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Long Island Power Authority to offer $800M of general revenue notes

The Long Island Power Authority plans to issue $800 million of electric system general revenue notes.

Proceeds from the issuance of the general revenue, or GR, notes will be used to pay for system-related expenses, to refund series 2015 GR notes and subordinated series 2014 commercial paper notes, to refund borrowings under LIPA's revolving credit facility and for other purposes.

The offering is composed of $200 million of series 2015 GR-1 notes due June 29, 2021, $100 million of series 2015 GR-2 notes due March 11, 2022, $100 million of series 2015 GR-3 notes due May 1, 2020, $200 million of series 2015 GR-4 notes due March 12, 2021, $100 million of series 2015 GR-5 notes due March 12, 2021, and $100 million of series 2015 GR-6 notes due March 14, 2022.

The series 2015 GR-1 notes have been assigned ratings of F1+ by Fitch Ratings, A-1+ by S&P Global Ratings and P-1 by Moody's. The series 2015 GR-2 notes were rated F1+ by Fitch Ratings, A-1+ by S&P Global Ratings and P-1 by Moody's. The ratings for the series 2015 GR-3 notes were A-1+ by S&P Global Ratings and P-1 by Moody's. The series 2015 GR-4 notes were rated F1+ by Fitch Ratings, A-1+ by S&P Global Ratings and P-1 by Moody's. The ratings for the series 2015 GR-5 notes were F1 by Fitch Ratings, A-1 by S&P Global Ratings and P-1 by Moody's. The series 2015 GR-6 notes were rated F1 by Fitch Ratings, A-1 by S&P Global Ratings and P-1 by Moody's

Under a letter of credit, TD Bank NA is obligated for the amount payable for series 2015 GR-1, State Street Bank and Trust Co. is obligated for series 2015 GR-2, U.S. Bank National Association will pay for series 2015 GR-3, Royal Bank of Canada is obligated for series 2015 GR-4, Citibank NA will pay for series 2015 GR-5, and Barclays Bank PLC is obligated for series 2015 GR-6.

Goldman Sachs & Co. LLC will serve as the dealer for GR-1 notes, Wells Fargo Bank NA will serve as dealer for the GR-2 and GR-3 notes, RBC Capital Markets LLC will serve as dealer for the GR-4 notes, Citigroup Global Markets Inc. will serve as dealer for the GR-5 notes and Barclays Capital Inc. will serve as dealer for the GR-6 notes.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.