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Presale: Utility Debt Securitization Authority (Series 2022)

The Long Island Power Authority (the Authority) and its wholly owned subsidiary the Long Island Lighting Co. doing business as LIPA are sponsoring Utility Debt Securitization Authority's (UDSA or the issuer) issuance of up to $1 billion fixed-rate restructuring bonds series 2022. Most of the proceeds from the bond issuance will be used to retire certain of the Authority's outstanding debt and refund a portion of UDSA's series 2013 restructuring bonds, with the remainder used to finance system resiliency costs. The final tranche sizes and amortization schedule are subject to the final result of the 2013 restructuring bonds' tender, which will be determined by the closing date, and issuance of the series 2022 restructuring bonds. The restructuring bonds will be