Green Mountain Power Places $30 Million First Mortgage Bonds
04 Août 2006 - 6:05PM
Business Wire
Green Mountain Power Corporation (NYSE:GMP) announced today the
sale through private placement of $30 million principal amount of
First Mortgage Bonds bearing interest at 6.53 percent per year and
maturing on August 1, 2036. The takedown of funds will occur on two
separate dates. The initial closing occurred on August 3, 2006 for
$11 million. The second closing is scheduled for December 1, 2006
for $19 million. Net proceeds from the sale of the new bonds in the
initial closing will be used to partially fund additional capital
investment by the Company in Vermont Transco LLC, which owns the
bulk transmission system in Vermont. Net proceeds from the sale of
the new bonds in the second closing will be used to repay $14
million First Mortgage Bonds maturing in November and December 2006
and to repay short-term bank borrowings. "The combined issuances
will complete our financing plan for 2006," said Christopher
Dutton, President and Chief Executive Officer. "The bond sale
maintains our equity between 50 to 55 percent of our capital
structure." There are statements in this information release that
contain projections or estimates and that are considered to be
"forward-looking" as defined by the Securities and Exchange
Commission (the "SEC"). In these statements, you may find words
such as believes, expects, plans, or similar words. These
statements are not guarantees of our future performance. There are
risks, uncertainties and other factors that could cause actual
results to be different from those projected. For further
information, please contact Dorothy Schnure, Manager of Corporate
Communications, 802-655-8418.
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