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Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item
Published on 10/7/2011 in the Prospect News Liability Management Daily and Prospect News Municipals Daily.

Salt River Project, Ariz., refunds 2002 electric system revenue bonds

By Marisa Wong

Madison, Wis., Oct. 7 - Salt River Project Agricultural Improvement and Power District, Ariz., gave notice that it refunded the outstanding principal amount of its 2002 series A electric system refunding revenue bonds and a portion of its outstanding 2002 series B electric system refunding revenue bonds.

The original principal amount of the 2002A bonds is $432.56 million, and the original principal amount of the 2002B bonds is $570 million.

The outstanding 2002A bonds will be redeemed on Jan. 1, 2012 at 101, and the outstanding 2002B bonds will be redeemed on Jan. 1, 2013 at par.

The refunded 2002A bonds include the following:

• $26.175 million of 5.25% bonds due Jan. 1, 2013;

• $560,000 of 4.5% bonds due Jan. 1, 2014;

• $24.025 million of 5.25% bonds due Jan. 1, 2014;

• $175,000 of 4.6% bonds due Jan. 1, 2015;

• $19.095 million of 5.25% bonds due Jan. 1, 2015;

• $365,000 of 4.75% bonds due Jan. 1, 2016;

• $1.885 million of 5.25%% bonds due Jan. 1, 2017;

• $14.295 million of 5.25% bonds due Jan. 1, 2018;

• $255,000 of 4.875% bonds due Jan. 1, 2019;

• $22.385 million of 5.25% bonds due Jan. 1, 2019;

• $2.745 million of 5.25% bonds due Jan. 1, 2020;

• $11.32 million of 5% bonds due Jan. 1, 2021;

• $3.725 million of 5% bonds due Jan. 1, 2022;

• $22.28 million of 5% bonds due Jan. 1, 2023;

• $6.6 million of 5.125% bonds due Jan. 1, 2023;

• $40.255 million of 5.125% bonds due Jan. 1, 2027; and

• $76.03 million of 5% bonds due Jan. 1, 2031.

The following 2002B bonds will be redeemed:

• $222.985 million of 5% bonds due Jan. 1, 2031, $73.115 million of which was refunded;

• $3.08 million of 4% bonds due Jan. 1, 2016;

• $55.675 million of 4.8% bonds due Jan. 1, 2024;

• $58.095 million of 5% bonds due Jan. 1, 2025; and

• $17.075 million of 5% bonds due Jan. 1, 2026.

U.S. Bank NA is the agent.

The utility is based in Tempe, Ariz.


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