Published on 6/12/2013 in the Prospect News Municipals Daily.
New Issue: Owensboro Electric Light and Power, Ky., sells $85.98 million of bonds
By Sheri Kasprzak
New York, June 12 - The Owensboro Electric Light and Power System of Kentucky priced $85.98 million of series 2013 revenue bonds, according to a pricing sheet.
The deal included $8.88 million of series 2013A taxable bonds and $77.1 million of series 2013B tax-exempt bonds.
The 2013A bonds are due 2021 to 2022 with 3.4% to 3.65% coupons priced at par. The 2013B bonds are due 2022 to 2027 with 3% to 5% coupons.
The bonds (A3) were sold through senior manager BofA Merrill Lynch.
Proceeds will be used to finance improvements to the power system.
| Issuer: | Owensboro Electric Light and Power System, Ky.
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $85.98 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Rating: | Moody's: A3
|
| Pricing date: | June 12
|
| Settlement date: | June 25
|
|
|
| $8.88 million series 2013A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.88 million | 2021 | Serial | 3.4% | 100
|
| $4 million | 2022 | Serial | 3.65% | 100
|
|
|
| $77.1 million series 2013B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,125,000 | 2022 | Serial | 3% | 98.886
|
| $4 million | 2023 | Serial | 3.25% | 97.673
|
| $9.03 million | 2023 | Serial | 5% | 113.874
|
| $13,745,000 | 2024 | Serial | 5% | 113.762
|
| $5 million | 2025 | Serial | 3.75% | 98.527
|
| $9,575,000 | 2025 | Serial | 5% | 113.507
|
| $10 million | 2026 | Serial | 4% | 99.706
|
| $13.43 million | 2026 | Serial | 5% | 113.143
|
| $11,195,000 | 2027 | Serial | 4% | 98.663
|
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