Energy Northwest, Wash., coordinates $646.5 million of refunding bonds

By Sheri Kasprzak

New York, March 31 - Energy Northwest of Washington plans to price $646.5 million of series 2014 electric revenue and refunding bonds, according to a preliminary official statement.

The offering includes $529.8 million of series 2014A Columbia Generating Station electric revenue and refunding bonds, $26,015,000 of series 2014A project 3 electric revenue refunding bonds and $90,685,000 of series 2014B Columbia Generating Station taxable electric revenue and refunding bonds.

The bonds (Aa1/AA-/AA) will be sold on a negotiated basis. The underwriters are J.P. Morgan Securities LLC; Citigroup Global Markets Inc.; Goldman, Sachs & Co.; and BofA Merrill Lynch.

The 2014A Columbia bonds are due 2016 to 2034 with a term bond due in 2040. The 2014A project 3 bonds are due in 2015. The 2014B Columbia bonds are due 2015 to 2018 and 2030 to 2032 with a term bond due in 2040.

Proceeds will be used to finance capital improvements to the Columbia Generating Station and to refund the corporation's series 2004A, 2004C, 2007A, 2008A, 2009A-B and 2011A revenue bonds.

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