Published on 3/21/2012 in the Prospect News Municipals Daily.
New Issue: Energy Northwest, Wash., sells $157.35 million electric revenue refunding bonds
By Sheri Kasprzak
New York, March 21 - Energy Northwest of Washington State sold $157.35 million of series 2012 electric revenue refunding bonds, according to a pricing sheet.
The deal includes $41,285,000 of series 2012B project 1 bonds, $30.33 million of series 2012B project 3 bonds, $24.1 million of series 2012C taxable project 1 bonds and $61,635,000 of series 2012C taxable project 3 bonds.
The 2012B project 1 bonds are due July 1, 2017, and bear interest at 5% priced at 118.084. The 2012B project 3 bonds are due 2016 to 2017 with 3% to 5% coupons. The 2012C taxable project 1 bonds are due July 1, 2015 and bear interest at 1.264% priced at par. The 2012C taxable project 3 bonds are due 2015 to 2016 with 1.264% to 1.744%, both priced at par.
Goldman Sachs & Co. was the senior manager. The co-managers are Citigroup Global Markets Inc. and Bank of America Merrill Lynch.
Proceeds will be used to advance refund the utility's series 2003A project 1 and project 3 revenue bonds.
| Issuer: | Energy Northwest
|
| Issue: | Series 2012 electric revenue refunding bonds
|
| Amount: | $157.35 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead); Citigroup Global Markets Inc. and Bank of America Merrill Lynch (co-managers)
|
| Pricing date: | March 21
|
| Settlement date: | April 3
|
|
|
| $41,285,000 series 2012B project 1 bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2017 | Term | 5% | 118.084
|
|
|
| $30.33 million series 2012B project 3 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7,335,000 | 2016 | Serial | 3% | 107.598
|
| $22,995,000 | 2017 | Serial | 5% | 118.084
|
|
|
| $24.1 million series 2012C taxable project 1 bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2015 | Term | 1.264% | 100
|
|
|
| $61,635,000 series 2012C taxable project 3 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $10,325,000 | 2015 | Serial | 1.264% | 100
|
| $51.31 million | 2016 | Serial | 1.744% | 100
|
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