City Light issues $115 million in bonds; strong AA rating maintained.SEATTLE--(BUSINESS WIRE)--Dec. 12, 1994--At a time when there is little goods news nationally about municipal finance, Seattle City Light Seattle City Light is the public utility providing electrical power to Seattle, Washington and parts of its metropolitan area, including all of Shoreline and Lake Forest Park and parts of unincorporated King County, Burien, Normandy Park, Seatac, Renton, and Tukwila. accepted an offer Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant afternoon for $115 million in long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. bonds, after seeing its strong AA rating reaffirmed by major bond rating agencies last week. ``It is a credit to the city that the rating agencies have again expressed their faith in the future of Seattle's electric utility,'' said Acting Superintendent Gary Zarker. ``This was particularly seen as a vote of confidence given the three years of poor water conditions in our major hydroelectric projects.'' Both major rating agencies -- Standard & Poor's and Moody's Investor Services -- thoroughly explored City Light's capital programs and physical plant condition. ``The reaffirmed AA rating shows strong confidence in City Light's financial strength, management, and capital improvement program,'' noted Zarker. ``Maintaining our financial health is particularly important as the electric utility industry enters a period of increasing competition and uncertainty.'' City Light accepted the offer from an underwriting syndicate Underwriting syndicate A group of investment banks that work together to sell new security offerings to investors. The underwriting syndicate is led by the lead underwriter. See also: Lead underwriter. underwriting syndicate See syndicate. headed by Smith Webber & Co., providing a very favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. effective interest rate of 6.87 percent. The Smith Webber bid was the lowest of seven bids received. Proceeds of the bond issue will be used to finance City Light's capital improvement program and conservation implementation program. The immediate emphasis will be on replacing and upgrading some of the outdated out·dat·ed adj. Out-of-date; old-fashioned. outdated Adjective old-fashioned or obsolete Adj. 1. equipment in City Light's generation and distribution plant. ``City Light customers enjoy much higher than average electric reliability,'' said Ted Coates, deputy superintendent Deputy Superintendent, or Deputy Superintendent of Police (DSP), was a rank used by police forces of the British Empire. In some territories it was called Deputy District Superintendent of Police (DDSP). of City Light's Wholesale Branch. ``Maintaining our plant and equipment in good condition is essential if we are to continue providing reliable service to our customers.'' The 1994 bond issue is part of an ongoing financing program in which City Light will issue more than $100 million in bonds annually through 1988. The utility projects that this ambitious program can be financed without major impacts on customer rates. CONTACT: Seattle City Light Scott Forslund, 206/386-4233 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion