Published on 4/9/2014 in the Prospect News Municipals Daily.
New Issue: Energy Northwest, Wash., prices $616.48 million electric revenue bonds
By Sheri Kasprzak
New York, April 9 - Energy Northwest of Washington State sold $616.48 million of series 2014 Columbia Generating Station electric revenue and refunding bonds, according to a pricing sheet.
The deal included $525,935,000 of series 2014A bonds and $90,545,000 of series 2014B bonds.
The 2014A bonds are due 2016 to 2035 with a term bond due in 2040. The serial coupons range from 3% to 5%. The 2040 bonds have a 5% coupon priced at 109.831.
The 2014B bonds are due 2015 to 2018 with a term bond due in 2030. The serial coupons range from 0.315% to 1.793% all priced at par. The 2030 bonds have a 4.052% coupon priced at par.
The bonds (Aa1/AA-/AA) were sold through J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co. and BofA Merrill Lynch.
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.
| Issuer: | Energy Northwest
|
| Issue: | Series 2014 Columbia Generating Station electric revenue and refunding bonds
|
| Amount: | $616.48 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co. and BofA Merrill Lynch
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
| Pricing date: | April 9
|
| Settlement date: | May 14
|
|
|
| $525,935,000 series 2014A Columbia Generating Station electric revenue and refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $17.7 million | 2016 | Serial | 3% | 105.51
|
| $7,035,000 | 2017 | Serial | 3% | 106.755
|
| $10,305,000 | 2017 | Serial | 5% | 112.925
|
| $13.39 million | 2018 | Serial | 4% | 111.249
|
| $115,165,000 | 2018 | Serial | 5% | 115.267
|
| $2,625,000 | 2020 | Serial | 4% | 112.59
|
| $12.56 million | 2020 | Serial | 5% | 118.365
|
| $2.35 million | 2021 | Serial | 4% | 112.308
|
| $30.02 million | 2021 | Serial | 5% | 118.89
|
| $450,000 | 2022 | Serial | 4% | 111.517
|
| $33,535,000 | 2022 | Serial | 5% | 118.854
|
| $540,000 | 2023 | Serial | 4% | 110.967
|
| $32,225,000 | 2023 | Serial | 5% | 118.854
|
| $17.49 million | 2024 | Serial | 4% | 110.704
|
| $20 million | 2024 | Serial | 5% | 119.48
|
| $38,495,000 | 2030 | Serial | 5% | 113.979
|
| $80 million | 2031 | Serial | 5% | 113.336
|
| $35 million | 2032 | Serial | 5% | 112.697
|
| $7,005,000 | 2034 | Serial | 5% | 111.612
|
| $7.36 million | 2035 | Serial | 5% | 111.163
|
| $42,685,000 | 2040 | Serial | 5% | 109.831
|
|
|
| $90,545,000 series 2014B Columbia Generating Station taxable revenue and refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.7 million | 2015 | Serial | 0.315% | 100
|
| $16,315,000 | 2016 | Serial | 0.50% | 100
|
| $15,695,000 | 2017 | Serial | 1.197% | 100
|
| $15.33 million | 2018 | Serial | 1.793% | 100
|
| $41,505,000 | 2030 | Term | 4.052% | 100
|
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