FWP 1 tm2425884d14_fwp.htm FWP

 

Free Writing Prospectus, dated December 10, 2024
Filed pursuant to Rule 433 under the Securities Act of 1933
Supplementing the Preliminary Prospectus, dated November 15, 2024
Registration Statement Nos. 333-282616 and 333-282616-01

 

Ameren Missouri Securitization Funding I, LLC

(Issuing Entity)

 

Pricing TERM SHEET

 

$476,121,000 Securitized Utility Tariff Bonds, Series 2024-A

 

Issuing Entity: Ameren Missouri Securitization Funding I, LLC
Sponsor, Depositor and Initial Servicer: Union Electric Company, d/b/a Ameren Missouri (“Ameren Missouri”)
Trustee: The Bank of New York Mellon Trust Company, N.A.
Joint Bookrunners:

Goldman Sachs & Co. LLC

RBC Capital Markets, LLC

 

Co-Managers

SMBC Nikko Securities America, Inc.

Drexel Hamilton, LLC

Samuel A. Ramirez & Company, Inc.

 

Expected Ratings (Moody’s/S&P): Aaa (sf)/AAA (sf)(1)
Closing Date / Settlement Date: December 20, 2024(2)
Interest Payment Dates: April 1 and October 1, commencing October 1, 2025
Applicable Time: 2:03 PM (Eastern time) on December 10, 2024
Proceeds: The total initial price to the public is $476,066,484. The total amount of the underwriting discounts and commissions is $1,904,484. The total amount of proceeds to the Issuing Entity before deduction of other expenses (estimated to be $8,443,536) is $474,162,000.
Initial Securitized Utility Tariff Charge
as a Percentage of Customer’s Bill:

The initial securitized utility tariff charge for the securitized utility tariff bonds offered hereby is expected to represent approximately 1.8% of the total electric bill, as of October 2024, received by a 1,000 kWh residential customer of Ameren Missouri. 

 

 

(1)A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
  
(2)The issuing entity expects to deliver the securitized utility tariff bonds against payment for the securitized utility tariff bonds on or about December 20, 2024, which will be the eighth business day following the date of pricing of the securitized utility tariff bonds. Since trades in the secondary market generally settle in one business day, purchasers who wish to trade securitized utility tariff bonds on the date of pricing or the succeeding six business days will be required, by virtue of the fact that the securitized utility tariff bonds initially will settle in T+8, to specify alternative settlement arrangements to prevent a failed settlement.

 

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Tranche  Principal
Amount
Offered		   Expected
Weighted
Average
Life
(years)		   Scheduled
Final
Payment
Date		  Final
Maturity
Date		  Interest
Rate		   Initial
Price to
Public(1)		   Underwriting
Discounts
and
Commissions		   Proceeds to
Issuing
Entity
(Before
Expenses)		 
A-1  $476,121,000   8.53   10/01/2039  10/01/2041   4.850%    99.98855%    0.40%   $474,162,000 

 

(1)Interest on the securitized utility tariff bonds will accrue from December 20, 2024 and must be paid by the purchaser if the securitized utility tariff bonds are delivered after that date.

 

Tranche  CUSIP  ISIN
A-1  023940 AA7  US023940AA78

 

Subject to the terms and conditions in the underwriting agreement among the issuing entity, Ameren Missouri and the underwriters, for whom Goldman Sachs & Co. LLC and RBC Capital Markets, LLC are acting as representatives, the issuing entity has agreed to sell to the underwriters, and the underwriters have severally agreed to purchase, the principal amount of the securitized utility tariff bonds listed opposite each underwriter’s name below:

 

Underwriter  Tranche A-1 
Goldman Sachs & Co. LLC  $285,674,000 
RBC Capital Markets, LLC  $142,836,000 
SMBC Nikko Securities America, Inc.  $28,567,000 
Drexel Hamilton, LLC  $9,522,000 
Samuel A. Ramirez & Company, Inc.  $9,522,000 
Total  $476,121,000 

 

The underwriters may allow, and dealers may reallow, a discount not to exceed the percentage listed below:

 

   Tranche A-1 
Selling Concession   0.24%
Reallowance Discount   0.12%

 

After the initial public offering, the public offering prices, selling concessions and reallowance discounts may change. 

