state of wyoming pipeline authority discussion of capital market financing august 26, 2003
TRANSCRIPT
State of Wyoming Pipeline Authority
Discussion of Capital Market Financing
August 26, 2003
Introduction to UBS
2021196N.ppt 2
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Corporate Organization
Named 2002 “Bank of the Year” by Investment Dealer’s Digest
Named “World’s Best Investment Bank” in EuroMoney’s Awards for Excellence 2002
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UBS’s US Utility Sector Advisory Experience During this past cycle of utility transactions, UBS has advised on over $70
billion of US electric and gas advisory assignments (1)
(1) Dates represent transaction announcements and figures represent enterprise values; UBS client in bold, since 1994
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A Dominant Force in the US Power Industry
UBS Investment Bank has been an advisor in five of the last ten utility deals in the United States
Ten Most Recent US Electric M&A Deals
DateAnnounced Acquirer Target Acquirer Advisors Target Advisors
4/29/2002 Ameren Corporation CILCORP Goldman Sachs Lehman Brothers
2/21/2001 Energy East RGS Energy UBS Investment Bank Morgan Stanley
2/12/2001 Potomac Electric Power Conectiv Inc. Merrill Lynch CSFB
9/5/2000 National Grid Plc Niagara Mohawk Rothschild CSFB
8/8/2000 FirstEnergy Corp GPU Inc Morgan Stanley SSB
7/17/2000 AES Corp IPALCO Enterprises Lehman Brothers UBS Investment Bank
2/28/2000 PowerGen Plc LG&E Energy UBS Investment Bank, DKW Blackstone Group
2/28/2000 NiSource Inc. Columbia Energy Group CSFB, DKW Morgan Stanley, SSB
10/25/1999 Investor Group/Berkshire Hathaway
MidAmerican Energy CSFB UBS Investment BankLehman Brothers
10/5/1999 DTE Energy Co. MCN Energy Group UBS Investment Bank Merrill Lynch
SOURCE: Thomson Financial Securities Data
Advisors Involved in Recent Utility DealsUBS Investment Bank 5/10 Merrill Lynch 2/10Credit Suisse First Boston 4/10 Dresdner KW 2/10Morgan Stanley 3/10 Blackstone Group 1/10Lehman Brothers 3/10 Rothschild 1/10Salomon Smith Barney 2/10 Goldman Sachs 1/10
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Dominant Force in the US Utility Capital Markets
Equity
Debt
200343,000,000 sharesUS$7.00 per shareFollow-On Offering
20034,000,000 sharesUS$25.31 per shareFollow-On Offering
200350,000,000 sharesUS$20.95 per shareFollow-On Offering
200312,000,000 sharesUS$17.19 per shareFollow-On Offering
200226,500,000 sharesUS$40.50 per shareFollow-On Offering
20025,700,000 sharesUS$31.50 per shareFollow-On Offering
20026,000,000 sharesUS$25.10 per shareFollow-On Offering
200254,500,000 sharesUS$18.35 Per shareFollow-On Offering
20029,885,256 sharesUS$18.25 per shareFollow-On Offering
200219,385,000 sharesUS$11.00 per shareFollow-On Offering
2003Joint bookrunner on US$300 million 5.25% 12-year senior notesJoint bookrunner on US$500 million 5.375% 7-year senior notesCo-manager on US$2.025 billion OpConotes consisting of nine tranchesat four subsidiaries
2003Joint bookrunner on US$500 million notes due 20082002Sole bookrunner on US$350 million senior notes due 2032Joint lead manager on US$250 million floating rate notes due 2005 and US$750 million senior notes due 2012
2003Joint bookrunner on US$195million 3.4% 5-year senior unsecured noteJoint bookrunneron US$250 million 4.875% 10-year First Mortgage Bonds for Public Service Company of Colorado
2003Joint lead manager on US$1.8 billion second priority senior secured notes issued in two tranches: $1.2 billion 10-year 8.75% notes and $600 million 12-year 9.00% notesJoint dealer manager on US$1.2 billion tender offer for its senior unsecured and subordinated debt outstandingSole bookrunnerand joint lead manager for AES Chigen’sUS$175 million 10.125% 7-year high yield bond
