Energy Northwest, Wash., offers $368.9 million revenue refunding bonds

By Sheri Kasprzak

New York, March 2 - Energy Northwest of Washington State is expected to sell $368.895 million of series 2011 revenue refunding bonds (Aaa/AA/AA), according to a preliminary official statement.

The sale includes $255.98 million of series 2011A Columbia Generating Station electric revenue refunding bonds, $91.805 million of series 2011A Project 3 electric revenue refunding bonds and $21.11 million of series 2011B Columbia Generating Station electric revenue refunding taxable bonds.

Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are the senior managers for the deal with Bank of America Merrill Lynch and Prager, Sealy & Co. LLC as the co-managers.

The 2011A Columbia Generating Station bonds are due 2013 to 2017 and 2022 to 2023. The 2011A Project 3 bonds are due 2018, and the 2011B Columbia Generating Station bonds are due 2019 and 2023 to 2024.

Proceeds will be used to refund debt issued to fund improvements to the Columbia Generating Station and Project 3.

Based in Richland, Wash., Energy Northwest produces and transmits electricity.

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