By Sheri Kasprzak
New York, Sept. 29 - The Salt River Project Agricultural Improvement and Power District of Arizona priced $325 million in series 2009B electric system revenue bonds on Tuesday, according to a pricing sheet.
The bonds (Aa1/AA/) were sold on a competitive basis. J.P. Morgan Securities Inc. won the bid with a 2.412503% true interest cost, said Anne Stewart, the district's treasury administrator.
The bonds are due 2013 to 2020 with coupons from 3% to 4.5%.
Proceeds will be used to repay all of the district's outstanding commercial paper.
The headquarters of the Salt River Project is located in Tempe, Ariz.
| Issuer: | Salt River Project Agricultural Improvement and Power District
|
| Issue: | Series 2009B electric system revenue bonds
|
| Amount: | $325 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities Inc.
|
| TIC: | 2.412503%
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Pricing date: | Sept. 29
|
| Settlement date: | Oct. 8
|
|
|
| Maturity | Type | Coupon Price
|
| 2013 | Serial | 3% | 105.429
|
| 2014 | Serial | 3% | 105.706
|
| 2015 | Serial | 4% | 110.306
|
| 2016 | Serial | 4% | 110.428
|
| 2017 | Serial | 4% | 110.423
|
| 2018 | Serial | 4% | 109.924
|
| 2019 | Serial | 4.5% | NRO
|
| 2020 | Serial | 4% | NRO
|
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