By Sheri Kasprzak
New York, May 20 - Energy Northwest in Washington State priced $271.93 million in series 2008 electric revenue refunding bonds, according to a final official statement.
The bonds (Aaa/AA-/AA-) were sold May 16 on a negotiated basis through lead managers Goldman, Sachs & Co. and Citigroup Global Markets. The co-managers were JPMorgan and Prager, Sealy & Co.
The sale included $72 million in series 2008D project 1 bonds, $127.51 million in series 2008D Columbia Generating Station bonds, $64.295 million in series 2008D project 3 bonds, $2.095 million in series 2008E project 1 bonds, $3.545 million in series 2008E Columbia Generating Station bonds and $2.485 million in series 2008E project 3 bonds.
The series 2008D project 1 bonds are due from 2009 to 2017 with 5% coupons across the board. The yields range from 2.23% to 3.76%.
The series 2008D Columbia Generating Station bonds are due 2010 to 2012 with 5% coupons and yields from 2.67% to 3.20%.
The series 2008D project 3 bonds are due 2009 to 2017 with 5% coupons and yields from 2.23% to 3.76%.
All of the 2008E bonds are due 2009 with a 4.15% coupon, priced at par.
Proceeds from the offering will refund existing project 1, Columbia Generating Station and project 3 bonds.
| Issuer: | Energy Northwest
|
| Issue: | Series 2008 electric revenue refunding bonds
|
| Amount: | $271.93 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. and Citigroup Global Markets (lead); JPMorgan and Prager, Sealy & Co. (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | May 16
|
|
|
| Series 2008D project 1 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 5% | 2.23%
|
| 2010 | Serial | 5% | 2.67%
|
| 2011 | Serial | 5% | 2.97%
|
| 2012 | Serial | 5% | 3.20%
|
| 2013 | Serial | 5% | 3.33%
|
| 2014 | Serial | 5% | 3.46%
|
| 2015 | Serial | 5% | 3.56%
|
| 2016 | Serial | 5% | 3.66%
|
| 2017 | Serial | 5% | 3.76%
|
|
|
| Series 2008D Columbia Generating Station bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 5% | 2.67%
|
| 2010 | Serial | 5% | 2.97%
|
| 2011 | Serial | 5% | 3.20%
|
|
|
| Series 2008D project 3 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 5% | 2.23%
|
| 2010 | Serial | 5% | 2.67%
|
| 2011 | Serial | 5% | 2.97%
|
| 2012 | Serial | 5% | 3.20%
|
| 2013 | Serial | 5% | 3.33%
|
| 2014 | Serial | 5% | 3.46%
|
| 2015 | Serial | 5% | 3.56%
|
| 2016 | Serial | 5% | 3.66%
|
| 2017 | Serial | 5% | 3.76%
|
|
|
| Series 2008E project 1 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Term | 4.15% | 4.15%
|
|
|
| Series 2008E Columbia Generating Station bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Term | 4.15% | 4.15%
|
|
|
| Series 2008E project 3 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Term | 4.15% | 4.15%
|
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