Seattle to sell $350.56 million municipal light, power bonds June 26

By Sheri Kasprzak

New York, June 18 - The City of Seattle is set to price $350.56 million of series 2012 municipal light and power improvement bonds on June 26, according to a preliminary official statement.

The deal includes $298.17 million of series 2012A improvement and revenue refunding bonds, $9.39 million of series 2012B taxable refunding revenue bonds and $43 million of series 2012C clean renewable energy revenue bonds.

The bonds (Aa2/AA-/) will be sold on a competitive basis with Seattle Northwest Co. as the financial adviser.

The 2012A bonds are due 2013 to 2028 and 2034 to 2041. The 2012B bonds are due 2012 to 2014, and the 2012C bonds are due 2028 to 2033.

Proceeds will be used to finance capital improvements to and conservation programs for the city's light system, finance capacity and efficiency improvements to the city's Boundary Hydroelectric Project and to refund the city's series 2002, 2003 and 2004 municipal light and power improvement and revenue refunding bonds.

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