JPM’s Southern Montana Deal Likely to Price Next Week
July 2, 2009
JPMorgan Securities’ private placement for Southern Montana Electric Generation & Transmission Cooperative is expected to price next week, sources said.
The NAIC-2 credit is looking for about $150 million, but the final deal size and structure are still being determined by the agent. The deal has been circulating in the market since mid-June.
Based in Billings, Mont., Southern Montana Electric is composed of five separate electric cooperatives and the municipal electricity system for the city of Great Falls, Mont. The combined entity serves more than 120,000 people and its service area encompasses 40% of the total area of the state of Montana, as well as parts of Wyoming.
Due to the impending expiration of one of its main power purchase agreements, Southern Montana Electric has announced plans to construct a coal-fired power plant, the Highwood Generating Station, outside of Great Falls.---GC
For more information on related topics, visit the following:
