Published on 8/28/2012 in the Prospect News Municipals Daily.
New Issue: Utah Associated Municipal Power prices $94.82 million of revenue bonds
By Sheri Kasprzak
New York, Aug. 28 - The Utah Associated Municipal Power Systems sold $94.82 million of series 2012 revenue bonds for the Horse Butte Wind Project, according a pricing sheet.
The bonds (/A-/A-) were sold through Citigroup Global Markets Inc. and BMO Capital Markets LLC. The co-manager was Wells Fargo Securities LLC.
The offering included $67.86 million of series 2012A bonds and $26.96 million of series 2012B variable-rate demand revenue bonds.
The 2012A bonds are due 2013 to 2032 with 5% coupons. The 2012B bonds are due Sept. 1, 2032, and bear interest initially at the weekly rate.
Proceeds will be used to make a prepayment for a specified supply of electricity.
| Issuer: | Utah Associated Municipal Power Systems/Horse Butte Wind Project
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $94.82 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and BMO Capital Markets LLC (lead), Wells Fargo Securities LLC (co-manager)
|
| Ratings: | Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | Aug. 28
|
| Settlement date: | Sept. 6
|
|
|
| $67.86 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.12 million | 2013 | Serial | 5% | 99.538
|
| $2,155,000 | 2014 | Serial | 5% | 108.176
|
| $2.26 million | 2015 | Serial | 5% | 111.832
|
| $2,375,000 | 2016 | Serial | 5% | 114.831
|
| $2.49 million | 2017 | Serial | 5% | 116.754
|
| $2,615,000 | 2018 | Serial | 5% | 118.02
|
| $2.75 million | 2019 | Serial | 5% | 118.609
|
| $2,885,000 | 2020 | Serial | 5% | 118.712
|
| $3.03 million | 2021 | Serial | 5% | 118.857
|
| $3.18 million | 2022 | Serial | 5% | 119.434
|
| $3.34 million | 2023 | Serial | 5% | 118.284
|
| $3,505,000 | 2024 | Serial | 5% | 117.525
|
| $3.68 million | 2025 | Serial | 5% | 116.771
|
| $3,865,000 | 2026 | Serial | 5% | 116.023
|
| $4.06 million | 2027 | Serial | 5% | 115.374
|
| $4.26 million | 2028 | Serial | 5% | 114.729
|
| $4,475,000 | 2029 | Serial | 5% | 114.179
|
| $4.7 million | 2030 | Serial | 5% | 113.633
|
| $4,935,000 | 2031 | Serial | 5% | 113.089
|
| $5.18 million | 2032 | Serial | 5% | 112.639
|
|
|
| $26.96 million series 2012B variable-rate bonds
|
| Maturity | Type | Coupon | Price
|
| Sept. 1, 2032 | Term | Weekly | 100
|
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