Omaha Public Power Sells $373.6M of Bonds for Capital Projects, Refunding

Dow Jones03:29

By Chris Wack

The Omaha Public Power District sold $373.6 million of municipal bonds for corporate purposes of the district and to refund certain outstanding revenue bonds.

The district issued $297.5 million of 2024 Series C Electric System Revenue Bonds and $76.1 million of 2024 Series D Electric System Revenue Bonds, according to documents posted Friday on MuniOS.

The maturity schedule for the Series C bonds is 2026 through 2054, and the interest rate for the bonds is 4% to 5%. Yields ranged from 2.66% to 4.18%

The maturity schedule for the Series D bonds is 2033 through 2043, with an interest rate of 5%. Yields ranged from 3.03% to 3.66%.

The bonds are being issued for purposes including paying or reimbursing for capital expenditures, refunding all or a portion of certain outstanding Electric System Revenue Bonds issued in 2015 and funding any required reserves.

The district provides electric service in the City of Omaha, Neb., and adjacent territory comprising all or parts of 13 counties.

The average number of customers served by the district included 357,528 residential, 49,782 commercial, 133 industrial and 13 off-system customers as of the end of last year. It had total operating revenue of $1.42 billion in 2023, and $1.15 billion for the nine-months ended Sept. 30.

Moody's Ratings assigned the bonds a Aa2 rating, and S&P Global Ratings gave them a AA rating.

J.P. Morgan and BofA Securities were lead managers on the issuance.

By Chris Wack, chris.wack@wsj.com

(END) Dow Jones Newswires

November 22, 2024 14:29 ET (19:29 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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