Rudy D. Garza, President & Chief Executive Officer (CEO)

CPS Energy

Bonds

Bond Offering

City of San Antonio Electric and Gas Systems Revenue Refunding Bonds, New Series 2026A*

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City of San Antonio Electric and Gas Systems Revenue Refunding Bonds, New Series 2026A*

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Offering Summary

Par Amount
$599,765,000
Tax Status
Tax-Exempt
Sale Date
12/04/2025
Sector
Power / Gas
State
Texas
Bond Type
Fixed Rate
Method of Sale
Negotiated
Closing Date
01/13/2026
Call Features
10-year par call

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Additional Information

*Preliminary and subject to change.

Ratings

Bond Offering Ratings

Moody’s
Aa2
Outlook
Stable
Date
Nov 2025
Rating Report
S&P
AA-
Outlook
Stable
Date
Nov 2025
Rating Report
Fitch
AA-
Outlook
Stable
Date
Nov 2025
Rating Report

Roadshows

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CPS Energy Investor Presentation $599,765,000(1) City of San Antonio, Texas Electric & Gas Systems Revenue Refunding Bonds, New Series 2026A

Offering Participants

Senior Manager / Book Runner

Jefferies

Co-Senior Manager

Siebert Williams Shank
Website

Co-Managers

Goldman Sachs & Co.
Website
Wells Fargo
Website
Academy Securities
Website

Co-Municipal Advisor

PFM Financial Advisors LLC
Website
Estrada Hinojosa & Company, Inc.
Website