SRP to sell $750 million in tax-exempt revenue bonds
Funds will help finance capital improvements
Salt River Project will offer $750 million in tax-exempt 2009 Series A Bonds for sale during the week of Jan. 12. Proceeds from the bonds, which have received an AA rating by Standard & Poors and an Aa1 rating from Moody's Investor Service, will be used to finance SRP's capital improvement program that includes funding for electric generation and distribution facilities that are necessary to meet energy needs.
Each bond is issued at a $5,000 denomination and interest rates will be determined at the time of pricing. On Monday, Jan. 12, there will be a retail order period between the hours of 7 a.m to 2 p.m. (MST) for this issue. Goldman, Sachs & Co. is the senior underwriter on the deal. Other managers include Morgan Stanley & Co. Incorporated; J.P. Morgan Securities Inc..; and Citigroup Global Markets Inc. In addition, the transaction includes a retail selling group of Robert W. Baird & Co. Inc.; Banc of America Securities LLC; Fidelity Capital Markets Services; Hutchinson, Shockey, Erley & Co.; Edward D. Jones & Co.; Lawson Financial; Merrill Lynch & Co.; RBC Capital Markets; Charles Schwab; Stone & Youngberg LLC; Piper Jaffray; Wachovia Bank, National Association; Wedbush Morgan Securities; and Wells Fargo Brokerage Services.
More information about the new issue can be obtained by visiting www.srpnet.com/bonds.
SRP is the largest provider of power and water to the greater Phoenix metropolitan area, serving about 935,000 electric customers.
Under no circumstances shall this notice of the Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities described in the Preliminary Official Statement, by any person in any jurisdiction in which that offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
No dealer, broker, salesman or other person, including Goldman, Sachs & Co., Morgan Stanley & Co. Inc., JP Morgan and Citi, as underwriters of the above-mentioned 2009 Series A Bonds (collectively the "Underwriters"), has been authorized by SRP or any of the Underwriters to give any information or to make any representations other than as contained in the Preliminary Official Statement. If given or made, the other information or representations must not be relied upon as having been authorized by any of the foregoing.
SRP does not recommend for or against an investment in these bonds and personal financial, tax, legal and other advisors should be consulted regarding the suitability of this investment and its terms before making an investment decision. The offering in these bonds can only be made under the terms of the Preliminary Official Statement which is available at www.srpnet.com/bonds.
