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Iowa Municipal Gas Utilities Execute $614 MM Prepay Transaction

Posted By IAMU, Wednesday, June 5, 2019

On May 31, PEFA, Inc. issued $614 million in “Gas Project Revenue Bonds – Series 2019.”  The proceeds of the bonds will be used to prepay the costs of acquiring a fixed quantity of natural gas (purchased at a discount to Index) to be delivered over 30 years from the gas supplier. There was a total of 84 participating municipal gas utilities from seven states (41 from Iowa), which are expected to save approximately $2.2 million annually.

The gas supply will come from the Goldman Sachs Group, Inc. through its natural gas supplier, J. Aron & Company LLC.  The Gas Manager for the project is Clayton Energy Corporation while Ahlers & Cooney, P.C. served as the Bond Counsel for PEFA, Inc.

PEFA, Inc., the Issuer, is a separate legal entity and a nonprofit public benefit corporation organized and existing under the laws of the State of Iowa, was organized by the Public Energy Facilities Authority, an Iowa joint powers authority formed pursuant to Chapter 28E of the Iowa Code, to finance the Gas Project.

Pictured above are some of the PEFA, Inc. Directors signing the closing documents.  Left to right:  Jim Zeutenhorst (Sanborn), John Bird (Emmetsburg) and Brad Honold (Coon Rapids). Not pictured: Bryan Gerritson (Orange City).

Iowa Participants:
Alton Municipal Utilities, Bedford City Municipal Gas, City of Bloomfield, Brighton Municipal Gas System, Brooklyn Municipal Utilities, Cascade Municipal Utilities, Clearfield Natural Gas Company, Coon Rapids Municipal Utilities, Emmetsburg Municipal Utilities, Everly Municipal Utility, Fairbank Municipal Gas, City of Gilmore City, Town of Graettinger, City of Guthrie Center, City of Hartley, Hawarden Municipal Utilities, City of Lake Park, Lenox Gas System, Lineville Municipal Natural Gas System, Lorimor Municipal Gas, City of Manilla, Manning Municipal Natural Gas, City of Mapleton, Morning Sun Municipal Natural Gas System, City of Orange City, City of Preston, Remsen Municipal Utilities, Rock Rapids Municipal Utilities, Rolfe Municipal Gas, Sac City Municipal Gas Company, City of Sabula, Sanborn Municipal Gas Utility, Sioux Center Municipal Gas, City of Tipton, City of Wall Lake, Wayland Municipal Gas, Wellman Gas System, West Bend Municipal Gas, Whittemore Municipal Utilities, Winfield Municipal Gas and Woodbine Municipal Natural Gas.

Tags:  Gas  PEFA 

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