North Carolina Eastern Municipal Power redeems, defeases 1993B bonds

By Devika Patel

Knoxville, Tenn., Sept. 21 - The North Carolina Eastern Municipal Power Agency said it redeemed several of its refunding series 1993B power system revenue bonds with maturities scheduled for Jan. 1, 2017, Jan. 1, 2021 and Jan. 1, 2023. The agency defeased all bonds that remained outstanding following the redemption.

The Raleigh, N.C.-based agency redeemed $102.91 million of the bonds maturing on Jan. 1, 2017, $68.89 million of bonds maturing on Jan. 1, 2021 and $19.36 million in bonds maturing on Jan. 1, 2023.

The remaining bonds will be redeemed at par on Oct. 21, with the exception of the agency's $43.72 million in bonds, which mature on Jan. 1, 2017, and its $125.62 million in bonds due Jan. 1, 2021.

The Bank of New York Mellon Trust Co., NA is the trustee.

The agency provides electricity in North Carolina.

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