Published on 12/20/2010 in the Prospect News Municipals Daily.
New Issue: Puerto Rico Electric Power's $350 million BABs yield 5.95%-6.25%
By Sheri Kasprzak
New York, Dec. 20 - The Puerto Rico Electric Power Authority sold $350 million of series 2010EEE power revenue Build America Bonds on Monday, according to a pricing sheet.
The bonds are due July 1, 2030; July 1, 2032; and July 1, 2040. The 2030 bonds have a 5.95% coupon priced at par, and the 2032 bonds have a 6.05% coupon, also priced at par. The 2040 bonds have a 6.25% coupon priced at par.
UBS Financial Services Inc. of Puerto Rico and Santander Securities were the senior managers. The co-managers were Bank of America Merrill Lynch; Popular Securities; Barclays Capital Inc.; BBVAPR MSD; Citigroup Global Markets Inc.; FirstBank Securities; Oriental Financial Services Inc.; Raymond James & Associates Inc.; Samuel A. Ramirez & Co. Inc.; and Wells Fargo Securities LLC.
Proceeds will be used to fund the authority's capital program, as well as to construct the Via Verde pipeline, a planned natural gas pipeline to provide power from northern to southern Puerto Rico.
| Issuer: | Puerto Rico Electric Power Authority
|
| Issue: | Series 2010EEE power revenue Build America Bonds
|
| Amount: | $350 million
|
| Type: | Negotiated
|
| Underwriters: | UBS Financial Services Inc. of Puerto Rico and Santander Securities (lead), Bank of America Merrill Lynch, Popular Securities, Barclays Capital Inc., BBVAPR MSD, Citigroup Global Markets Inc., FirstBank Securities, Oriental Financial Services Inc., Raymond James & Associates Inc., Samuel A. Ramirez & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 29
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $100 million | July 1, 2030 | Term | 5.95% | 100
|
| $150 million | July 1, 2032 | Term | 6.05% | 100
|
| $100 million | July 1, 2040 | Term | 6.25% | 100
|
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