 

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EXPECTED SINKING FUND SCHEDULE

 

Payment Date  Tranche A-1 Principal 
10/01/2025  $17,384,423 
04/01/2026  $11,564,803 
10/01/2026  $11,850,107 
04/01/2027  $12,142,449 
10/01/2027  $12,442,003 
04/01/2028  $12,748,947 
10/01/2028  $13,063,464 
04/01/2029  $13,385,740 
10/01/2029  $13,715,966 
04/01/2030  $14,054,339 
10/01/2030  $14,401,059 
04/01/2031  $14,756,333 
10/01/2031  $15,120,372 
04/01/2032  $15,493,392 
10/01/2032  $15,875,614 
04/01/2033  $16,267,265 
10/01/2033  $16,668,578 
04/01/2034  $17,079,792 
10/01/2034  $17,501,151 
04/01/2035  $17,932,904 
10/01/2035  $18,375,309 
04/01/2036  $18,828,628 
10/01/2036  $19,293,130 
04/01/2037  $19,769,092 
10/01/2037  $20,256,795 
04/01/2038  $20,756,530 
10/01/2038  $21,268,594 
04/01/2039  $21,793,290 
10/01/2039  $22,330,930 
Total Payments(1)  $476,121,000 

 

(1)       Totals may not add up due to rounding.

 

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EXPECTED AMORTIZATION TABLE

 

Payment Date  Tranche A-1 Balance 
Closing Date  $476,121,000 
10/01/2025  $458,736,577 
04/01/2026  $447,171,774 
10/01/2026  $435,321,667 
04/01/2027  $423,179,218 
10/01/2027  $410,737,215 
04/01/2028  $397,988,267 
10/01/2028  $384,924,803 
04/01/2029  $371,539,063 
10/01/2029  $357,823,098 
04/01/2030  $343,768,759 
10/01/2030  $329,367,700 
04/01/2031  $314,611,366 
10/01/2031  $299,490,994 
04/01/2032  $283,997,602 
10/01/2032  $268,121,989 
04/01/2033  $251,854,724 
10/01/2033  $235,186,145 
04/01/2034  $218,106,353 
10/01/2034  $200,605,202 
04/01/2035  $182,672,298 
10/01/2035  $164,296,989 
04/01/2036  $145,468,361 
10/01/2036  $126,175,231 
04/01/2037  $106,406,140 
10/01/2037  $86,149,344 
04/01/2038  $65,392,814 
10/01/2038  $44,124,220 
04/01/2039  $22,330,930 
10/01/2039  $0 

 

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Weighted Average Life Sensitivity

 

      -5%
(1.54 Standard
Deviations from Mean)		  -15%
(5.23 Standard
Deviations from Mean)
Tranche  Expected Weighted
Average Life (Years)		  WAL (yrs)  Change (days)(1)  WAL (yrs)  Change (days)(1)
A-1  8.53  8.53  0  8.53  0

 

(1)       Number is rounded to whole days

 

For the purposes of preparing the above chart, the following assumptions, among others, have been made: (i) in relation to the initial forecast, the forecast error stays constant over the life of the securitized utility tariff bonds and is equal to an overestimate of electricity consumption of 5% (1.54 standard deviations from mean) or 15% (5.23 standard deviations from mean), (ii) the servicer makes timely and accurate submissions to true-up the securitized utility tariff charges semi-annually, (iii) customer write-off rates are held constant at 0.33% for residential and non-residential, (iv) Ameren Missouri remits all securitized utility tariff charges on average 36 days after such charges are billed to residential and non-residential customers, (v) ongoing financing costs are equal to projections, (vi) there is no acceleration of the final maturity date of the securitized utility tariff bonds, (vii) a permanent loss of all customers has not occurred, and (viii) the issuance date of the securitized utility tariff bonds is December 20, 2024. There can be no assurance that the weighted average life of the securitized utility tariff bonds will be as shown.

 

Ameren Missouri and the Issuing Entity have filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents Ameren Missouri and the Issuing Entity have filed with the SEC as exhibits to the registration statement for more complete information about the Issuing Entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Ameren Missouri, the Issuing Entity, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Goldman Sachs & Co. LLC toll-free at 1-866-471-2526 and RBC Capital Markets, LLC toll-free at 1-866-375-6829.

 

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