Published on 1/27/2016 in the Prospect News Municipals Daily.
New Issue: Nebraska Public Power brings to market $139.7 million of revenue bonds
By Sheri Kasprzak
New York, Jan. 27 – The Nebraska Public Power District sold $139.7 million of series 2016 general revenue bonds (A1//A+), according to a term sheet.
The offering included $70.88 million of series 2016A bonds and $68.82 million of series 2016B bonds.
The 2016A bonds are due 2025 to 2036 with term bonds due in 2019 and 2041. The serial coupons range from 3.125% to 5% with yields from 1.96% to 3.33%. The 2019 bonds have a 5% coupon priced at 111.717 to yield 0.89%, and the 2041 bonds have a 5% coupon priced at 115.618 to yield 3.15%.
The 2016B bonds are due 2029 to 2037 with 5% serial coupons. There are term bonds due in 2019 and 2040. The 2019 bonds have a 5% coupon priced at 111.717 to yield 0.89%, and the 2040 bonds have a 5% coupon priced at 115.895 to yield 3.12%.
Goldman Sachs & Co. was the senior manager.
Proceeds will be used to refund certain maturities of outstanding parity bonds for interest cost savings.
| Issuer: | Nebraska Public Power District
|
| Issue: | Series 2016 general revenue bonds
|
| Amount: | $139.7 million
|
| Type: | Negotiated
|
| Underwriter: | Goldman Sachs & Co.
|
| Ratings: | Moody’s: A1
|
| Fitch: A+
|
| Pricing date: | Jan. 26
|
| Settlement date: | Feb. 9
|
|
|
| $70.88 million series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11.54 million | 2019 | Term | 5% | 111.717 | 0.89%
|
| $9,265,000 | 2025 | Serial | 5% | 124.7 | 1.96%
|
| $14.96 million | 2026 | Serial | 5% | 125.581 | 2.12%
|
| $5,065,000 | 2027 | Serial | 5% | 124.269 | 2.25%
|
| $5,315,000 | 2028 | Serial | 5% | 123.172 | 2.36%
|
| $5.58 million | 2029 | Serial | 5% | 122.085 | 2.47%
|
| $3,865,000 | 2031 | Serial | 5% | 120.429 | 2.64%
|
| $3,665,000 | 2032 | Serial | 5% | 119.755 | 2.71%
|
| $2,115,000 | 2033 | Serial | 5% | 119.276 | 2.76%
|
| $2,225,000 | 2034 | Serial | 5% | 118.705 | 2.82%
|
| $760,000 | 2035 | Serial | 3.125% | 97.966 | 3.27%
|
| $805,000 | 2036 | Serial | 3.25% | 98.84 | 3.33%
|
| $5.72 million | 2041 | Term | 5% | 115.618 | 3.15%
|
|
|
| $68.82 million series 2016B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,715,000 | 2019 | Term | 5% | 111.717 | 0.89%
|
| $3.28 million | 2029 | Serial | 5% | 122.085 | 2.47%
|
| $3,455,000 | 2030 | Serial | 5% | 121.205 | 2.56%
|
| $12.19 million | 2031 | Serial | 5% | 120.429 | 2.64%
|
| $11.22 million | 2032 | Serial | 5% | 119.755 | 2.71%
|
| $9.4 million | 2034 | Serial | 5% | 118.705 | 2.82%
|
| $12,325,000 | 2036 | Serial | 5% | 117.759 | 2.92%
|
| $12.94 million | 2037 | Serial | 5% | 117.29 | 2.97%
|
| $1,295,000 | 2040 | Term | 5% | 115.895 | 3.12%
|
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