SOURCE: Colorado Springs Utilities
COLORADO SPRINGS, CO--(Marketwire - Sep 11, 2012) - Approximately $153.3 million in Series 2012C bonds will be offered to individual and other investors Sept. 12, 2012.
The majority of the bonds (approximately $110.6 million) will be used to refinance outstanding debt at lower interest rates and provide cost savings for Colorado Springs Utilities customers.
Proceeds from the remaining issue (approximately $42.7 million) will help finance utility system expansion and existing system upgrades.
The bonds have been rated AA by Standard & Poor's and Fitch and Aa2 by Moody's.
Maturities are expected to range from 2013 to 2042 with a minimum investment of $5,000. Bonds will be sold with the assistance of lead manager J.P. Morgan Securities, and co-managers Barclays Capital, BNY Mellon Capital Market and U.S. Bancorp Investments.
Interested investors can view the preliminary official statement and are advised to contact one of the above firms or their financial advisor to purchase bonds.
The city-owned utility provides electric, natural gas, water and wastewater service to Colorado Springs, several military installations and surrounding residential areas.
Issue amounts are preliminary and subject to change.