CPS Energy recently sold $435 million in electric and gas systems revenue bonds, at a low debt cost, to support critical capital programs to be implemented over the next two years to maintain and ensure electric and gas reliability for customers.
Investor demand for these bonds was high. CPS Energy maintains strong bond ratings with New York rating agencies because of our reliable and diverse power supply as well as a history of strong financial performance in a growing service area economy.
“I was very encouraged to see that investors continue to show such a strong demand for our highly rated bonds,” said Frank Almaraz, interim group executive vice president, treasurer and shared services lead. “In turn, our community and our customers benefit because we are able to issue debt at a competitive and low cost of borrowing, which is in line with our prudent rate strategy.”
More than half of the bond proceeds will be used to support the acquisition of materials and services associated with electric distribution (poles, cables) and electric transmission (power plants and substations) projects across our service area in Greater San Antonio.