By Sheri Kasprzak
New York, March 31 - Energy Northwest in Washington State priced $409.615 million electric revenue refunding and electric revenue bonds on Thursday.
The offering included $230.505 million in series 2008A project 1 electric revenue refunding bonds, $110.935 million in series 2008A Columbia generating station electric revenue refunding bonds, $13.79 million in series 2008A project 3 electric revenue refunding bonds, $2.155 million in series 2008B project 1 electric revenue refunding bonds, $14.85 million in series 2008B Columbia generating station electric revenue and refunding bonds, $110,000 in series 2008B project 3 electric revenue refunding bonds and $37.24 million in series 2008C Columbia generating station electric revenue bonds.
The series 2008A electric revenue refunding bonds are due from 2013 to 2017 with coupons from 5% to 5.25% and with yields from 3.34% to 4.04%.
The series 2008A Columbia generating station bonds are due from 2014 to 2018 with coupons from 5% to 5.25% and with yields from 3.53% to 4.19%.
The series 2008A project 3 bonds are due 2018 with a 5.25% coupon and a 4.19% yield.
The series 2008B project 1 bonds are due 2009 with a 3.6% coupon, priced at par.
The series 2008B Columbia generating station bonds are due 2009 with a 3.6% coupon, priced at par, and 2021 with a 5.95% coupon, also priced at par.
The series 2008B project 3 bonds are due 2010 with a 3.7% coupon, priced at par.
The series 2008C bonds are due from 2021 to 2024 with coupons from 5% to 5.25% and with yields from 4.52% to 4.86%.
The bonds (Aaa/AA-/AA-) were sold on a negotiated basis through lead managers Goldman, Sachs & Co. and Citigroup Global Markets. The co-managers were JPMorgan; Prager, Sealy & Co.; and UBS Investment Bank.
Proceeds will be used to refund the utility's outstanding project 1, project 3 and Columbia prior-lien bonds.
| Issuer: | Energy Northwest
|
| Issue: | Electric revenue refunding and revenue bonds
|
| Amount: | $409.615 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead); Citigroup Global Markets (lead); JPMorgan; Pager, Sealy & Co.; and UBS Investment Bank
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | March 27
|
|
|
| Series 2008A Project 1 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2013 | Serial | 5% | 3.34%
|
| 2014 | Serial | 5% | 3.53%
|
| 2015 | Serial | 5% | 3.71%
|
| 2016 | Serial | 5.25% | 3.87%
|
| 2017 | Serial | 5% | 4.04%
|
|
|
| Series 2008A Columbia bonds
|
| Maturity | Type | Coupon | Yield
|
| 2014 | Serial | 5% | 3.53%
|
| 2015 | Serial | 5% | 3.71%
|
| 2016 | Serial | 5.25% | 3.87%
|
| 2017 | Serial | 5% | 4.04%
|
| 2018 | Serial | 5.25% | 4.19%
|
|
|
| Series 2008A Project 3 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2018 | Term | 5.25% | 4.19%
|
|
|
| Series 2008B Project 1 bonds
|
| Maturity | Type | Coupon | | Yield
|
| 2009 | Term | 3.6% | 3.60%
|
|
|
| Series 2008B Columbia bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Term | 3.6% | 3.60%
|
| 2021 | Term | 5.95% | 5.95%
|
|
|
| Series 2008B Project 3 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Term | 3.7% | 3.70%
|
|
|
| Series 2008C bonds
|
| Maturity | Type | Coupon | Yield
|
| 2021 | Serial | 5% | 4.52%
|
| 2022 | Serial | 5% | 4.64%
|
| 2023 | Serial | 5.25% | 4.67%
|
| 2024 | Serial | 5% | 4.86%
|
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