2003Joint bookrunner on US$510 million 5.25% 30-year/12-year puttable senior unsecured notes due 20032002Joint bookrunneron US$385 million preferred notes due 20422001Senior Co-manager on US$300 million retail preferred notes
Equity
Debt
200343,000,000 sharesUS$7.00 per shareFollow-On Offering
20034,000,000 sharesUS$25.31 per shareFollow-On Offering
20034,000,000 sharesUS$25.31 per shareFollow-On Offering
200350,000,000 sharesUS$20.95 per shareFollow-On Offering
200312,000,000 sharesUS$17.19 per shareFollow-On Offering
200312,000,000 sharesUS$17.19 per shareFollow-On Offering
200226,500,000 sharesUS$40.50 per shareFollow-On Offering
20025,700,000 sharesUS$31.50 per shareFollow-On Offering
20025,700,000 sharesUS$31.50 per shareFollow-On Offering
20026,000,000 sharesUS$25.10 per shareFollow-On Offering
20026,000,000 sharesUS$25.10 per shareFollow-On Offering
200254,500,000 sharesUS$18.35 Per shareFollow-On Offering
20029,885,256 sharesUS$18.25 per shareFollow-On Offering
200219,385,000 sharesUS$11.00 per shareFollow-On Offering
200219,385,000 sharesUS$11.00 per shareFollow-On Offering
2003Joint bookrunner on US$300 million 5.25% 12-year senior notesJoint bookrunner on US$500 million 5.375% 7-year senior notesCo-manager on US$2.025 billion OpConotes consisting of nine tranchesat four subsidiaries
2003Joint bookrunner on US$300 million 5.25% 12-year senior notesJoint bookrunner on US$500 million 5.375% 7-year senior notesCo-manager on US$2.025 billion OpConotes consisting of nine tranchesat four subsidiaries
2003Joint bookrunner on US$500 million notes due 20082002Sole bookrunner on US$350 million senior notes due 2032Joint lead manager on US$250 million floating rate notes due 2005 and US$750 million senior notes due 2012
2003Joint bookrunner on US$195million 3.4% 5-year senior unsecured noteJoint bookrunneron US$250 million 4.875% 10-year First Mortgage Bonds for Public Service Company of Colorado
2003Joint bookrunner on US$195million 3.4% 5-year senior unsecured noteJoint bookrunneron US$250 million 4.875% 10-year First Mortgage Bonds for Public Service Company of Colorado
2003Joint lead manager on US$1.8 billion second priority senior secured notes issued in two tranches: $1.2 billion 10-year 8.75% notes and $600 million 12-year 9.00% notesJoint dealer manager on US$1.2 billion tender offer for its senior unsecured and subordinated debt outstandingSole bookrunnerand joint lead manager for AES Chigen’sUS$175 million 10.125% 7-year high yield bond
2003Joint bookrunner on US$510 million 5.25% 30-year/12-year puttable senior unsecured notes due 20032002Joint bookrunneron US$385 million preferred notes due 20422001Senior Co-manager on US$300 million retail preferred notes
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UBS Financial Services Inc.
Full-service national securities firm
In June 2003, UBS PaineWebber became UBS Financial Services, a division of UBS AG, the largest private bank in the world
$1.5 trillion in assets under management in the combined firm
UBS Financial Services' Core Businesses:
— Private Client Investment Services— Asset Management— Research— Investment Banking— Global Fixed Income— Global Equity Sales and Trading— Municipal Securities Group
UBS Financial Services’ Domestic Offices
MEME
CENTRALNORTHEAST
WESTERN
SOUTHERN
MASS.Boston (7)HinghamHyannisPeabodySpringfieldWellesleyWorcester
Bangor
PortlandNHNHConcord
VTVT
Burlington
Plattsburgh
RHODE IS.Providence CONN.
