JPM & KeyBanc Get $400 Million for Great River
August 13, 2009
JPMorgan Securities and KeyBanc Capital Markets priced a $400 million first mortgage private placement for Minnesota-based electricity co-op Great River Energy this week, sources confirmed.
The transaction priced in three tranches:
--- $215 million, 12-year final, 8.25-year average life tranche priced at 215 basis points over the 10-year Treasury for a 5.81% coupon
--- $135 million, 17-year final, 14-year average life @ 240 bps over the 10-year T for a 6.06% coupon
--- $50 million, 22-year bullet tranche @ 245 bps over the 30-year T for a 6.94% coupon
The issuer is rated ‘A3 Stable’ by Moody’s Investors Service, ‘BBB+ Positive’ by Standard & Poor’s, and ‘A- Stable’ by Fitch Ratings. A total of 24 accounts participated in the deal.
Based in Maple Grove, Minn., Great River is an electricity generation and transmission cooperative. The company provides wholesale power to 28 electricity distribution cooperatives in Minnesota and Wisconsin, which among them deliver electricity to 600,000 end users.--GC
For more information on related topics, visit the following:
