Published on 5/17/2012 in the Prospect News Municipals Daily.
New Issue: North Carolina Eastern Municipal prices $424.05 million of power bonds
By Sheri Kasprzak
New York, May 17 - The North Carolina Eastern Municipal Power Agency sold $424,045,000 of series 2012 power system revenue bonds, according to a pricing sheet.
The deal included $87,325,000 of series 2012A bonds, $170,705,000 of series 2012B refunding bonds, $29,385,000 of series 2012C taxable bonds and $136.63 million of series 2012D refunding bonds.
The 2012A bonds are due 2013 to 2026 with 2% to 5% coupons. The 2012B bonds are due 2015 to 2021 with 5% coupons. The 2012C bonds are due 2015 and 2017. The 2015 bonds have a 1.69% coupon priced at par and the 2017 bonds have a 2.44% coupon priced at par. The 2012D bonds are due 2014 to 2017 with term bonds due 2023, 2025 and 2026. The serial bonds have 5% coupons. The 2023 bonds have a 5% coupon priced at 117.133 and the 2025 bonds have a 117.111. The 2026 bonds have a 5% coupon priced at 116.94.
The bonds (Baa1/A-/A-) were sold through Citigroup Global Markets Inc. and Bank of America Merrill Lynch. The co-managers were Barclays Capital Inc., Goldman, Sachs & Co., Raymond James/Morgan Keegan, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
Proceeds will be used to finance expansions and improvements, as well as to refund the agency's series 1986A, 1993B and 2003F bonds for a debt service savings.
| Issuer: | North Carolina Eastern Municipal Power Agency
|
| Issue: | Series 2012 power system revenue bonds
|
| Amount: | $424,045,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Bank of America Merrill Lynch (lead), Barclays Capital Inc., Goldman, Sachs & Co., Raymond James/Morgan Keegan, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | May 17
|
| Settlement date: | May 31
|
|
|
| $87,325,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,995,000 | 2013 | Serial | 4% | 102.053
|
| $5.23 million | 2014 | Serial | 2% | 102.25
|
| $5,335,000 | 2015 | Serial | 2% | 103.113
|
| $5,445,000 | 2016 | Serial | 3% | 106.657
|
| $5,605,000 | 2017 | Serial | 3% | 107.124
|
| $2 million | 2018 | Serial | 3% | 107.282
|
| $3,775,000 | 2018 | Serial | 5% | 117.913
|
| $2 million | 2019 | Serial | 3% | 106.711
|
| $4,025,000 | 2019 | Serial | 5% | 119.028
|
| $2 million | 2020 | Serial | 4% | 112.581
|
| $4,285,000 | 2020 | Serial | 5% | 119.533
|
| $2 million | 2021 | Serial | 4% | 112.342
|
| $4.58 million | 2021 | Serial | 5% | 120.057
|
| $175,000 | 2022 | Serial | 4% | 111.896
|
| $6,715,000 | 2022 | Serial | 5% | 120.334
|
| $7.23 million | 2023 | Serial | 5% | 120.129
|
| $7.59 million | 2024 | Serial | 5% | 120.314
|
| $7.97 million | 2025 | Serial | 5% | 120.364
|
| $850,000 | 2026 | Serial | 4% | 109.332
|
| $7.52 million | 2026 | Serial | 5% | 120.313
|
|
|
| $170,705,000 series 2012B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $18.07 million | 2015 | Serial | 5% | 110.771
|
| $11.59 million | 2016 | Serial | 5% | 113.665
|
| $20,735,000 | 2017 | Serial | 5% | 115.974
|
| $9,915,000 | 2019 | Serial | 5% | 119.028
|
| $28,625,000 | 2020 | Serial | 5% | 119.533
|
| $81.77 million | 2021 | Serial | 5% | 120.057
|
|
|
| $29,385,000 series 2012C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $365,000 | 2015 | Term | 1.69% | 100
|
| $29.02 million | 2017 | Term | 2.44% | 100
|
|
|
| $136.63 million series 2012D bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9,765,000 | 2014 | Serial | 5% | 105.152
|
| $15,085,000 | 2015 | Serial | 5% | 108.773
|
| $18,375,000 | 2016 | Serial | 5% | 111.536
|
| $41,615,000 | 2017 | Serial | 5% | 113.71
|
| $36.93 million | 2023 | Term | 5% | 117.133
|
| $9,695,000 | 2025 | Term | 5% | 117.111
|
| $5,165,000 | 2026 | Term | 5% | 116.94
|
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