Tri-State offers to buy up to $100 million from three debt securities

Chicago, July 13 – Tri-State Generation and Transmission Association, Inc. started a cash tender offer on Wednesday for up to $100 million principal amount from three debt securities, according to a press release.

The non-profit cooperative is offering to purchase from the following bonds, listed by acceptance priority levels:

• $228,002,000 outstanding 3.7% first mortgage bonds, series 2014E-1 due 2024 (Cusip: 89566EAG3) with pricing to be based on the 3% U.S. Treasury due June 30, 2024 plus 50 basis points;

• $250 million outstanding 4.7% first mortgage bonds, series 2014E-2 due 2024 (Cusip: 89566EAH1) with pricing to be based on the 3.25% U.S. Treasury due May 15, 2042 plus 190 bps; and

• $230.02 million outstanding 4.25% first mortgage bonds, series 2016A due 2046 (Cusip: 89566EAK4) with pricing to be based on the 2.25% U.S. Treasury due Feb. 15, 2052 plus 190 bps.

The total considerations will include a $30 early tender payment only payable to holders who participate by the early deadline, 5 p.m. ET on July 26.

Interest up to the applicable settlement date will also be paid.

Pricing will take place at 10 a.m. ET on July 27.

The early tender deadline is also the withdrawal deadline.

If Tri-State opts to settle the offer early, July 28 is the anticipated early settlement date.

The offer expires at 11:59 p.m. ET on Aug. 9.

Final settlement will take place on Aug. 11.

Financing is coming from cash on hand and commercial paper.

Tenders may be prorated.

The dealer managers for the offer are J.P. Morgan Securities LLC (866 834-4666, 212 834-3554) and U.S. Bancorp Investments, Inc. (800 479-3441, 646 651-4233).

D.F. King & Co., Inc. (866 828-6934, 212 269-5550, tristate@dfking.com) is the information and tender agent for the offer

Tri-State Generation and Transmission Association is a Westminster, Colo.-based cooperative electricity supplier.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.