Western Minnesota Municipal Power Agency Announces Details of Plan to Sell Taxable Refunding Bonds

Western Minnesota Municipal Power Agency (“Western Minnesota”) plans to price approximately $320 million of taxable fixed-rate bonds the week of October 14, 2019 through a negotiated sale. Proceeds of the sale will primarily be used to refund a portion of certain of Western Minnesota’s outstanding Power Supply Revenue Bonds. The sale will be led by book-running senior manager Citigroup, with J.P. Morgan and Wells Fargo serving as co-managers. A Preliminary Official Statement is expected to be available the week of October 7.

Western Minnesota is a municipal corporation and political subdivision of the State of Minnesota and has financed the construction and acquisition of electric generating and transmission facilities used to serve the municipal members of Missouri River Energy Services (MRES). The 24 members of Western Minnesota also are members of MRES.

MRES is a not-for-profit joint-action agency that provides wholesale electricity and energy services to 61 member municipalities in the states of Iowa, Minnesota, North Dakota, and South Dakota. All MRES members own and operate local electric distribution systems.

Western Minnesota and MRES have a power supply agreement under which Western Minnesota sells to MRES all of the output of its generating and transmission facilities. MRES provides all administrative services for Western Minnesota.

For more information, contact Merlin Sawyer at Missouri River Energy Services, phone: 605-338-4042; e-mail msawyer@mrenergy.com