DarienGreenwichHartford (2)MiddleburyNew HavenNew LondonNorwichRidgefieldStamford (2)Westport
NYNYGlens Falls
Syracuse
Buffalo
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PAPA
OHOH
WVWV
VAVAKYKY
TNTN
ARARMSMS
LALA
ALAL
GAGA
FLFL
SCSC
NCNC
MIMI
WIWI
ILIL
MNMN
NDND
SDSD
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OKOK
TXTX
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CT
MDBaltimoreHunt ValleyBethesdaRockvillePrince Georges Cty
MDMD
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DEDE
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(2)
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AshvilleHigh Point Greenville
SmithfieldHickoryHendersonville
Chattanooga
CookevilleBrentwood
Franklin
Kingsport (2)
Murfreesboro
Plymouth
Rochester
Naperville
Indian Hills
Bowling GreenPaducah
Albany
CantonMarysville
San JuanPRPR
Bedford
RochesterWilliamsville
Edmond
ü W orld ’s la rgest priva te bank
ü S trong cred it ra tings (A a2/A A +/A A A )
ü Tota l c lien t assets o f $1 .42 trillion
ü Top 10 financia l services firm by m arket cap ita liza tion ($49.4 b illion)
ü Lead ing globa l research p la tfo rm(#3 in E urope, #3 in A sia and#4 worldw ide)
UBS Financial Services Inc.
ü 391 o ffices th roughout U .S .em ploying 8 ,789 investm entexecutives
ü M anaging 5 .2 m illion priva teclien ts w ith invested assets o f$427.4 b illion
ü P rem ier m un icipa l investm entbanking un it (curren tly ranked #1in U .S .)
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UBS Financial Services is a National Municipal Powerhouse
2002 Negotiated Rankings2003 YTD Negotiated Rankings 2001 Negotiated Rankings
Source: Securities Data Corporation; Includes Senior Managed Negotiated transactions.
National Distribution
UBS OfficesMunicipal Committing Center
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UBS Taxable Municipal Bond Firm Rankings
UBS has consistently been ranked #1 in the taxable municipal market with over $21.94 billion of issuance since 1993 and resources from UBS Securities sales and trading available as well
Senior Managed Taxable ExperienceJanuary 1, 1993 to June 2003(# of issues/$ in millions)
$3,869.6
$4,449.4
$4,984.3
$5,193.6
$8,971.3
$9,254.6
$10,535.2
$11,431.1
$19,651.0
$21,939.1
0 5,000 10,000 15,000 20,000 $25,000
J P Morgan
RBC Dain Rauscher
Morgan Stanley
William R. Hough
Bear, Stearns
Merrill Lynch
Lehman Brothers
Goldman, Sachs
Citigroup
UBS Financial Services 420
305
253
199
171
149
178
93
321
8
Number of Issues
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UBS Financial Services Credentials
UBS works with many power agencies to develop finance plans and issue municipal debt
Senior Managed Public Power Financing Expertise
S o u t h e r n C a l i f o r n i aP u b l i c P o w e r A u t h o r i t y
N e w Y o r k S t a t eP o w e r A u t h o r i t y
F l o r i d a G a sU t i l i t y
S a m R a y b u r nM u n i c i p a l P o w e r A g e n c y
N o r t h e r n C a l i f o r n i aP o w e r A g e n c y
M u n i c i p a l E n e r g yA g e n c y o f G e o r g i a
C o l o r a d o S p r i n g sU t i l i t i e s
N e b r a s k a P u b l i cP o w e r D i s t r i c t
A m e r i c a n M u n i c i p a l P o w e rO h i o
S a n A n t o n i o C i t yP u b l i c S e r v i c e
E n e r g yN o r t h w e s t
L o n g I s l a n d P o w e rA u t h o r i t y
Wyoming Natural Gas Pipeline AuthorityCapital Financing Issues
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Transaction Environment
Authority can’t own pipeline, but can own pipeline capacity
Authority can initiate a project, but needs owner/partner
Difficulty securing long-term contracts with pipeline users
Regulatory lead time
Preference/requirement to ship Wyoming origin gas
Gaining access/control over RIK gas
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Transaction Relationships
PipelineOwner
PipelineOwner
Natural GasPipeline
Authority
Natural GasPipeline
Authority
State ofWyoming
State ofWyoming
Business Partnership
Credit Support
Producers
LMD
Utilities
RIK Gas
DebtStructure
Banks(Foreign & Domestic)
PensionFunds
InsuranceCompanies
