By Lisa Kerner
Charlotte, N.C., Jan. 16 – Old Dominion Electric Cooperative issued $332 million of first mortgage bonds in a private placement on Thursday, according to an 8-K filing with the Securities and Exchange Commission.
The bonds include
• $260 million of 4.46% first mortgage bonds, 2015 series A, due 2044; and
• $72 million of 4.56% first mortgage bonds, 2015 series B, due 2053.
The series B bonds have required $8 million prepayments beginning annually on Dec. 1, 2045.
Interest on the series A and series B bonds is payable semiannually on June 1 and Dec. 1 of each year beginning on June 1.
The notes have a make-whole call at 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: | $332 million
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Settlement date: | Jan. 15
|
| Distribution: | Private placement
|
|
|
| Series A bonds
|
| Amount: | $260 million
|
| Coupon: | 4.46%
|
| Maturity: | Dec. 1, 2044
|
|
|
| Series B bonds
|
| Amount: | $72 million
|
| Coupon: | 4.56%
|
| Maturity: | Dec. 1, 2053
|
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