By Devika Patel
Knoxville, Tenn., July 7 – Old Dominion Electric Cooperative issued $250 million of 20-year 3.33% first mortgage bonds in a private placement on July 6, according to an 8-K filed with the Securities and Exchange Commission.
The bonds will amortize by $12.5 million annually starting on Dec. 1, 2018.
The issuer has a make-whole call until 90 days before maturity at which point the bonds become callable at par.
Old Dominion is a consumer-owned power supplier based in Glen Allen, Va.
| Issuer: | Old Dominion Electric Cooperative
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| Issue: | First mortgage bonds
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| Amount: | $250 million
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| Maturity: | Dec. 1, 2037
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| Coupon: | 3.33%
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| Call: | Make-whole call at Treasuries plus 50 basis points until 90 days before maturity, then at par
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| Settlement date: | July 6
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| Distribution: | Private placement
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