By Cristal Cody
Springdale, Ark., March 4 - Salt River Project Agricultural Improvement and Power District in Phoenix, Ariz., priced $800 million fixed-rate electric system revenue bonds on Tuesday.
The series 2008 A bonds (Aa1/AA/-) have maturities from 2016 through 2028 with term bonds due 2033 and 2038, a source told Prospect News.
The bonds priced with 5% coupons to yield 3.8% to 4.97% for the serials. The term bonds yield 5.01% in 2033 and 5.03% in 2038.
The true interest cost was not available for release until the utility's board of directors meets Thursday and approves the sale terms.
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.
| Issuer: | Salt River Project Agricultural Improvement and Power District
|
| Issue: | Fixed-rate electric system revenue bonds
|
| Amount: | $800 million
|
| Type: | Negotiated
|
| Maturities: | 2016 to 2028, term bonds due 2033 and 2038
|
| Coupons: | 5%
|
| Yields: | 3.8% to 4.97% serials; 5.01% 2033 term; 5.03% 2038 term
|
| Underwriter: | Bear, Stearns & Co. (lead)
|
| Ratings: | Moody's: Aa1
|
| S&P: AA
|
| Pricing date: | March 4
|
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