Published on 6/26/2014 in the Prospect News Municipals Daily.
New Issue: Western Minnesota Municipal Power prices $351.12 million revenue bonds
By Sheri Kasprzak
New York, June 26 – The Western Minnesota Municipal Power Agency priced $351.12 million of series 2014A power supply revenue bonds, according to a pricing sheet.
The bonds (Aa3//AA-) were sold through Citigroup Global Markets Inc.
The bonds are due 2018 to 2036 with term bonds due in 2040 and 2046.
The serial coupons range from 3% to 5%. The 2040 bonds have a 4% coupon priced at par and a 5% coupon priced at 110.945. The 2046 bonds have a 5% coupon priced at 110.524.
Proceeds will be used to finance the agency’s acquisition and equipment of the Red Rock Hydroelectric Project.
| Issuer: | Western Minnesota Municipal Power Agency
|
| Issue: | Series 2014A power supply revenue bonds
|
| Amount: | $351.12 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), J.P. Morgan Securities LLC, Barclays, Wells Fargo Securities LLC and U.S. Bancorp Investments Inc. (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Fitch: AA-
|
| Pricing date: | June 26
|
| Settlement date: | July 24
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,355,000 | 2018 | Serial | 3% | 107.265
|
| $9.8 million | 2019 | Serial | 4% | 111.968
|
| $10.19 million | 2020 | Serial | 5% | 117.918
|
| $10.7 million | 2021 | Serial | 5% | 119.163
|
| $11,235,000 | 2022 | Serial | 5% | 119.791
|
| $11.8 million | 2023 | Serial | 5% | 120.255
|
| $6.27 million | 2024 | Serial | 5% | 120.616
|
| $6,365,000 | 2029 | Serial | 5% | 115.439
|
| $8.49 million | 2030 | Serial | 5% | 114.734
|
| $11.41 million | 2031 | Serial | 5% | 114.121
|
| $11,985,000 | 2032 | Serial | 5% | 113.598
|
| $12.58 million | 2033 | Serial | 5% | 113.079
|
| $13,215,000 | 2034 | Serial | 5% | 112.648
|
| $13,875,000 | 2035 | Serial | 5% | 112.22
|
| $14.57 million | 2036 | Serial | 5% | 111.878
|
| $30 million | 2040 | Term | 4% | 100
|
| $36.05 million | 2040 | Term | 5% | 110.945
|
| $127.23 million 2046 | Term | 5% | 110.524
|
|
|
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