By Sheri Kasprzak
New York, Nov. 14 - The Apache County Industrial Development Authority of Arizona sold $100 million of series 2013A tax-exempt industrial development revenue bonds for Tucson Electric Power Co., according to an 8-K filing with the Securities and Exchange Commission.
The bonds were sold directly to STI Institutional and Government Inc.
The bonds are due April 1, 2032 and initially bear interest at the lender rate, which equals the product of (a) 67% of the sum of Libor plus a margin that ranges from 100 basis points to 200 bps multiplied by (b) the margin rate factor, subject to a maximum interest rate of Libor plus the margin.
The margin rate factor is (a) one minus the maximum federal corporate tax rate multiplied by (b) 1.53846. The margin rate factor will be 1.0 so long as the maximum federal corporate tax rate is 35%.
Proceeds will be used to refund the company's series 1983A industrial development revenue bonds.
| Issuer: | Apache County Industrial Development Authority/Tucson Electric Power Co.
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| Issue: | Series 2013A tax-exempt industrial development revenue bonds
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| Amount: | $100 million
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| Maturity: | April 1, 2032
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| Coupon: | Lender rate
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| Price: | Par
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| Purchaser: | STI Institutional and Government Inc.
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| Settlement date: | Nov. 14
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