AGL Resources, Ga., to tender, reissue $160 million revenue bonds

By Angela McDaniels

Tacoma, Wash., July 29 - AGL Resources Inc. of Atlanta has tendered $121 million of gas facility revenue bonds and plans to tender $39 million more in August, according to a 10-Q filing with the Securities and Exchange Commission.

These bonds will be reissued as variable-rate gas facility revenue bonds before the end of 2010 using credit enhancements that the company expects to be more cost effective than the letters of credit used previously.

In June, the letters of credit that provide credit enhancements to $121 million of gas facility revenue bonds expired, so the company tendered three of the bonds with principal amounts of $55 million, $46 million and $20 million with commercial paper borrowings.

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