Wind Energy Leads California Agency to Borrow $533 Million
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Southern California Public Power Authority, provider of electricity to almost 5 million people, plans to sell $533.1 million of municipal bonds in the biggest scheduled tax-exempt sale of the week.
JPMorgan Chase & Co. will lead marketing of the debt, which is rated fourth-highest by both Standard & Poor’s and Fitch Ratings, at AA-. The authority expects to sell the biggest tranche, $40.8 million in 20-year maturities, at 40 basis points, or 0.40 percentage point, above AAA rated municipal bonds, said Vernon Oates, finance and accounting manager.