Saturday, March 24, 2012

CPS Energy completes $521 million bond sale

CPS Energy has closed on the sale of $521 million in taxable bonds this week to fund the previously announced acquisition and initial capital expenditures of the Rio Nogales Gas Plant in Seguin.

The bond issuance includes a $404 million term bond and $117 million in serial bonds at a combined interest rate of 4.38 percent over 23 years. The final maturity date of the bonds is 2042. The offering attracted strong investor interest, which resulted in high market demand and a favorable interest rate for the utility.

CPS Energy first announced plans to buy the Rio Nogales plant on March 12. The generation from the 800 megawatt plant will replace the electricity output from CPS Energy?s oldest coal plant, the J.T. Deely facility, which will be decommissioned in 2018. Until then, CPS Energy will use some of Rio Nogales? output and sell the remainder of the power to third-party companies.

J.P. Morgan?

CPS Energy is the nation?s largest municipally owned natural gas and electric utility.

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CPS Energy has closed on the sale of $521 million in taxable bonds this week to fund the previously announced acquisition and initial capital expenditures of the Rio Nogales Gas Plant in Seguin.

The bond issuance includes a $404 million term bond and $117 million in serial bonds at a combined interest rate of 4.38 percent over 23 years. The final maturity date of the bonds is 2042. The offering attracted strong investor interest, which resulted in high market demand and a favorable interest rate for the utility.

CPS Energy first announced plans to buy the Rio Nogales plant on March 12. The generation from the 800 megawatt plant will replace the electricity output from CPS Energy?s oldest coal plant, the J.T. Deely facility, which will be decommissioned in 2018. Until then, CPS Energy will use some of Rio Nogales? output and sell the remainder of the power to third-party companies.

J.P. Morgan?

CPS Energy is the nation?s largest municipally owned natural gas and electric utility.

Receive free daily breaking business news direct to your inbox or mobile device. Click on this link to sign up.

Source: http://feedproxy.google.com/~r/vertical_30/~3/3lKd-FLkg5Y/cps-energy-completes-521-million-bond.html

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