Salt River Project Power District plans to price $800 million fixed-rate bonds

By Cristal Cody

Springdale, Ark., Feb. 22 - Salt River Project Agricultural Improvement and Power District in Phoenix, Ariz., plans to price $800 million of fixed-rate electric system revenue bonds on March 4, the issuer said Friday.

Series 2008 A bonds (Aa1) have preliminary maturities through 2038 with at least two term bonds, said Steve Hulet, treasurer of the electric utility, the third largest in the country.

Bear, Stearns & Co. is the senior manager, with Goldman, Sachs & Co., JPMorgan, Morgan Stanley and Citi as co-managers of the negotiated sale.

Proceeds will finance the utility's ongoing capital improvement plan to expand the electric system.

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