By Sheri Kasprzak
New York, March 24 – Energy Northwest of Washington State sold $493.97 million of series 2016 electric revenue refunding bonds, according to a pricing sheet.
The deal included $194,845,000 series 2016A project1 bonds, $89,245,000 series 2016A Columbia Generating Station bonds, $199,075,000 of series 2016A project 3 bonds, $1.29 million of series 2016B taxable project 1 bonds, $4.09 million of series 2016B taxable Columbia Generating Station bonds and $5,425,000 of series 2016B taxable project 3 bonds.
The 2016A project 1 bonds are due 2025 to 2026 with 5% coupons and yields from 1.55% to 2.01%.
The 2016A Columbia Generating Station bonds are due 2021 to 2024 with term bonds due in 2018, 2028 and 2032. The serial bonds have 5% coupons and yields from 1.34% to 1.83%. The 2018 bonds have a 5% coupon priced at 109.151 to yield 0.79%. The 2028 bonds have a 5% coupon priced at 124.106 to yield 2.33%, and the 2032 bonds have a 5% coupon priced at 120.973 to yield 2.64%.
The 2016A project 3 bonds are due 2026 to 2027 with a term bond due in 2018. The serial bonds have 5% coupons and 2.11% to 2.24% yields. The 2018 bonds have a 5% coupon priced at 109.151 to yield 0.79%.
The 2016B project 1 bonds are due July 1, 2019 and have a 1.65% coupon priced at par.
The 2016B Columbia Generating Station bonds are due 2019 and 2028. The 2019 bonds have a 1.65% coupon priced at par and the 2028 bonds have a 3.2% coupon priced at par.
The 2016B project 3 bonds are due 2019 and 2027. The 2019 bonds have a 1.65% coupon priced at par, and the 2027 bonds have a 3.05% coupon priced at par.
The bonds (Aa1/AA-/AA) were sold through senior managers BofA Merrill Lynch and J.P. Morgan Securities LLC.
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.
| Issuer: | Energy Northwest
|
| Issue: | Series 2016 electric revenue refunding bonds
|
| Amount: | $493.97 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and J.P. Morgan Securities LLC (lead), Citigroup Global Markets Inc. and Goldman Sachs & Co. (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA-
|
| Fitch: AA
|
| Pricing date: | March 23
|
| Settlement date: | April 20
|
|
|
| $194,845,000 series 2016A project 1 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $129,855,000 | 2025 | Serial | 5% | 124.99 | 2.01%
|
| $64.99 million | 2026 | Serial | 5% | 117.161 | 1.55%
|
|
|
| $89,245,000 series 2016A Columbia Generating Station bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.38 million | 2018 | Term | 5% | 109.151 | 0.79%
|
| $4.56 million | 2021 | Serial | 5% | 118.313 | 1.34%
|
| $8,645,000 | 2022 | Serial | 5% | 120.702 | 1.49%
|
| $6.35 million | 2023 | Serial | 5% | 122.567 | 1.66%
|
| $6.67 million | 2024 | Serial | 5% | 124.025 | 1.83%
|
| $54,765,000 | 2028 | Term | 5% | 124.106 | 2.33%
|
| $4,875,000 | 2032 | Term | 5% | 120.973 | 2.64%
|
|
|
| $199,075,000 series 2016A project 3 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8.43 million | 2018 | Term | 5% | 109.151 | 0.79%
|
| $64.86 million | 2026 | Serial | 5% | 126.387 | 2.11%
|
| $125,785,000 | 2027 | Serial | 5% | 125.033 | 2.24%
|
|
|
| $1.29 million series 2016B taxable project 1 bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| July 1, 2019 | Term | 1.65% | 100 | 1.65%
|
|
|
| $4.09 million series 2016B taxable Columbia Generating Station bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $410,000 | 2019 | Term | 1.65% | 100 | 1.65%
|
| $3.68 million | 2028 | Term | 3.2% | 100 | 3.20%
|
|
|
| $5,425,000 series 2016B taxable project 3 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.36 million | 2019 | Term | 1.65% | 100 | 1.65%
|
| $4,065,000 | 2027 | Term | 3.05% | 100 | 3.05%
|
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