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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.