Published on 12/11/2014 in the Prospect News Municipals Daily.
New Issue: Port of Morrow, Ore., prices $193.08 million Bonneville Power bonds
By Sheri Kasprzak
New York, Dec. 11 – The Port of Morrow, Ore., sold $193,075,000 of series 2014 taxable transmission facilities revenue bonds for the Bonneville Power Administration, according to a pricing sheet.
The bonds (Aa1//AA) were sold through J.P. Morgan Securities LLC.
The bonds are due 2024 to 2025 with a term bond due in 2027. The serial coupons range from 3.221% to 3.371% priced at par. The 2027 bonds have a 3.521% coupon priced at par.
Proceeds will be used to acquire, construct and design a power transmission facility for the power administration.
| Issuer: | Port of Morrow/Bonneville Power Administration
|
| Issue: | Series 2014 taxable transmission facilities revenue bonds
|
| Amount: | $193,075,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Citigroup Global Markets Inc., BofA Merrill Lynch, TD Securities (USA) LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Fitch: AA
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 18
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $37,015,000 | 2024 | Serial | 3.221% | 100
|
| $70,345,000 | 2025 | Serial | 3.371% | 100
|
| $85,715,000 | 2027 | Term | 3.521% | 100
|
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