North Carolina Municipal Power may issue debt to refinance bonds

By Toni Weeks

San Luis Obispo, Calif., May 26 – North Carolina Municipal Power Agency No. 1 is considering issuing new debt, the proceeds of which would refinance some outstanding revenue bonds.

The agency wants to better align its debt amortization to the expected lives of its capital assets, according to a notice.

To do so, it is considering refinancing its series 2008A, 2008C, 2009A, 2009B, 2009C, 2009D, 2010A, 2010B, 2012A, 2012B and 2012C bonds.

A refinancing, if pursued, could include an advance refunding, current refunding and/or tender solicitation of some or all of the bonds, the notice said.

Morgan Stanley will serve as the lead manager and tender agent.

Refunding or tender would depend on approval by the agency’s governing bodies as well as the North Carolina Local Government Commission.

Any transactions would depend on market conditions and other factors.

The issuer provides wholesale power to 19 cities and towns in Piedmont and western North Carolina.

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