Published on 8/16/2012 in the Prospect News Municipals Daily.
New Issue: Energy Northwest, Wash., brings $782.66 million of Columbia Generating bonds
By Sheri Kasprzak
New York, Aug. 16 - Energy Northwest of Washington State came to market with $782,655,000 of series 2012 Columbia Generating Station electric revenue bonds, according to a pricing sheet.
The deal included $34.14 million of series 2012D bonds and $748,515,000 of series 2012E taxable bonds.
The 2012D bonds are due 2025 to 2032 with term bonds due in 2035 and 2044. The serial bonds have 5% coupons. The 2035 bonds have a 5% coupon priced at 114.743 and the 2044 bonds have a 4% coupon priced at 98.226.
The 2012E bonds are due 2015 and 2018 to 2027 with a term bond due in 2037. The serial coupons range from 1.063% to 3.603%, all priced at par. The 2037 bonds have a 4.144% coupon priced at par.
The bonds (Aa1/AA-/AA) were sold through Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Goldman, Sachs & Co.
Proceeds will be used to acquire fuel for the generating station and to finance repairs, renovations and improvements.
Issuer: | Energy Northwest
|
Issue: | Series 2012 Columbia Generating Station electric revenue bonds
|
Amount: | $782,655,000
|
Type: | Negotiated
|
Underwriters: | Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Goldman, Sachs & Co.
|
Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
Pricing date: | Aug. 16
|
Settlement date: | Aug. 23
|
|
$34.14 million series 2012D bonds
|
Amount | Maturity | Type | Coupon | Price
|
$1.18 million | 2025 | Serial | 5% | 121.715
|
$1,225,000 | 2026 | Serial | 5% | 121.034
|
$1.29 million | 2027 | Serial | 5% | 120.358
|
$1.35 million | 2028 | Serial | 5% | 119.687
|
$1.42 million | 2029 | Serial | 5% | 119.019
|
$1.49 million | 2030 | Serial | 5% | 118.356
|
$1,565,000 | 2031 | Serial | 5% | 117.792
|
$1,645,000 | 2032 | Serial | 5% | 117.23
|
$5.37 million | 2035 | Term | 5% | 114.743
|
$17,605,000 | 2044 | Term | 4% | 98.226
|
|
$748,515,000 series 2012E taxable bonds
|
Amount | Maturity | Type | Coupon | Price
|
$25,485,000 | 2015 | Serial | 1.063% | 100
|
$116.93 million | 2018 | Serial | 2.147% | 100
|
$250 million | 2019 | Serial | 2.197% | 100
|
$103,235,000 | 2020 | Serial | 2.653% | 100
|
$94.72 million | 2021 | Serial | 2.803% | 100
|
$77.84 million | 2022 | Serial | 2.953% | 100
|
$12.97 million | 2023 | Serial | 3.103% | 100
|
$14.58 million | 2024 | Serial | 3.253% | 100
|
$15.62 million | 2025 | Serial | 3.403% | 100
|
$18.65 million | 2026 | Serial | 3.503% | 100
|
$14.96 million | 2027 | Serial | 3.603% | 100
|
$3,525,000 | 2037 | Term | 4.144% | 100
|
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