New Financing Options for Renewable Energy?

January 31, 2013 11:15 by Bill Conway in Energy, Energy Efficiency, Financing, Renewables  //  Tags:   //   Comments (0)
The discussion around allowing renewable energy resources, primarily solar and wind, to be held in Master Limited Partnerships or Real Estate Investment Trusts will certainly enhance the future economic viability of these resources. The question remains whether the current "tug-of-war" over taxes and spending in Washington, will allow for this change to occur. [More]

China & It's Deal Appetite

December 12, 2012 11:35 by Bill Conway in Capital Markets, Economy, Financing, M&A  //  Tags: , ,   //   Comments (0)
The combination of access to capital and global opportunities is going to be fun to watch as China companies, funds and investors target US entities. Many foreign companies are willing to consider Chinese partners, but the fact that four-fifths of the Chinese acquirers are state-owned enterprises, may prove challenging in getting deals done. Dealmakers suggest China companies pursue minority interests as a means of satisfying their buying urge. [More]

City of Boulder, CO + Municipalization Efforts

December 10, 2012 11:22 by Bill Conway in Energy, Engineering & Construction, Financing  //  Tags: ,   //   Comments (0)
The outcome of these discussions could have a ripple effect on the age old “municipalization discussions” across the country.  Such transactions are complex undertakings, and require examination from multiple angles, but are perplexing considering the highest and best use of a municipalities limited resources.    To read the full story, click here.

Bond Market Dashboard - September 14, 2012

September 17, 2012 09:39 by David Patterson in Financing  //  Tags: ,   //   Comments (0)
The following is the Bond Market Dashboard for September 14, 2012.  

Tennessee Valley Authority (TVA) Issued 10 Year Global Power Bonds at 1.875%

September 14, 2012 10:08 by David Patterson in Financing  //  Tags:   //   Comments (0)
According to TVA's Form 8-K, TVA entered into an agreement to issue $1.0 billion of its 1.875% Global Power Bonds 2012 Series A Due August 15, 2022.  To view the full Form 8-K, click here.

Union Electric Issued $450 million First Mortgage Bonds

September 12, 2012 11:34 by Bill Conway in Financing  //  Tags:   //   Comments (0)
According to Ameren Corporation's Form 8-K, Union Electric, doing business as Ameren Missouri, a subsidiary of Ameren Corporation, issued and sold $485,000,000 principal amount of its 3.90% Senior Secured Notes due 2042, pursuant to a Registration Statement on Form S-3 (File No. 333-182258-02), which became effective on June 21, 2012, and a Prospectus Supplement dated September 6, 2012 to a Prospectus dated June 21, 2012.  Ameren Missouri received net offering proceeds of approximately $478.2 million, before expenses, upon the closing of the transaction.  Ameren Missouri intends to use the net offering proceeds, together with other available cash, to provide the total amount of funds required to complete its previously announced tender offer (the “Tender Offer”) to repurchase for cash its outstanding 6.00% Senior Secured Notes due 2018 (the “6.00% Notes”), 6.70% Senior Secured Notes due 2019 (the “6.70% Notes”), 5.10% Senior Secured Notes due 2018 (the “2018 5.10% Notes”) and 5.10% Senior Secured Notes due 2019 (the “2019 5.10% Notes” and, together with the 6.00% Notes, the 6.70% Notes and the 2018 5.10% Senior Notes, the “Tender Offer Notes”), including the payment of interest on the Tender Offer Notes purchased thereunder and all related fees and expenses. The maximum aggregate purchase price (including principal and premium) for the Tender Offer Notes will be $377 million (the “Maximum Tender Amount”).  Ameren Missouri also expects to use the net proceeds from the offering of the New Notes to refinance $173,000,000 principal amount of its 5.25% senior secured notes that matured on September 1, 2012.  See the full report here...  

Utility Market - September 7, 2012 Dashboard

September 7, 2012 16:04 by David Patterson in Economy, Financing, M&A  //  Tags: ,   //   Comments (0)
The following is the Utility Market Dashboard for September 7, 2012.

Rayburn Country Electric Cooperative Obtains an A- Credit Rating from S&P

August 1, 2012 16:20 by David Patterson in Financing  //  Tags:   //   Comments (0)
Rayburn Country Electric Cooperative (“RCEC”) receives an A- credit rating with outlook stable from S&P.  S&P “highlighted Rayburn’s solid financial profile, monthly power cost adjustor that fully recoups volatility in wholesale prices, long-term wholesale power contracts with members, diverse retail consumer base and Rayburn’s balanced approach toward resource planning.” RCEC engaged CCCA to assist with the credit rating process.  For additional information, click here.      

NiSource Issues $750 Million of Long-Term Debt

August 1, 2012 16:15 by David Patterson in Financing  //  Tags:   //   Comments (0)
NiSource issued $250 million of 3.85% Notes due February 2023 and $500 million of 5.25% Notes due February 2043.  NiSource is rated BBB- by S&P and Fitch and Baa3 by Moody’s.  Read more…

Empire District Electric (“EDE”) Entered into a Private Placement Agreement for $88 million

July 23, 2012 11:08 by David Patterson in Financing  //  Tags:   //   Comments (0)
According to EDE's Form 8-K, "On April 2, 2012, The Empire District Electric Company (the “Company”) entered into a Bond Purchase Agreement, dated as of April 2, 2012, for a private placement of $88,000,000 aggregate principal amount of its 3.58% First Mortgage Bonds due 2027. The first settlement of $38,000,000 occurred on April 2, 2012, and a second settlement of $50,000,000 is anticipated to occur on or about June 1, 2012. The bonds will mature on April 2, 2027. Interest is payable semi-annually on the bonds on each April 2 and October 2, commencing October 2, 2012." EDE's Form 8-K's concerning this private placement are available here and here. A private placement is a sale of a security to a few "qualified" investors.  Purchasers are often insurance companies, pension funds, or banks.  Although private placements are subject to the Securities Act of 1933, the securities offered do not have to be registered with the Securities and Exchange Commission if the issuance of the securities conforms to an exemption from registration as set forth in the Securities Act of 1933. Most private placements are offered under the Rules known as Regulation D. Email comments to David Patterson.

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