The strong growth ha the European mortgage bond
markets in the last few years has been accompanied by massive changes in the rules governing the issue of those bonds.
The 7-1/4 percent Series Mortgage Bonds
due 2024 were purchased by a syndicate headed by Lehman Brothers.
These instruments are normally lower-yielding than the Fund's church mortgage bond
and church mortgage loan investments and will reduce the Fund's yield.
230 million Class III Single-Family Mortgage Bonds
The $35 million 2006 series D single family mortgage bonds
are being issued under a supplemental indenture that pledges mortgage revenues, investment earnings, reserves and other trust funds to secure the bonds.
of Colorado: 'BBB+' first mortgage bonds
, 'BBB' preferred stock
As a result, we are moving the rating of CCI's first mortgage bonds
to the same level as the rating of GTEC's first mortgage bonds
, currently rated "AA" (Double-A).
The net proceeds from the sale will be used to redeem, on or about April 1, 1994, through the maintenance and replacement fund provisions of the company's mortgage, $50 million of first mortgage bonds
, 9 percent series, due 2000 at a redemption price of 100.
Fitch expects operating cash flows net of dividends will cover approximately 45%-55% of capital expenditures, and that NSPM will fund the shortfall through the new first mortgage bonds
and equity contributions from XEL.
The 7 1/4% Series due April 15, 2001 First Refunding Mortgage Bonds
will be redeemed on March 11, 1994 at 101.
CSP will redeem the $1,000,000 principal amount of the 9% first mortgage bonds
due 2017 on March 1, 1994, at the special redemption price of 100.
0 million 2005 series H single-family mortgage bonds
are being issued under the general trust indenture that pledges mortgage revenues, investment earnings, reserves, and other trust funds to secure the bonds.