By Sheri Kasprzak
New York, June 9 - Energy Northwest of Washington State sold on Thursday $669.115 million of revenue and refunding bonds in four tranches, said a pricing sheet. The offering was upsized from $421.78 million.
The deal included $4.6 million of series 2011C Columbia Generating Station taxable electric revenue bonds, $441.24 million of series 2012A Columbia Generating Station electric revenue refunding bonds, $155.39 million of series 2012A project 1 electric revenue refunding bonds and $67.885 million of series 2012A project 3 electric revenue refunding bonds.
The 2011C Columbia bonds are due in 2019 and have a 3.55% coupon priced at par. The 2012A Columbia bonds are due 2018 to 2021 with 5% coupons across the board. The 2012A project 1 bonds are due 2013 to 2017 with 5% coupons. The 2012A project 3 bonds are due in 2018 and have a 5% coupon priced at 111.006.
Citigroup Global Markets Inc. and Bank of America Merrill Lynch are the senior managers.
Proceeds will be used to pay costs associated with operating the Columbia Generating Station and refund existing project 1, Columbia Generating Station and project 3 bonds.
| Issuer: | Energy Northwest
|
| Issue: | Series 2011-12 revenue and refunding bonds
|
| Amount: | $669.115 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Bank of America Merrill Lynch
|
| Pricing date: | June 9
|
| Settlement date: | June 23
|
|
|
| $4.6 million series 2011A Columbia Generating Station taxable revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.6 million | 2019 | Term | 3.55% | 100
|
|
|
| $421.78 million series 2012A Columbia Generating Station electric revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $19.455 million | 2018 | Serial | 5% | 111.006
|
| $211.355 million 2019 | Serial | 5% | 110.53
|
| $115.955 million 2020 | Serial | 5% | 110.204
|
| $94.475 million | 2021 | Serial | 5% | 109.929
|
|
|
| $155.39 million series 2012A project 1 electric revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $28.835 million | 2013 | Serial | 5% | 104.423
|
| $3.41 million | 2014 | Serial | 5% | 107.028
|
| $14.71 million | 2015 | Serial | 5% | 109.046
|
| $9.735 million | 2016 | Serial | 5% | 110.941
|
| $98.7 million | 2017 | Serial | 5% | 111.276
|
|
|
| $67.885 million series 2012A project 3 electric revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $67.885 million | 2018 | Term | 5% | 111.006
|
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