Individual/Institutional
Investors
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Transaction Structure – Critical Issues
Quantify economic value from promotion of gas development in Wyoming
Analyze the most efficient means of creating this economic value, e.g. credit support, pipeline capacity ownership
Determine what influence or input into a project is desired
Several implementation alternatives are available— choose a partner and jointly develop a project— choose a preferred project— solicit interest from several parties and move forward with one or more
Negotiate outline of agreement with preferred company(ies)
Organize financing and prepare contracts and agreements with pipeline company
Offer bonds or execute alternative financing agreement
Close on financing and pipeline agreement
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Establishing a Term for the Borrowing
Length and structure of transportation agreements are the critical issues
30 years is generally the longest maturity date
10 year debt has been used for some pipeline projects
Debt is most often non-callable (no pre-payment) or includes “make-whole” features, creating financial impediments to pre-payment
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Debt Structure Options
Senior lien debt – all bondholders enjoy a shared first lien on pipeline revenues
Subordinate lien debt - position of subordinate bondholders is below holders of senior debt; return on investment is higher
Fixed rate – Viewed as attractive in light of current low interest rates and its resulting known, fixed annual cost
Adjustable rate – Creates lowest cost of capital, greatest debt management flexibility but is not congruent with FERC process that seeks to establish fixed costs (can be fixed synthetically)
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Forms of Credit Support
External
Bond Insurance – a “AAA” rated guaranty that assures payment of principal and interest
Letters of Credit – guaranty from a bank securing principal and interest; often used in variable rate financings
State Sponsored
Moral Obligation Pledge – statement by one governmental entity, e.g. a state, that it will support the debt of another public entity
State Investment in Authority Bonds – this could involve the Sate purchasing bonds with terms or conditions not available from other investors (as senior or subordinate bondholder). Such terms could reflect a form of credit enhancement
Pledge of assets, potentially in conjunction with other State entities. This would be organized as a standby bond purchase agreement
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Solving for the Most Advantageous Financing
The Authority can analyze several options by grading each option or casting it one of several categories
The matrix below illustrates how this would work
There are probably more combinations that can be added to those shown
Form of Support
Buy Capacity CostOperationalRequirement
Level ofState Support Return
Back-end or backstop contracts
Stand-by bondpurchase pledge
State Investment
Senior Subordinate Equity Kicker
Conclusions
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Conclusions
The revised statutory powers granted to the Authority by SF85 (Enrolled Act 55) will enable the Authority to access the debt markets
At least one financing option can achieve a rating for the Authority, without external credit enhancement of “AA” and possibly “AAA”
The debt structure could be as short as 10 years or out to 30 years
Interest rates on the Authority’s debt would be a spread to US Treasury rates
The Authority can realize additional financial benefits from its non-taxpaying status
The Authority can finance its project share with 100% debt – no equity requirement
The Taxable Bond Market
2021196N.ppt 21
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Targeted Investors – U.S., Europe and Asia
Select Institutional Investors
AIG Global Sachen LB Leipzig Allstate Deutsche Bank Rhein Hyp
Dexia Credit Local Seagate Global Swiss AM State Farm Fidelity
Fannie Mae Federal Home Loan Banks Freddie Mac
