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LIPA to issue $350M of revenue bonds


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LIPA to issue $350M of revenue bonds

The Long Island Power Authority plans to issue $350 million worth of electric system general revenue bonds, series 2017, according to an offering circular filed Dec. 1.

Interest on the bonds is payable on March 1 and Sept. 1, beginning March 1, 2018. The bonds have been assigned ratings of A- by both Fitch Ratings and S&P Global Ratings and A3 by Moody's.

LIPA will use proceeds to fund certain system improvements and to pay costs relating to the issuance of the bonds, including the underwriters' discount.

Citigroup, Academy Securities Inc., Drexel Hamilton LLC, Morgan Stanley, Siebert Cisneros Shank & Co. LLC, J.P. Morgan, Bank of America Merrill Lynch, Goldman Sachs & Co. LLC, Raymond James, Ramirez & Co. Inc., Barclays, Loop Capital Markets, RBC Capital Markets and Wells Fargo Securities are serving as underwriters.

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