CHICAGO — The Illinois Municipal Electric Agency plans to enter the market Thursday with $130 million of mostly taxable Build America Bonds to finance its share of $1 billion in cost overruns for the controversial $4 billion Prairie State coal-fired power plant under construction in Washington County, Illinois.
JPMorgan is the senior manager and McDonald Partners is the financial adviser. The bonds include a roughly $112 million BAB series and a $18 million tax-exempt series. The final maturity is in 2035. Proceeds will finance additional costs for IMEA’s 15% stake in the Prairie State Energy Campus project and reserves.