Published on 12/10/2015 in the Prospect News Municipals Daily.
New Issue: Municipal Electric Authority of Georgia sells $177.19 million of bonds
By Sheri Kasprzak
New York, Dec. 10 – The Municipal Electric Authority of Georgia priced $177.19 million of series 2015 revenue bonds, according to a pricing sheet. The offering was cut from $200 million.
The bonds (A2) were sold through senior managers Wells Fargo Securities LLC and Citigroup Global Markets Inc.
The deal included $9,605,000 of series 2015A general resolution project bonds, $150,185,000 of series 2015A project one bonds and $17.4 million of series 2015A capital appreciation bonds.
The general resolution bonds are due 2019 to 2035 with 2.75% to 5% coupons and yields from 1.15% to 3.55%.
The project one bonds are due 2017 to 2035 with 2% to 5% coupons and yields from 0.57% to 3.14%.
The capital appreciation bonds are due 2030 to 2032 with 0% coupons and yields from 3.5% to 3.6%.
Proceeds will finance improvements and upgrades the power system.
| Issuer: | Municipal Electric Authority of Georgia
|
| Issue: | Series 2015 revenue bonds
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| Amount: | $177.19 million
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| Type: | Negotiated
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| Underwriters: | Wells Fargo Securities LLC and Citigroup Global Markets Inc. (lead), Barclays, BofA Merrill Lynch, Fidelity Capital Markets Inc., FTN Financial Capital Markets, Goldman, Sachs & Co., J.P. Morgan Securities LLC, Jefferies & Co., Morgan Stanley & Co. LLC, Piper Jaffray & Co., PNC Capital Markets LLC, Raymond James/Morgan Keegan, RBC Capital Markets LLC, Stephens Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc. (co-managers)
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| Rating: | Moody’s: A2
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| Pricing date: | Dec. 9
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| Settlement date: | Dec. 22
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|
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| $9,605,000 million series 2015A general resolution projects bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $225,000 | 2019 | Serial | 4% | 108.448 | 1.15%
|
| $235,000 | 2020 | Serial | 5% | 114.209 | 1.36%
|
| $245,000 | 2021 | Serial | 3% | 106.883 | 1.57%
|
| $255,000 | 2022 | Serial | 4% | 112.507 | 1.80%
|
| $455,000 | 2023 | Serial | 5% | 119.425 | 2.02%
|
| $465,000 | 2024 | Serial | 3% | 105.855 | 2.20%
|
| $485,000 | 2025 | Serial | 3% | 105.174 | 2.36%
|
| $360,000 | 2026 | Serial | 5% | 119.907 | 2.52%
|
| $500,000 | 2027 | Serial | 2.75% | 99.528 | 2.80%
|
| $470,000 | 2028 | Serial | 2.875% | 99.244 | 2.95%
|
| $475,000 | 2029 | Serial | 3% | 98.934 | 3.10%
|
| $485,000 | 2030 | Serial | 3.125% | 98.822 | 3.23%
|
| $500,000 | 2031 | Serial | 3.25% | 99.059 | 3.33%
|
| $505,000 | 2032 | Serial | 3.25% | 98.401 | 3.38%
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| $520,000 | 2033 | Serial | 3.375% | 99.294 | 3.43%
|
| $535,000 | 2034 | Serial | 3.375% | 98.602 | 3.48%
|
| $2.89 million | 2035 | Serial | 3.5% | 99.311 | 3.55%
|
|
|
| $150,185,000 series 2015A project one bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $815,000 | 2017 | Serial | 5% | 104.52 | 0.57%
|
| $3.76 million | 2018 | Serial | 5% | 108.208 | 0.90%
|
| $5.59 million | 2019 | Serial | 5% | 111.476 | 1.13%
|
| $6,185,000 | 2020 | Serial | 5% | 114.336 | 1.33%
|
| $8.08 million | 2021 | Serial | 5% | 116.721 | 1.53%
|
| $1,865,000 | 2022 | Serial | 2% | 101.308 | 1.77%
|
| $8,235,000 | 2023 | Serial | 5% | 119.787 | 1.97%
|
| $5.62 million | 2024 | Serial | 5% | 120.903 | 2.15%
|
| $11.73 million | 2025 | Serial | 5% | 121.89 | 2.30%
|
| $8.97 million | 2026 | Serial | 5% | 120.624 | 2.44%
|
| $6,355,000 | 2027 | Serial | 5% | 119.461 | 2.57%
|
| $5,725,000 | 2028 | Serial | 5% | 118.576 | 2.67%
|
| $5.95 million | 2029 | Serial | 3% | 98.934 | 3.10%
|
| $6.1 million | 2030 | Serial | 5% | 116.829 | 2.87%
|
| $6,345,000 | 2031 | Serial | 5% | 116.138 | 2.95%
|
| $6,655,000 | 2032 | Serial | 5% | 115.624 | 3.01%
|
| $4,815,000 | 2033 | Serial | 5% | 115.112 | 3.07%
|
| $5 million | 2034 | Serial | 5% | 114.772 | 3.11%
|
| $42.39 million | 2035 | Serial | 5% | 114.518 | 3.14%
|
|
|
| $17.4 million series 2015A capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.37 million | 2030 | Serial | 0% | 61.469 | 3.50%
|
| $8,015,000 | 2031 | Serial | 0% | 58.936 | 3.55%
|
| $8,015,000 | 2032 | Serial | 0% | 56.452 | 3.60%
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