BASML Prices $150 Million for Georgia Transmission
June 19, 2009
Banc of America Securities Merrill Lynch priced a $150 million private placement for Georgia Transmission Corp. (GTC) earlier this week, sources confirmed.
The NAIC-2 deal priced in a 21-year final, 14-year average life amortizer at 185 basis points over Treasurys.
Tucker, Ga.-based GTC is an electricity transmission cooperative that serves 42 electric membership cooperatives in the state of Georgia. GTC operates and maintains a transmission system of more than 2,700 miles of power lines and 600 substations, also jointly managing most of the state’s 17,500 miles of transmission lines in conjunction with other utilities, according to information on GTC’s Web site. GTC has assets totaling $1.2 billion.
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