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Hoosier Closes $240 Million Private Placement

On September 30, 2011, Hoosier Energy Rural Electric Cooperative, Inc., closed a $240 million private placement transaction on which Goldman Sachs served as sole placement agent.  The transaction included two tranches of notes: the $190 million Series A
October 7, 2011

On September 30, 2011, Hoosier Energy Rural Electric Cooperative, Inc., closed a $240 million private placement transaction on which Goldman Sachs served as sole placement agent.  The transaction included two tranches of notes: the $190 million Series A Notes with a weighted average life of 25.8 years and a coupon of 4.86%, and the $50 million Series B Notes with a weighted average life of 18 years and a coupon of 4.07%.  The Series A Notes achieved the lowest coupon for any electric cooperative private placement that was priced off of the 30 year U.S. Treasury rate in the last three years.  The Series B Notes are New Clean Renewable Energy Bonds (CREBs), and after the Federal interest subsidy applicable to CREBs is taken into account, the net coupon on the Series B Notes is 0.89%.  Sutherland Asbill and Brennan LLP (finance counsel) and Huber, Goffinet & Hagedorn (general counsel) represented Hoosier on this transaction. Click here for more information on the financing.

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