By Cristal Cody
Chicago, Nov. 29 – Oglethorpe Power Corp. priced $400 million of 6.2% first mortgage bonds due in 2053 (Baa1/BBB+/BBB), according to market sources.
Pricing came at Treasuries plus 175 basis points.
J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Mizuho Securities USA Inc. are the bookrunners.
Fixed-income investor calls were held Monday and Tuesday before the bonds priced on Tuesday.
The deal was upsized from an expected $300 million.
Oglethorpe Power is an electric supply cooperative based in Tucker, Ga.
| Issuer: | Oglethorpe Power Corp.
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| Amount: | $400 million
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| Issue: | First mortgage bonds
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| Maturity: | Dec. 1, 2053
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| Bookrunners: | J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Mizuho Securities USA Inc.
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| Coupon: | 6.2%
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| Spread: | Treasuries plus 175 bps
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| Trade date: | Nov. 28
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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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| Marketing: | Investor calls
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