Energy Northwest, Wash., preps $497.2 million revenue refunding bonds

By Sheri Kasprzak

New York, March 15 – Energy Northwest of Washington state is expected to price $497.15 million of series 2016 electric revenue refunding bonds, according to a preliminary official statement.

The deal includes $192,085,000 of series 2016A project 1 bonds, $95,485,000 of series 2016A Columbia Generating Station bonds, $200,705,000 of series 2016A project 3 bonds, $1.28 million of series 2016B taxable project 1 bonds, $2,245,000 of series 2016B taxable Columbia Generating Station bonds and $5.35 million of series 2016B taxable project 3 bonds.

The 2016A project 1 bonds are due 2025 to 2026, the 2016A Columbia bonds are due in 2018, 2021 to 2024, 2028 and 2032 and the 2016A project 3 bonds are due 2018 and 2026 to 2027. The 2016B project 1 bonds are due in 2019, the 2016B Columbia bonds are due 2019 and 2028 and the 2016B project 3 bonds are due 2019 and 2027.

The bonds (Aa1/AA-/AA) will be sold on a negotiated basis with BofA Merrill Lynch and J.P. Morgan Securities LLC as the senior managers. The co-managers are Citigroup Global Markets Inc. and Goldman Sachs & Co.

Proceeds will be used to refund the utility’s series 1989B, 2006A, 2007A, 2007C, 2008A, 2008D, 2010A and 2012A project 1 bonds; series 2004C, 2007A, 2008A, 2009A, 2009C, 2011A and 2014A-B Columbia Generating Station bonds; and its series 2004A, 2006A, 2007A, 2007C, 2008D, 2010A-B and 2012B-C project 3 bonds; and to repay a 2015 line of credit.

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