By Lisa Kerner
Charlotte, N.C., April 8 - Old Dominion Electric Cooperative issued $350 million of first mortgage bonds in a private placement on April 1, according to a form 8-K filed with the Securities and Exchange Commission.
The bonds consist of:
• $90 million of 4.83% 2011 series A bonds due Dec. 1, 2040;
• $165 million of 5.54% 2011 series B bonds due Dec. 1, 2040; and
• $95 million of 5.54% 2011 series C bonds due Dec. 1, 2050.
Proceeds will be used to repay Old Dominion's $215 million first mortgage bonds, 2001 series A due June 1, 2011 and for general corporate purposes.
The company will prepay a portion of the total principal amount of the bonds on Dec. 1, 2011 and on each Dec. 1 through and including Dec. 1, 2039.
Old Dominion may prepay at any time all, or from time to time any part of, the 2011 bonds in an amount not less than 3% of the total principal amount of the 2011 bonds then outstanding in the case of a partial prepayment at par plus a make-whole amount calculated using Treasuries plus 50 basis points.
Old Dominion is a consumer-owned power supplier based in Glen Allen, Va.
| Issuer: | Old Dominion Electric Cooperative
|
| Issue: | First mortgage bonds
|
| Amount: | $350 million
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Pricing date: | April 1
|
| Distribution: | Private placement
|
|
|
| Series A bonds
|
| Amount: | $90 million
|
| Coupon: | 4.83%
|
| Maturity: | Dec. 1, 2040
|
|
|
| Series B bonds
|
| Amount: | $165 million
|
| Coupon: | 5.54%
|
| Maturity: | Dec. 1, 2040
|
|
|
| Series C bonds
|
| Amount: | $95 million
|
| Coupon: | 5.54%
|
| Maturity: | Dec. 1, 2050
|
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