LOS ANGELES - Washington-based electric utility Energy Northwest will sell nearly $500 million of refunding bonds later this month.
The negotiated sale, currently scheduled for March 23, will consist of both taxable and tax-exempt bonds sold to retire existing debt on three different projects, though less than $10 million of the securities will be taxable.
The bonds are rated Aa1 by Moody's Investors Service, AA-minus by Standard & Poor's, and AA by Fitch Ratings. Bank of America Merrill Lynch, JPMorgan, Citigroup, and Goldman, Sachs & Co. will purchase the bonds, and Seattle law firm Foster Pepper is bond counsel. Orrick, Herrington & Sutcliffe is special tax counsel.
Project 1 is a partially completed nuclear electric generating project located about 160 miles southeast of Seattle. The Columbia Generating Station is an operational nuclear generator in the same location, and Project 3 is a partially-completed nuclear facility about 70 miles southwest of Seattle in Grays Harbor County. The bonds are secured by a pledge of the revenues from the ownership of all three projects. The Bonneville Power Administration, a federal nonprofit agency based in Oregon, makes payments to Energy Northwest to cover bond costs.