Public Gas Partners, Ga., puts $225.97 million bond sale on day-to-day status

By Sheri Kasprzak

New York, Nov. 25 - Public Gas Partners of Georgia has decided to put its planned sale of $225.97 million in municipal bonds on a day-to-day basis because of less-than-stellar market conditions, said Susan Reeves, PGP's president.

"The PGP issue has been delayed due to overall poor municipal market conditions this week," Reeves told Prospect News Tuesday.

"This issue is day-to-day as we watch market conditions after the holiday."

The company had planned to sell $165.86 million in gas project revenue bonds (A2/A/A) for Gas Supply Pool No. 1 and $60.11 million in gas project revenue bonds (A2/A+/A+) for Gas Supply Pool No. 2 on Tuesday.

Both bonds were being sold through lead managers J.P. Morgan Securities Inc. and Wachovia Bank.

The Gas Supply Pool No. 1 sale includes $110.36 million in series 2008A tax-exempt bonds and $55.5 million in series 2008B taxable bonds. The 2008A bonds are due 2011 to 2018 with a term bond due 2022. The 2008B bonds are due 2022.

The Gas Supply Pool No. 2 sale includes $39.905 million in series 2008A tax-exempt bonds and $20.205 million in series 2008B taxable bonds. The 2008A bonds are due 2011 to 2018 with a term bond due 2022. The 2008B bonds are due 2022.

Proceeds from both sales will be used to repay lines of credit used to acquire the respective gas supply pools.

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