Taxable Investors
Insurance Companies
30%
Banks/Mutual Funds32%
Individuals/Bank Trust
7%
Other3%
Corporations/Private
Business19%
Pension9%
Composition of Taxable Demand Domestic and International
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Potential US Roadshow – Major Investor Centers
Targeted Investors – U.S., Europe and Asia
10986742135981467
10235
1111
AeltusAetnaCignaHartford Life
Hartford
AllmericaBack BayFidelityFleetJohn HancockLiberty MutualLoomis SaylesMass FiMass MutualPutnamState Street GlobalState Street ResearchStandishWellington
Boston
GNA/GE Financial
MicrosoftSafecoState of Washington
Seattle
ELCA PensionIDSLutheran BrotherhoodReliastar
Minneapolis
Allstate CorporationAonContinental AssuranceHarris IMLincoln CapitalPPM AmericaScudder ZurichStein Roe FarnhamUBS BrinsonVan Kampen
Chicago
NISANorthwest Mutual LifeStrong
Milwaukee
Roadshow DestinationsLocation Recommendation Type
1-3 West Coast Recommended One-on-One/Conference call6 Chicago Recommended Group/One-on-One8 Boston Recommended Group/One-on-One10 New York Recommended One-on-One/Group11 D.C. Recommended One-on-One4 Minneapolis Possible Group5 Iowa Possible One-on-One7 Milwaukee Possible Group9 Hartford Possible One-on-One
AegonAIGGEOhio PersFiduciaryFNMAFHCMCVanguard (PA)Alliance CapitalAmerican Express/IDSBlackrockChase AMContinental
New York City/NJ
GuardianJPMIMMetLifeMLAMMiller AndersonMutual of NYNYLifePrudentialState FarmState of New JerseyTeachers InsuranceTravelersWeiss Peck
Barclays
CALPERSCALSTERSFranklinWells Capital
San Francisco/Sacramento
Cap Re
PIMCOTransamericaTCWWamco
Los Angeles Area
Principal FinancialAegon
Iowa
Fannie MaeFreddie Mac
District of Columbia/Virginia
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European Roadshow – Potential Locations
Targeted Investors – U.S., Europe and Asia
London
Paris
Frankfurt / Munich
Zurich / Geneva
Amsterdam / Benelux
Madrid
Milan
Dublin
ABPAegonAchmeaDexiaING Investment ManagementPhilips Pension FundRabobankRobeco
Amsterdam / Benelux
BarclaysBaringsFidelityGreen TGSAMJP Morgan Investment ManagementJulius Baer MAMPrudential (M&G)RoggeRothschild Asset ManagementSaudi International Investment ManagementScudder/Threadneedle
London
AGF–AllianzAXACDCGroupamaHSBC (CCF)IndocamSoc Gen Asset ManagementSogeposte
Paris
AllfondsAllianzDePfaDEKADeAMDWSGZ BankUnion Invest
Germany
Bank of IrelandRheim HypEuropean Hypo DublinBW BankEagle StarIntesa
Dublin
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Examples of Risk Weighting
0% 20% 50% 100%
Cash, Treasuries,Sovereign debt of OECDcountries
General obligation bondsof municipalities,Agencies, liquid debt orequity
Revenue obligations ofany public-sector entity inan OECD, loans securedby first mortgages onone-to-four familyresidential properties andmultifamily property
Real estate, privateactivity bonds, all othernot aforementioned
BIS Risk Weighting
Extremely important to taxable buyers, particularly international investors— Direct impact on banks
Indirect impact on secondary market liquidity
Important to achieving lowest taxable interest cost— Estimated interest cost impact: 20%-50%
BIS rules clearly state that bonds subject to appropriation may be treated as general obligations, eligible for 20% risk weighting
“Obligation supported exclusively by excise taxes…. is not a general obligation… [unless] the obligation is also supported by the general revenues of the State or a political subdivision possessing general powers of taxation”
Investors must assess probability of achieving a particular risk weighting if ruling has not been made
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Marketing Plan – Listing on Luxembourg Exchange
Listing on Luxembourg Exchange creates liquidity in the European markets
Requires the use of a listing agent (e.g., Dexia) who will assist the Issuer with the application process
A local Luxembourg counsel will also need to be retained
Global Book-Entry System
Global Book-Entry System will allow the Issuer’s Bonds to be traded in “real time”
DTC, Clearstream and Euroclear comprise the Global Book-Entry System