By Andrea Heisinger
New York, Aug. 16 - Oglethorpe Power Corp. sold $300 million of 5.25% first mortgage bonds, series 2011A, due in 2050 on Tuesday to yield Treasuries plus 163 basis points, according to an FWP filing with the Securities and Exchange Commission.
The bonds (Baa1/A/A) were priced at 99.8 to yield 5.262%. They have a make-whole call at Treasuries plus 25 bps.
Goldman Sachs & Co. and J.P. Morgan Securities LLC were the bookrunners.
Senior co-managers were Bank of America Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC.
Co-managers were BMO Capital Markets, Fifth Third Securities, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.
Proceeds are being used to finance a portion of costs associated with the participation in two additional nuclear units, to redeem outstanding short-term debt and for general corporate purposes.
The electric membership corporation is based in Tucker, Ga.
Issuer: | Oglethorpe Power Corp.
|
Issue: | First mortgage bonds, series 2011A
|
Amount: | $300 million
|
Maturity: | Sept. 1, 2050
|
Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC
|
Senior co-managers: | Bank of America Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC
|
Co-managers: | BMO Capital Markets, Fifth Third Securities, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
|
Coupon: | 5.25%
|
Price: | 99.8
|
Yield: | 5.262%
|
Spread: | Treasuries plus 163 bps
|
Call: | Make-whole at Treasuries plus 25 bps
|
Trade date: | Aug. 16
|
Settlement date: | Aug. 19
|
Ratings: | Moody's: Baa1
|
| Standard & Poor's: A
|
| Fitch: A
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.