds will be used to refund existing debt and make various system improvements.
| Issuer: | Municipal Electric Authority of Georgia
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $234.76 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: A1 (for 2012B and 2012GG bonds)/A2 (for 2012C bonds)
|
| Fitch: A+ (for 2012B and 2012C bonds)/AA+ (for 2012GG bonds)
|
| Pricing date: | Oct. 18
|
| Settlement date: | Oct. 30
|
|
|
| $49.49 million series 2012B general power revenue bonds (A1//A+)
|
| Amount | Maturity | Type | Coupon | Price
|
| $190,000 | 2014 | Serial | 3% | 103.038
|
| $310,000 | 2015 | Serial | 3% | 105.149
|
| $325,000 | 2016 | Serial | 3% | 106.852
|
| $13,825,000 | 2017 | Serial | 5% | 116.468
|
| $28,855,000 | 2018 | Serial | 5% | 119.124
|
| $340,000 | 2019 | Serial | 3% | 109.145
|
| $340,000 | 2020 | Serial | 3% | 108.41
|
| $350,000 | 2021 | Serial | 3% | 107.597
|
| $350,000 | 2022 | Serial | 3% | 106.622
|
| $360,000 | 2023 | Serial | 3% | 104.747
|
| $280,000 | 2024 | Serial | 3% | 102.925
|
| $230,000 | 2025 | Serial | 3% | 100.874
|
| $230,000 | 2026 | Serial | 3% | 98.921
|
| $230,000 | 2027 | Serial | 3% | 98.066
|
| $235,000 | 2028 | Serial | 3.125% | 98.744
|
| $250,000 | 2029 | Serial | 3.25% | 99.497
|
| $260,000 | 2030 | Serial | 3.25% | 98.697
|
| $265,000 | 2031 | Serial | 3.375% | 99.525
|
| $275,000 | 2032 | Serial | 3.375% | 98.673
|
| $290,000 | 2033 | Serial | 3.5% | 99.422
|
| $1.7 million | 2039 | Term | 3.75% | 98.517
|
|
|
| $140,015,000 series 2012GG general power revenue bonds (A1//AA+)
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,045,000 | 2014 | Serial | 4% | 104.226
|
| $3 million | 2015 | Serial | 5% | 109.495
|
| $3.13 million | 2016 | Serial | 5% | 113.14
|
| $3,265,000 | 2017 | Serial | 5% | 116.468
|
| $3,405,000 | 2018 | Serial | 5% | 119.124
|
| $3.44 million | 2019 | Serial | 5% | 120.947
|
| $3,525,000 | 2020 | Serial | 5% | 121.869
|
| $3.67 million | 2021 | Serial | 5% | 122.645
|
| $27.91 million | 2022 | Serial | 5% | 123.183
|
| $9,405,000 | 2023 | Serial | 5% | 123.685
|
| $12,925,000 | 2024 | Serial | 5% | 122.164
|
| $2.55 million | 2025 | Serial | 5% | 121.362
|
| $10.79 million | 2026 | Serial | 5% | 120.369
|
| $2.81 million | 2027 | Serial | 5% | 119.679
|
| $9,315,000 | 2030 | Serial | 5% | 117.927
|
| $3.41 million | 2031 | Serial | 3.375% | 99.525
|
| $3,545,000 | 2032 | Serial | 3.375% | 98.673
|
| $3,665,000 | 2033 | Serial | 3.375% | 97.63
|
| $20,195,000 | 2039 | Term | 5% | 113.679
|
| $7,015,000 | 2043 | Term | 5% | 113.035
|
|
|
| $45,255,000 series 2012C project one subordinate bonds (A2//A+)
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.95 million | 2020 | Serial | 5% | 120.818
|
| $4.3 million | 2021 | Serial | 5% | 121.465
|
| $36,005,000 | 2022 | Serial | 5% | 122.158
|
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