Successful bond sale earns LES more than $75 million
Originally published July 10, 2013
Buyers outnumbered bonds during Lincoln Electric System’s latest bond sale where it sold bonds to customer-owners totaling $75.5 million.
"LES received more than $300 million of orders ... more than four times the amount of bonds being offered for sale," said Laura Kapustka, LES chief financial officer. "This strong response allowed for the bonds' interest rate to be lowered prior to finalizing the sale."
The Nebraska utility projects its customer-owners will save approximately $12.7 million in 2013 dollars because of the successful sale.
The bonds were sold in $5,000 increments and will mature between 2021 and 2025, LES said. The utility issued the bonds to refinance higher interest bonds and to pay off a portion of its outstanding commercial paper.
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