LINCOLN — Lincoln Electric System plans to sell approximately $80 million in tax-exempt revenue bonds this week. Bonds are scheduled to be offered for sale Jan. 22, 2020, with priority given to local retail buyers.
The bonds, rated AA by both Fitch Ratings and Standard & Poor’s, will be issued to reimburse LES for previously incurred capital expenditures and are set to be offered at historically low rates. “We are excited about the savings generated for LES customers by issuing these bonds at such low rates,” said Laura Kapustka, vice president of financial services and CFO. “This bond sale presents another opportunity for LES customers to invest in their utility.”
The revenue bonds will be available in up to 13-year maturities, ranging from 2025 to 2033. Interest is excludable from gross income for federal and Nebraska income tax purposes. Bonds are expected to be delivered on or about Jan. 30, 2020, and will be available in $5,000 denominations.
LES bonds are offered for sale only through the Official Statement. A copy of the Preliminary Official Statement, which contains a more complete description of the Bonds, and the sources of payment thereof, may be obtained from the underwriters listed below:
- J.P. Morgan / 855-231-8873
- Goldman Sachs / 917-343-7900
More information on the bond sale taking place Wednesday can be found at LES.com.