More results found.
No results match your search term, but we're constantly adding new issuers to the BondLink platform. Looking to learn more?
Learn about Transmission Services Corporation, including Featured News, Executive Team, and FY2023 Transmission Projects.
This is the investor website for the Lower Colorado River Authority (LCRA). For bondholder convenience, we have created separate sites for two different debt programs: the Lower Colorado River Authority debt program and the LCRA Transmission Services Corporation debt program. Please use the drop-down menu for details for each debt program.
LCRA TSC is a nonprofit corporation created by LCRA to act on LCRA's behalf pursuant to Chapter 152, Texas Water Code, as amended, to conduct LCRA's electric transmission business. On Jan. 1, 2002, LCRA transferred ownership of its transmission facilities to LCRA TSC to satisfy the state’s requirements.LCRA TSC owns and operates all of the electric transmission and transformation assets previously owned by LCRA as well as transmission and transformation assets constructed and financed by LCRA TSC or acquired by LCRA TSC with other available funds. LCRA personnel, including primarily those that operate LCRA's transmission department, are responsible for performing all of LCRA TSC's activities pursuant to a services agreement between LCRA TSC and LCRA. Since its creation, LCRA TSC has invested more than $2.4 billion in transmission projects to meet the growing demand for electricity, improve reliability, connect new generating capacity, address congestion problems that affect the competitive market and help move renewable energy to the market. LCRA TSC plans to invest about $1.2 billion over the next five years to build new transmission facilities and improve existing ones.
On January 18, 2023, the Board of Directors of the LCRA Transmission Services Corporation (the “Corporation”) and the Board of Directors of the Lower Colorado River Authority (“LCRA”) adopted resolutions delegating the authority to an authorized representative of LCRA to approve the issuance of one or more series of bonds as Transmission Contract Debt (as defined below) in a maximum aggregate principal amount not to exceed $950 million for the purposes of (i) refunding certain outstanding Transmission Contract Debt, (ii) funding a debt service reserve fund for any such bonds and/or (iii) paying costs of issuance for any such bonds.
LCRA currently contemplates utilizing such authority to price a series of fixed rate bonds (the “Proposed Bonds”) in a principal amount of approximately $270 million* in February 2023* through a negotiated sale to a syndicate of underwriters led by RBC Capital Markets, LLC as senior manager.
The Proposed Bonds as Transmission Contract Debt would be secured by a lien on and pledge of certain Installment Payments (as defined below) payable to LCRA from the Corporation pursuant to an amended and restated Transmission Contract Revenue Debt Installment Payment Agreement, dated as of March 1, 2003 as supplemented by a Transmission Contract Revenue Debt Installment Payment Agreement Supplement Relating to the Proposed Bonds, currently anticipated to be dated as of March 1, 2023.
The size, timing, and structure of the potential transaction for the Proposed Bonds is subject to market conditions. LCRA reserves the right to change the timing and size of the sale or not to issue the Proposed Bonds.
Capitalized terms used in this notice and not otherwise defined herein shall have the meanings ascribed to them in the Official Statement, dated September 29, 2022, relating to the Lower Colorado River Authority Transmission Contract Refunding Revenue Bonds (LCRA Transmission Services Corporation Project), Series 2022A issued by LCRA on behalf of the Corporation.
The 'A+' rating reflects the financial profile of TSC and the regulatory framework for transmission providers in the Electric Reliability Council of Texas (ERCOT) market, in which TSC operates. TSC builds, operates and maintains transmission assets across ERCOT, including areas outside of its traditional wholesale power service territory.
On September 21, 2022, the Board of Directors of the LCRA Transmission Services Corporation (the “Corporation”) and the Board of Directors of the Lower Colorado River Authority (“LCRA”) adopted resolutions delegating the authority to an authorized representative of LCRA to approve the issuance of one or more series of bonds as Transmission Contract Debt (as defined below) in a maximum aggregate principal amount not to exceed $300 million for the purposes of (i) refunding certain outstanding Transmission Contract Revenue Notes (as defined below), (ii) funding a debt service reserve fund for any such bonds and/or (iii) paying costs of issuance for any such bonds.