North Carolina Municipal Power Agency Number 1 to price $426.45 million bonds

By Cristal Cody

Springdale, Ark., April 29 - The North Carolina Municipal Power Agency Number 1 intends to price $426.45 million fixed-rate bonds, according to a preliminary official statement.

The sale includes $344.81 million series 2008A electric revenue refunding bonds, $9.39 million series 2008B electric revenue refunding bonds and $72.25 million series 2008C revenue bonds.

The series 2008A bonds have maturities from 2013 through 2020. The series 2008B bonds are due in 2013. The series 2008C bonds have maturities from 2009 through 2020.

Morgan Stanley is the senior manager of the negotiated sale. Co-managers are First Southwest Co., UBS Investment Bank, Goldman, Sachs & Co., Wachovia Bank, NA and Merrill Lynch & Co.

Proceeds will be used to finance the agency's share of the costs of capital improvements to the Catawba Nuclear Station and to refund the $76.66 million series 1997 revenue bonds, $49.81 million series 1998A revenue bonds, $149.7 million series 2003C revenue bonds, $31.4 million series 2005A refunding revenue bonds, $1.825 million series 2005B refunding revenue bonds, $61.25 million series 2005C refunding revenue bonds and $2.9 million series 2005D refunding revenue bonds.

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