NOTICE DATE: June 9, 2022
NOTICE TYPE: M-A060822-02 General
SHORT DESCRIPTION: Additional information regarding final pricing of the PURA Chapter 39, Subchapter N Bonds
INTENDED AUDIENCE: All Market Participants
DAYS AFFECTED: June 8, 2022 and thereafter
LONG DESCRIPTION: Yesterday, ERCOT issued a Market Notice that included information regarding the final pricing of the bonds being issued under the provisions of Texas Public Utility Regulatory Act (PURA) Chapter 39, Subchapter N and the Public Utility Commission of Texas (PUCT) Debt Obligation Order issued in Docket No. 52322, Application of Electric Reliability Council of Texas, Inc. for a Debt Obligation Order Pursuant to Chapter 39, Subchapter N, of the Public Utility Regulatory Act.
Below, please find additional information regarding the final pricing of the Subchapter N Bonds.
|
Tranche
|
Expected Weighted Average Life (years)
|
Principal Amount Offered
|
Scheduled Final Payment Date
|
Legal Final Maturity Date
|
Yield
|
Coupon Rates
|
|
A-1
|
6.78
|
$600,000,000
|
August 1, 2034
|
August 1, 2036
|
4.264%
|
4.265%
|
|
A-2
|
16.21
|
$600,000,000
|
February 1, 2042
|
February 1, 2044
|
4.966%
|
4.966%
|
|
A-3
|
22.12
|
$457,900,000
|
August 1, 2046
|
August 1, 2048
|
5.057%
|
5.057%
|
|
A-4
|
26.11
|
$457,800,000
|
February 1, 2050
|
February 1, 2052
|
5.167%
|
5.167%
|
The Subchapter N transaction is anticipated to close and fund on June 15, 2022.
ADDITIONAL INFORMATION: Additional information regarding securitization efforts under PURA Chapter 39, Subchapter N and the PUCT Debt Obligation Order can be found at ERCOT’s dedicated webpage: https://www.ercot.com/about/hb4492securitization/subchaptern. Additionally, the ERCOT Market Notice issued on June 8, 2022, regarding the final pricing of the Subchapter N Bonds and the anticipated closing and funding of the transaction can be found at this link.
CONTACT: If you have any questions, please contact your ERCOT Account Manager. You may also call the general ERCOT Client Services phone number at (512) 248-3900 or contact ERCOT Client Services via email at ClientServices@ercot.com.
If you are receiving email from a public ERCOT distribution list that you no longer wish to receive, please follow this link in order to unsubscribe from this list: http://lists.ercot.com.
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