Long Island Power rejects tenders for four bond series in final result

By Susanna Moon

Chicago, Dec. 13 - Long Island Power Authority said that, in the final determination, it will not accept tenders for the following amounts that had been preliminarily accepted:

• $4,425,000 series 2003 C 5.25% bonds due 9/1/2029;

• $41,955,000 series 2006 A 5% bonds due 12/1/2019 (instead, these target bonds will be defeased in whole to their first optional redemption date of 6/1/2016);

• $37,205,000 series 2006 A 5.25% bonds due 12/1/2020 (instead, these target bonds will be defeased in whole to their first optional redemption date of 6/1/2016); and

• $35.51 million series 2006 A 5% bonds due 12/1/2025.

In addition, the settlement date has been changed to Dec. 18 from Dec. 17.

The authority announced the target bonds were preliminarily accepted for purchase on Nov. 25. The tender offer ended at 5 p.m. ET on Nov. 18.

The following bonds were covered by the offer:

• $168,605,000 1998 A capital appreciation bonds due Dec. 1, 2016 to Dec. 1, 2028;

• $513.49 million 2000 A capital appreciation bonds due June 1, 2016 to June 1, 2029;

• $36,645,000 2003 C current interest bonds due Sept. 1, 2029;

• $724,105,000 2006 A current interest bonds due Dec. 1, 2019 to Dec. 1, 2026;

• $92,715,000 2006 B current interest bonds due Dec. 1, 2035;

• $198.02 million 2006 C current interest bonds due Sept. 1, 2035;

• $81.68 million 2006 D current interest bonds due Sept. 1, 2020 to Sept. 1, 2025;

• $498.69 million 2006 E current interest bonds due Dec. 1, 2017 to Dec. 1, 2022;

• $245.76 million 2006 F current interest bonds due May 1, 2016 to Dec. 1, 2033;

• $605,055,000 2008 A current interest bonds due May 1, 2033;

• $109.12 million 2008 B current interest bonds due April 1, 2020 to April 1, 2033;

• $381,005,000 2009 A current interest bonds due April 1, 2020 to April 1, 2039;

• $200 million 2011 A current interest bonds due May 1, 2036 to May 1, 2038;

• $250 million 2012 A current interest bonds due Sept. 1, 2037 to Sept. 1, 2042; and

• $223.91 million 2012 B current interest bonds due Sept. 1, 2022 to Sept. 1, 2029.

The Information and tender agent is Globic Advisors at globic.com/lipa, 212 227-9699 or 800 974-5771.

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