By Cristal Cody
Tupelo, Miss., Oct. 23 - The Oklahoma Municipal Power Authority priced $99.33 million in revenue bonds with a 5.95% true interest cost on Thursday, a source told Prospect News.
The series 2008A bonds (A2/A/) priced with 5% to 6% coupons to yield 4.74% to 6%.
The bonds have serial maturities from 2015 through 2020 and terms due 2028 and 2038.
J.P. Morgan Securities Inc. was the senior manager of the negotiated sale. Co-managers were BOSC Inc., a BOK Financial Corp. subsidiary, Capital West Securities Inc., Edward Jones and Wells, Nelson & Associates.
The proceeds will be used to finance a portion of construction and acquisition costs for an ownership interest in two electric generating plants, to fund other capital projects and to pay interest on the bonds during the construction period.
| Issuer: | Oklahoma Municipal Power Authority
|
| Issue: | Revenue bonds
|
| Amount: | $99.33 million
|
| Type: | Negotiated
|
| True interest cost: | 5.95%
|
| Underwriter: | J.P. Morgan Securities Inc. (lead)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Pricing date: | Oct. 23
|
| Settlement date: | Oct. 30
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2015 | Serial | 5% | 4.74%
|
| 2016 | Serial | 5% | 4.93%
|
| 2017 | Serial | 5% | 5.07%
|
| 2018 | Serial | 5.25% | 5.26%
|
| 2019 | Serial | 5.375% | 5.41%
|
| 2020 | Serial | 5.5% | 5.54%
|
| 2028 | Term | 5.875% | 5.875%
|
| 2038 | Term | 6% | 6%
|
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