Published on 4/23/2015 in the Prospect News Municipals Daily.
New Issue: Energy Northwest, Wash., prices $890.17 million revenue bonds
By Sheri Kasprzak
New York, April 23 – Energy Northwest of Washington state sold $890.17 million of series 2015 electric revenue and refunding bonds, according to a pricing sheet.
The deal included $321,505,000 of series 2015A Columbia Generating Station electric revenue and refunding bonds, $329,315,000 of series 2015B Columbia Generating Station electric revenue and refunding bonds, $114.23 million of series 2015A Project 1 electric revenue refunding bonds, $12.44 million of series 2015B taxable Project 1 electric revenue refunding bonds, $79.12 million of series 2015A Project 3 electric revenue refunding bonds and $33.56 million of series 2015B Project 3 taxable electric revenue refunding bonds.
The 2015A Columbia bonds are due 2021 to 2035 with a term bond due in 2038. The serial coupons range from 4% to 5%. The 2038 bonds have a 4% coupon priced at 103.104 and a 5% coupon priced at 115.347.
The 2015B Columbia bonds are due 2016 to 2020 with term bonds due in 2024 and 2038. The serial coupons range from 0.55% to 2.117%, all priced at par. The 2024 bonds have a 2.814% coupon, and the 2038 bonds have a 2.814% coupon priced at par.
The 2015A Project 1 bonds are due 2027 to 2028 with 5% coupons.
The 2015B Project 1 bonds are due 2016 to 2017 with 0.6% to 0.982% both priced at par.
The 2015A Project 3 bonds are due 2017 to 2018 and 2025 to 2026 with 3% to 5% coupons.
The 2015B Project 3 bonds are due 2016 to 2018 with 0.6% to 1.375% coupons, all priced at par.
The bonds (Aa1/AA-/AA) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to finance electric capital projects and refund revenue bonds.
| Issuer: | Energy Northwest
|
| Issue: | Series 2015 electric revenue and refunding bonds
|
| Amount: | $890.17 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA-
|
| Fitch: AA
|
| Pricing date: | April 23
|
| Settlement date: | May 6
|
|
|
| $321,505,000 series 2015A Columbia Generating Station electric revenue and refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.17 million | 2021 | Serial | 5% | 119.589
|
| $4.74 million | 2022 | Serial | 5% | 120.971
|
| $21.16 million | 2023 | Serial | 5% | 122.022
|
| $5,235,000 | 2024 | Serial | 5% | 123.001
|
| $22.83 million | 2029 | Serial | 5% | 119.059
|
| $13.98 million | 2030 | Serial | 5% | 113.463
|
| $10 million | 2030 | Serial | 5% | 118.286
|
| $10 million | 2031 | Serial | 5% | 117.806
|
| $15.17 million | 2031 | Serial | 5% | 113.05
|
| $4 million | 2032 | Serial | 5% | 112.741
|
| $22,435,000 | 2032 | Serial | 5% | 117.138
|
| $27,755,000 | 2033 | Serial | 5% | 116.853
|
| $29.14 million | 2034 | Serial | 5% | 116.474
|
| $15 million | 2035 | Serial | 4% | 116.097
|
| $15.6 million | 2035 | Serial | 5% | 104.05
|
| $50 million | 2038 | Term | 4% | 103.104
|
| $51.29 million | 2038 | Term | 5% | 115.347
|
|
|
| $329,315,000 series 2015B Columbia Generating Station electric revenue and refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.77 million | 2016 | Serial | 0.55% | 100
|
| $2.79 million | 2017 | Serial | 0.952% | 100
|
| $2.82 million | 2018 | Serial | 1.375% | 100
|
| $2,855,000 | 2019 | Serial | 1.817% | 100
|
| $24,285,000 | 2020 | Serial | 2.117% | 100
|
| $253,525,000 | 2024 | Term | 2.814% | 100
|
| $40.27 million | 2038 | Term | 2.843% | 100
|
|
|
| $114.23 million series 2015A Project 1 electric revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $20 million | 2027 | Serial | 5% | 120.82
|
| $35.72 million | 2027 | Serial | 5% | 114.714
|
| $28.51 million | 2028 | Serial | 5% | 119.642
|
| $30 million | 2028 | Serial | 5% | 114.086
|
|
|
| $12.44 million series 2015B taxable Project 1 electric revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $320,000 | 2016 | Serial | 0.60% | 100
|
| $12.12 million | 2017 | Serial | 0.982% | 100
|
|
|
| $79.12 million series 2015A Project 3 electric revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.25 million | 2017 | Serial | 3% | 104.94
|
| $2.2 million | 2018 | Serial | 4% | 109.263
|
| $36,475,000 | 2025 | Serial | 5% | 123.723
|
| $38,195,000 | 2026 | Serial | 5% | 122.011
|
|
|
| $33.56 million series 2015B Project 3 taxable electric revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $810,000 | 2016 | Serial | 0.60% | 100
|
| $16,475,000 | 2017 | Serial | 0.982% | 100
|
| $16,275,000 | 2018 | Serial | 1.375% | 100
|
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