The Puerto Rico Electric Power Authority upsized its expected $475 million deal to $650 million on Tuesday, one day ahead of schedule.
The deal consisted of $630.1 million of Series A power revenue bonds and $19.9 million of Series B power revenue refunding bonds.
Yields on the Series A were 4.82% with 4.8% and 5% coupons in a split 2029 maturity and 5.08% with 5.05% and 5% coupons in a 2042 split maturity. The bonds are callable at par in 2022.
The Series B bonds yielded 2% with 2.5% and 5% coupons in a split 2016 maturity, with no call option.
The bonds are rated at Baa1 by Moody’s Investors Service and BBB-plus by Standard & Poor’s and Fitch Ratings.
Proceeds from the Series A bonds will go toward financing various projects under the authority’s capital improvement program and repaying the Government Development Bank for Puerto Rico some of its advances from its line of credit. The Series B bonds will refund $12 million of its power revenue bonds, Series II.
