Published on 5/14/2015 in the Prospect News Municipals Daily.
New Issue: Salt River Project, Ariz., brings $917.95 million electric system bonds
By Sheri Kasprzak
New York, May 14 – The Salt River Project Agricultural Improvement and Power District of Arizona sold $917,945,000 of series 2015A electric system revenue bonds, according to a pricing sheet.
The bonds (Aa1/AA/) were sold through Goldman, Sachs & Co.
The bonds are due 2015 to 2036 with term bonds due in 2041 and 2045. The serial coupons range from 1% to 5%. The 2041 bonds have a 5% coupon priced at 125.366 and the 2045 bonds have a 5% coupon priced at 126.66.
Proceeds will be used to refund the district’s series 2004A, 2005A and 2006A electric system revenue bonds.
| Issuer: | Salt River Project Agricultural Improvement and Power District
|
| Issue: | Series 2015A electric system revenue bonds
|
| Amount: | $917,945,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead), BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA
|
| Pricing date: | May 13
|
| Settlement date: | June 2
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $24,195,000 | 2015 | Serial | 1% | 100.437
|
| $10,535,000 | 2016 | Serial | 5% | 106.626
|
| $2,165,000 | 2017 | Serial | 5% | 110.233
|
| $5.98 million | 2020 | Serial | 5% | 117.824
|
| $6,395,000 | 2021 | Serial | 5% | 119.268
|
| $6,505,000 | 2022 | Serial | 5% | 120.327
|
| $490,000 | 2026 | Serial | 5% | 123.159
|
| $1,105,000 | 2027 | Serial | 5% | 123.54
|
| $2,825,000 | 2028 | Serial | 5% | 123.696
|
| $25 million | 2032 | Serial | 4% | 110.372
|
| $49,795,000 | 2032 | Serial | 5% | 118.346
|
| $26,195,000 | 2033 | Serial | 4% | 105.091
|
| $26,675,000 | 2033 | Serial | 5% | 124.027
|
| $83.12 million | 2034 | Serial | 3% | 95.475
|
| $25 million | 2034 | Serial | 4% | 109.855
|
| $79,865,000 | 2034 | Serial | 5% | 118.56
|
| $4.8 million | 2035 | Serial | 3.5% | 96.446
|
| $70,305,000 | 2035 | Serial | 5% | 124.325
|
| $88,905,000 | 2036 | Serial | 3% | 94.154
|
| $78.09 million | 2036 | Serial | 5% | 124.612
|
| $60.29 million | 2041 | Term | 5% | 125.366
|
| $239.71 million 2045 | Term | 5% | 126.66
|
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