The Long Island Power Authority offered to redeem up to $2.5 billion of its bonds as part of an overhaul intended to lower electricity rates to its customers.

The offer is limited to certain maturities within several series of capital appreciation and current interest bonds from 1998 to 2012, LIPA said in an announcement Tuesday on the Municipal Securities Rulemaking Board’s EMMA website. Total par amount (or, for capital appreciation bonds, maturity amount) of the eligible bonds is $4.33 billion.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.