News & Events

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. Pursuant to such authority, on March 2, 2023, LCRA issued its Transmission Contract Refunding Revenue Bonds (LCRA Transmission Services Corporation Project), Series 2023 in the aggregate principal amount of $365,045,000.

LCRA currently contemplates utilizing such remaining authority to price a series of fixed rate bonds (the “Proposed Bonds”) in a principal amount of approximately $481.5 million* as early as May 8, 2023* through a negotiated sale to a syndicate of underwriters led by J.P. Morgan Securities 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 May 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 February 15, 2023, relating to the Lower Colorado River Authority Transmission Contract Refunding Revenue Bonds (LCRA Transmission Services Corporation Project), Series 2023 issued by LCRA on behalf of the Corporation.

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.

On January 19, 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 $500 million for the purposes of (i) refunding certain outstanding Transmission Contract Debt, (ii) funding a debt service reserve fund for such any such bonds and/or (iii) paying costs of issuance for any such bonds.

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 in areas outside its traditional wholesale power service territory.

S&P Global Ratings assigned its 'A' rating to the Lower Colorado River Authority (LCRA), Texas' $247.875 million series 2022 refunding revenue bonds and $170.65 million series 2021A transmission contract refunding revenue bonds.

On September 22, 2021, 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 $250 million for the purposes of (i) refunding certain outstanding Transmission Contract Revenue Notes (as defined below), (ii) funding a debt service reserve fund for such any such bonds and/or (iii) paying costs of issuance for any such bonds.

     On January 20, 2021, 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 $600 million for the purposes of (i) refunding certain outstanding Transmission Contract Debt, (ii) funding a debt service reserve fund for such any such bonds and/or (iii) paying costs of issuance for any such bonds.
     LCRA currently contemplates utilizing such authority to price one series of fixed rate bonds (the “Proposed Bonds”) up to the maximum authorized principal amount of $600 million in February 2021* through a negotiated sale to a syndicate of underwriters led by BofA Securities, Inc. as senior manager.

S&P Global Ratings said today that the Lower Colorado River Authority, Texas (LCRA) and affiliate Transmission Services Corp.'s (TSCorp.) (A/Stable) robust liquidity, strong margins, and flexible capital plan position the authority well for
evolving events related to the COVID-19 pandemic.

See Attached Bond Buyer Article dated 9/30/2019

The Lower Colorado River Authority, a political subdivision of the state of Texas, has joined a new investor relations site to provide investors with an easy way to find information about LCRA’s upcoming bond offerings.