By Josh Beckerman
The Florida Municipal Power Agency plans to sell $104.7 million of All-Requirements Power Supply Project Revenue Bonds.
Proceeds will be used toward system acquisition and construction costs, which includes improvements at the Cane Island Power Park and Treasure Coast Energy Center and long-life part refurbishment at the Sand Lake and Mulberry plant sites.
The FMPA will also use proceeds to refund all or part of its 2015 B bonds and fund a tender offer for some 2016 A bonds.
The serial bonds will have maturities ranging from 2026 through 2035, with the largest amount of $25.9 million slated for 2035, according to a preliminary official statement posted on MuniOS.
The expected sale date is Aug. 5 while the anticipated settlement date is Aug. 13, according to a roadshow document on MuniOS.
Bond counsel believes interest isn't a preference item in calculating alternative minimum tax.
FMPA is a wholesale power agency owned by municipal electric utilities. Major participants include the Kissimmee Utility Authority, the City of Ocala, the Utility Board of the City of Key West and the City of Jacksonville Beach.
The bonds have ratings of A2 from Moody's and AA- from Fitch Ratings. Fitch said its rating reflects the All-Requirements Project's "very strong financial profile in the context of its very strong revenue defensibility assessment and strong operating risk profile." Fitch said its revenue defensibility assessment is supported by the FMPA's long-term power supply contracts, while its operating risk assessment reflects "a consistently low operating cost burden and a diverse portfolio of assets and purchased power contracts."
J.P. Morgan is senior manager for the offering.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 21, 2025 17:39 ET (21:39 GMT)
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