Your PUD News Release

PUD successfully markets financial notes

Chelan County PUD
News Release
10/28/2008

Chelan County PUD announced Tuesday that it successfully marketed more than $55 million worth of consolidated system notes, providing funds that will pay for distribution system improvements over the next three years.

Treasurer Debbie Litchfield explained the par amount of the tax-exempt notes is $53.695 million. They were sold at a premium (meaning the notes were sold at a higher amount than the face or par) with net proceeds to come to the District at just under $55.598 million. The yield on the notes is 4.15 percent, and, with the premium, the coupon will be 5 percent – the amount of earnings to any holder of the notes per year. The maturity date of the notes is July 1, 2013.

The transaction is expected to close on Nov. 13.

Said Litchfield, “This has been a tremendous team effort including District staff and our external finance team that could not have happened without the support of the board.” PUD commissioners have given authority to General Manager Rich Riazzi to act quickly in the midst of the current financial turmoil so the PUD can meet its financial needs as opportunities arise.

The PUD is hoping to market additional longer-term bonds in November to help pay for ongoing modernization work at Rock Island Dam.

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Steve Lachowicz
Communications Director
661.4639, direct line
679.60148, cell
Steve.lachowicz@chelanpud.org