Published on 8/19/2015 in the Prospect News Municipals Daily.
New Issue: Piedmont Municipal Power, S.C., prices $52.07 million of revenue bonds
By Sheri Kasprzak
New York, Aug. 19 – The Piedmont Municipal Power Agency of South Carolina sold $52,065,000 of series 2015A electric revenue bonds, according to a pricing sheet.
The bonds (Baa1/A-/) were sold through senior managers Wells Fargo Securities LLC and PNC Capital Markets LLC.
The bonds are due 2022 to 2034 with 3.5% to 5% coupons.
Proceeds will be used to construct, improve and renovate the Catawba electric plant.
| Issuer: | Piedmont Municipal Power Agency, S.C.
|
| Issue: | Series 2015A electric revenue bonds
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| Amount: | $52,065,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and PNC Capital Markets LLC (lead), Barclays, Jefferies & Co., J.P. Morgan Securities LLC and Raymond James/Morgan Keegan (co-managers)
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: A-
|
| Pricing date: | Aug. 19
|
| Settlement date: | Sept. 16
|
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|
| Amount | Maturity | Type | Coupon | Price
|
| $1.48 million | 2022 | Serial | 5% | 115.411
|
| $5,175,000 | 2023 | Serial | 5% | 116.132
|
| $5.43 million | 2024 | Serial | 5% | 116.657
|
| $5,705,000 | 2025 | Serial | 5% | 116.993
|
| $6,035,000 | 2026 | Serial | 5% | 115.757
|
| $5,965,000 | 2027 | Serial | 5% | 114.45
|
| $6.15 million | 2028 | Serial | 5% | 113.847
|
| $6.37 million | 2029 | Serial | 5% | 112.906
|
| $6.7 million | 2030 | Serial | 5% | 112.311
|
| $730,000 | 2031 | Serial | 3.5% | 97.905
|
| $800,000 | 2032 | Serial | 3.5% | 97.326
|
| $880,000 | 2033 | Serial | 3.625% | 97.421
|
| $645,000 | 2034 | Serial | 3.75% | 98.433
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