Grant County, Wash., utility district preps $220.48 million bond sale

By Sheri Kasprzak

New York, Oct. 14 – The Public Utility District No. 2 of Grant County, Wash., is slated to price $220.48 million of series 2014 Priest Rapids Hydroelectric Project revenue and refunding bonds, according to a preliminary official statement.

The offering includes $151,525,000 of series 2014A bonds, $52,685,000 of series 2014B AMT bonds and $16.27 million of series 2014Z taxable bonds.

The bonds will be sold through senior manager Citigroup Global Markets Inc. The co-managers are J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC.

The 2014A bonds are due 2015 to 2034 with term bonds due in 2039 and 2044. The 2014B bonds are due 2015 to 2034 with a term bond due in 2038. The 2014Z bonds are due 2015 to 2024 with term bonds due in 2029, 2034 and 2038.

Proceeds will be used to finance capital improvements to the Priest Rapids hydroelectric project, as well as to refund existing debt.

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