Long Island Power to sell $500 million electric system revenue bonds

By Sheri Kasprzak

New York, June 20 - The Long Island Power Authority of New York is set to sell $500 million of series 2012 electric system general revenue bonds, according to a preliminary official statement.

The bonds (Aa3) will be sold through senior managers Morgan Stanley & Co. LLC and Goldman, Sachs & Co. The co-managers are Bank of America Merrill Lynch, Barclays Capital Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BMO Capital Markets, Citigroup Global Markets Inc., Jefferies & Co., M.R. Beal & Co., RBC Capital Markets LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and TD Securities (USA) LLC.

The deal includes $250 million of series 2012A bonds and $250 million of series 2012B bonds. The maturities have not been set.

Proceeds will be used to fund capital expenditures for the authority and to refund existing debt.

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