FORT COLLINS, Colo.- Platte River Power Authority took advantage of low bond market rates as it priced $152.1 million of Series EE Power Revenue Bonds on Wednesday, January 23, 2002. The proceeds from the bond issue will be used to refinance a portion of Platte River's higher cost debt and to pay for a portion of the costs associated with the construction of new gas-fired generation at the Rawhide Energy Station.
The refinancing portion of the bond issue will reduce Platte River's future debt service costs between 2002 through 2018, while the new money bonds were able to take advantage of today's low interest rates - locking in a true interest cost of 4.58 percent over the term of the bonds.
Standard and Poors, Fitch, Inc. and Moodys Investors Service rated the Power Revenue Bonds AA-/AA-/Aa3, respectively.
Platte River is currently one of the highest rated joint action agencies (JAA) in the United States, and Moodys' Aa3 rating is the highest assigned by it to any JAA.