Published on 12/16/2014 in the Prospect News Municipals Daily.
New Issue: Omaha Public Power prices $353.06 million of revenue bonds
By Sheri Kasprzak
New York, Dec. 16 – The Omaha Public Power District sold $353,055,000 of series 2015 electric system revenue bonds, according to a pricing sheet.
The deal included $93,005,000 of series 2015A bonds and $260.05 million of series 2015B bonds.
The 2015A bonds are due 2022 to 2034 with term bonds due in 2040 and 2045. The serial coupons range from 2.85% to 5% with 1.93% to 3.31% yields. The 2040 bonds have a 5% coupon priced at 115.354 to yield 3.13%. The 2045 bonds have a 4% coupon priced at 102.389 to yield 3.7% and a 5% coupon priced at 114.73 to yield 3.2%.
The 2015B bonds are due 2017 to 2034 with a term bond due in 2039. The serial coupons range from 2% to 5% with 0.56% to 3.31% yields. The 2039 bonds have a 4% coupon priced at 103.211 to yield 3.6%.
The bonds (Aa2/AA/) were sold through senior managers J.P. Morgan Securities LLC and BofA Merrill Lynch.
Proceeds will be used for general corporate purposes, as well as to refund the district’s series 2005B, 2007A and 2008A revenue bonds.
| Issuer: | Omaha Public Power District
|
| Issue: | Series 2015 electric system revenue bonds
|
| Amount: | $353,055,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and BofA Merrill Lynch (lead), Ameritas Investment Corp., Citigroup Global Markets Inc., D.A. Davidson & Co., Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC, Piper Jaffray & Co., Ramirez & Co. Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | Dec. 12
|
| Settlement date: | Jan. 7
|
|
|
| $93,005,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,125,000 | 2022 | Serial | 3% | 107.035 | 1.93%
|
| $1,105,000 | 2022 | Serial | 5% | 120.188 | 1.93%
|
| $565,000 | 2023 | Serial | 3% | 106.798 | 2.08%
|
| $1.75 million | 2023 | Serial | 5% | 121.58 | 2.08%
|
| $2.42 million | 2024 | Serial | 5% | 122.807 | 2.21%
|
| $2,545,000 | 2025 | Serial | 5% | 122.776 | 2.33%
|
| $2.67 million | 2026 | Serial | 5% | 121.723 | 2.44%
|
| $2,995,000 | 2027 | Serial | 2.85% | 100 | 2.85%
|
| $2.89 million | 2028 | Serial | 5% | 120.116 | 2.61%
|
| $3,255,000 | 2029 | Serial | 3% | 98.865 | 3.10%
|
| $3.13 million | 2030 | Serial | 5% | 119.182 | 2.71%
|
| $3,285,000 | 2031 | Serial | 5% | 118.719 | 2.76%
|
| $3.66 million | 2032 | Serial | 3% | 96.743 | 3.25%
|
| $3.56 million | 2033 | Serial | 3.125% | 97.497 | 3.31%
|
| $3,675,000 | 2034 | Serial | 5% | 117.341 | 2.91%
|
| $26,225,000 | 2040 | Term | 5% | 115.354 | 3.13%
|
| $20 million | 2045 | Term | 4% | 102.389 | 3.70%
|
| $8.15 million | 2045 | Term | 5% | 114.73 | 3.20%
|
|
|
| $260.05 million series 2015B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6.23 million | 2017 | Serial | 5% | 109.11 | 0.56%
|
| $1,075,000 | 2018 | Serial | 3% | 106.306 | 0.91%
|
| $22,465,000 | 2018 | Serial | 5% | 112.34 | 0.91%
|
| $5 million | 2019 | Serial | 2% | 103.085 | 1.22%
|
| $23.48 million | 2019 | Serial | 5% | 114.951 | 1.22%
|
| $1,025,000 | 2020 | Serial | 3% | 107.443 | 1.47%
|
| $29,625,000 | 2020 | Serial | 5% | 117.173 | 1.47%
|
| $650,000 | 2021 | Serial | 3% | 107.462 | 1.70%
|
| $32.54 million | 2021 | Serial | 5% | 118.944 | 1.70%
|
| $600,000 | 2022 | Serial | 2% | 100.459 | 1.93%
|
| $6,435,000 | 2022 | Serial | 4% | 113.611 | 1.93%
|
| $3.03 million | 2023 | Serial | 5% | 121.58 | 2.08%
|
| $3,875,000 | 2024 | Serial | 5% | 122.807 | 2.21%
|
| $5.22 million | 2025 | Serial | 5% | 122.776 | 2.33%
|
| $2.3 million | 2026 | Serial | 2.75% | 100.839 | 2.65%
|
| $3.25 million | 2026 | Serial | 5% | 121.723 | 2.44%
|
| $6.15 million | 2027 | Serial | 2.85% | 100 | 2.85%
|
| $4.48 million | 2028 | Serial | 5% | 120.116 | 2.61%
|
| $7.09 million | 2029 | Serial | 4% | 109.043 | 2.91%
|
| $7.65 million | 2030 | Serial | 4% | 108.608 | 2.96%
|
| $34,465,000 | 2031 | Serial | 5% | 118.719 | 2.76%
|
| $5,505,000 | 2032 | Serial | 5% | 118.257 | 2.81%
|
| $5,555,000 | 2033 | Serial | 3.125% | 97.497 | 3.31%
|
| $5.8 million | 2034 | Serial | 5% | 117.341 | 2.91%
|
| $36,555,000 | 2039 | Term | 4% | 103.211 | 3.60%
|
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