By Cristal Cody
Chicago, April 5 – Oglethorpe Power Corp. priced $500 million of 4.5% 25-year 2022A first mortgage bonds (Baa1/BBB+/BBB) on Monday, a market source reported.
Pricing on the spread was Treasuries plus 205 basis points, 20 bps low to talk in the 225 bps area.
Fixed-income investor calls were held on Friday for the Rule 144A and Regulation S offering.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and RBC Capital Markets Corp. are the bookrunners.
Proceeds, according to Moody’s Investors Service, will be used to finance expenditures related to OPCs 30% interest in the construction of Vogtle nuclear units 3 and 4 (the Vogtle project), to redeem outstanding commercial paper and to pay the costs of issuing the first mortgage bonds.
Oglethorpe Power is an electric supply cooperative based in Tucker, Ga.
| Issuer: | Oglethorpe Power Corp.
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| Amount: | $500 million
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| Issue: | First mortgage bonds, 2022A
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| Maturity: | April 1, 2047
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| Bookrunners: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and RBC Capital Markets Corp.
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| Coupon: | 4.5%
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| Spread: | Treasuries plus 205 bps
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| Trade date: | April 5
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: BBB
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| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 225 bps area
|
| Marketing: | Investor call
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