By Sheri Kasprzak
New York, March 26 - El Paso Electric Co. priced $100.6 million in series 2009 Palo Verde Project pollution control refunding revenue bonds, according to a form 8-K filed Thursday with the Securities and Exchange Commission.
The sale included $63.5 million in series 2009A bonds and $37.1 million in series 2009B bonds.
The 2009A bonds are due Feb. 1, 2040, and bear interest at 7.25%, priced at par. The 2009B bonds are due April 1, 2040, and bear interest at 7.25%, also priced at par.
Proceeds from the bonds will refund the corporation's outstanding series 2005B and 2005C auction-rate bonds, which had 8% and 9.15% rates, respectively.
| Issuer: | El Paso Electric Co.
|
| Issue: | Series 2009 Palo Verde Project pollution control refunding bonds
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| Amount: | $100.6 million
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| Pricing date: | March 26
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|
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| Series 2009A
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| Maturity: | Feb. 1, 2040
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| Type: | Term
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| Coupon: | 7.25%
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| Price: | Par
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|
|
| Series 2009BA
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| Maturity: | April 1, 2040
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| Type: | Term
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| Coupon: | 7.25%
|
| Price: | Par
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