Two public power providers in North Carolina yesterday launched bond sales totaling about $570 million as they refinance debt to avoid the need to raise their already high electricity rates. They also will raise cash to terminate interest rate swaps, and one will issue Build America Bonds for new money.
The North Carolina Eastern Municipal Power Agency and North Carolina Municipal Power Agency No. 1 have weathered the recession well even as electricity usage has declined, analysts said. They were the state's fourth- and fifth-largest debt issuers in 2008, respectively, according to Thomson Reuters.