North Carolina Eastern Municipal Power to bring $279.68 million bonds

By Sheri Kasprzak

New York, Sept. 10 - The North Carolina Eastern Municipal Power Agency is set to sell $279.68 million in series 2009 power system revenue and revenue refunding bonds on Thursday, according to a preliminary official statement.

The sale includes $235.175 million in series 2009B refunding bonds, $28.68 million in series 2009C federally taxable revenue bonds and $15.825 million in series 2009D revenue bonds.

The bonds (Baa1/A-/BBB+) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the lead manager. The co-managers are Barclays Capital Inc., Merrill Lynch & Co. Inc., Morgan Stanley & Co. Inc. and Wells Fargo Securities Inc.

The 2009B bonds are due 2012 to 2026 and the 2009C bonds are due 2010 to 2015. The 2009D bonds are due 2011 to 2026.

Proceeds will be used to refund existing debt and to fund the termination of a swap agreement.

The North Carolina Eastern Municipal Power Agency is based in Raleigh, N.C.

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