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HomeMy WebLinkAboutAEA Power Revenue Bonds 4th Series Bradley 2000"Mar,24,2000 3:04PM GOLDMAN SACHS &C0,No,4440 P.1/14 Saas Goldman,Sachs &Co. Municipal Bond Department 555 California St.,45th Floor San Francisco,CA 94104 TELECOPY TRANSMITTAL LETTER Date: To: From: March 24,2000 Valorie Walker AIDEA Joe Griffith Chugach Electric Kenneth Vassar Wohlforth,Vassar,Johnson and Brecht Heather J.Van Meter Ater Wynne LLP Karen Boyle Foster Pepper &Shefelman Jim Seagraves Christine Hein Seagraves and Hein Diana Woodard Carolyn Whalen U.S.Bank Judy Solle FSA Kathleen Porterfield KPMG Paul Bloom Eric Whaley Number of pages (including this page): H all pages are not received,piease call: Please send return fax mail to: 14 415-393-7737 415-393-7653 Attached is a revised set of final numbers as described in Friday afternoon's e-mail.Please let us know if you have any questions. "Mar,24.2000 3:04PM GOLDMAN SACHS &CO.No,4440 P.2/14 eeeeeeeeeeeeeeeeeeeeeeeennneeenae SOURCES AND USES OF FUNDS Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series (Bradley Lake Hydroelectric Project) REVISED Dated Date 04/04/2000 Delivery Date 04/04/2000 Sources: Bond Proceeds: Par Amount 47,710,000.00 Premium 1,700,846.40 49,410,846.40 Other Sources of Funds: Interest Funds on Hand 1,110,045.83 50,520,892.23 Uses: Refunding Escrow Deposits: Cash Deposit 468.12 Open Market Purchases 48 264,465.32 48,264,953.44 Delivery Date Expenses: Underwriter's Discount 358,226.54 Bond Insurance 117,459.81 Forward Commitment Fee 13,051.09 Purchase Price Adjustment 1,751,197.40 2,239,934.84 Other Uses of Funds: Contingency 16,003.95 50,520,892.23 Mar 24,2000 2:41 pam Prepared by Goldman,Sachs &Co.(Ashared\dbc\Aea:AEA-FORWARD3,FWD_SCN3)Page 1 "Mar.24.2000 3:04PM GOLDMAN SACHS &CO.No,4440 =P.3/14 SUMMARY OF REFUNDING RESULTS Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series {Bradley Lake Hydroelectric Project) Dated Date Delivery Date Arbitrage yield Escrow yield Bond Par Amount True Interest Cost Net Interesi Cost Average Coupon Average Life Par amount of refunded bonds REVISED Average coupon of refunded bonds Average life of refunded bonds PV of prior debt to 04/04/2000 @ 6.004839% Net PV Savings Percentage savings of refunded bonds Percentage savings of refunding bonds 04/04/2000 04/04/2000 6.004839% 4.886192% 47,710,000.00 6.091496% §.767440% 5.971459% 13.793 46,235,000.00 7.235091% 14.174 §2,141,803.45 3,518,623.47 7.610303% 7.375023% Mar 24,2000 2:41 pm Prepared by Goldman,Sachs &Co.(I:\shared\dbc\Aea:AEA-FORWARD3,FWD_SCN3)}Page2 "Mar,24,2000 3:05PM GOLDMAN SACHS&CO,No,4440 P.4/14 eeeeeeeeeee BOND SUMMARY STATISTICS Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series (Bradley Lake Hydroelectric Project) REVISED Dated Date 04/04/2000 Delivery Date 04/04/2000 Last Maturity 07/01/2021 Arbitrage Yield 6.004839% True Interest Cost (TIC)6.091496% Net Interest Cost (NIC)5.767440% All-In TIC 6.091496% Average Coupon 5.971459% Average Life (years)13.793 Duration of Issue (years)8.633 Par Amount 47,710,000.00 Bond Proceeds 49,410,846.40 Total Interest 39,297,269.58 Net interest 37,954,649.72 Total Debt Service 87,007,269.58 Maximum Annual Debt Service 4,664,000.00 Average Annual Debt Service 4,096,068.05 Underwriters Fees (per $1000) Average Takedown Other Fee 7.508416 Total Underwriters Discount 7.508416 Bid Price 102.814127 Par Average AverageBondComponentValuePriceCouponLife Serial Bonds 47,710,000.00 103.565 5.971%13.793 47,710,000.00 13.793 All-In Arbitrage TIC TIC Yield Par Value 47,710,000.00 47,710,000.00 47,710,000.00 +Accrued Interest +Premium (Discount)1,700,846.40 1,700,846.40 1,700,846.40 -Underwriter's Discount (358,226.54)(358,226.54) -Cost of Issuance Expense -Other Amounts (1,881,708.30)(1,881,708.30)(1,881,708.30) Target Value 47,170,911.56 47,170,911.56 47,529,138.10 Target Date 04/04/2000 04/04/2000 04/04/2000 Yield 6.091496%6.091496%6.004839% Mar 24,2000 2:41 pm Prepared by Goldman,Sachs &Co.{|\shared\dbc\Asa:AEA-FORWARD3,FWD_SCN3)Page 3 a BOND PRICING Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series {Bradley Lake Hydroelectric Project)0002#21eN.REVISED Maturity Premium Bond Component Date Amount Rate Yield Price {(-Discount)Takedown Serial Bonds: 07/01/2001 1,855,000 5.000%4.400%100.710 13,170.50 5.000 07/01/2002 1,950,000 5.500%4.800%101.462 28,509.00 5.000 07/01/2003 2,055,000 5.500%4.900%101.770 36,373.50 §.000 07/01/2004 2,170,000 5.500%5.000%101.881 40,817.70 5.000 07/01/2005 2,290,000 5.500%5.080%101.903 43,578.70 5.000 07/01/2006 115,000 5.500%5.140%101.892 2,175.80 5.000 07/01/2007 120,000 6.000%5.190%104.828 5,793.60 5.000 07/01/2008 125,000 6.000%5.230%105.092 6,365.00 6.250 07/01/2009 135,000 6.000%§.270%105.277 7,123.95 6.250 07/01/2010 140,000 6.000%5.320%105.306 7,428.40 6.250 07/01/2011 2,455,000 6.000%§.350%105.428 133,257.40 6.250 07/01/2012 2,600,000 6.000%5.400%105.313 138,138.00 6.250 07/01/2013 2,760,000 6.000%§.440%105.226 144,237.60 6.250 07/01/2014 2,920,000 6.000%§.490%104.983 145,503.60 7.500 07/01/2015 3,100,000 6.000%§.550%104.577 141,887.00 7.500 07/01/2016 3,285,000 6.000%5.590%104.328 142,174.80 7.500 07/01/2017 3,485,000 6.000%5.630%104.038 140,724.30 7.500 07/01/2018 3,695,000 6.000%5.670%103.710 137,084.50 7.500 07/01/2019 3,915,000 6.000%5.710%103.349 131,113.35 7.500 07/01/2020 4,145,000 6.000%5.740%103.078 127,583.10 7.500 07/01/2021 4,395,000 6.000%5.760%102.908 127,806.60 7.500 47,710,000 1,700,846.40 Mar 24,2000 2:41pm Prepared by Goldman,Sachs &Co.(\shared\dbc\Aea:AEA-FORWARD3,FWD_SCN3)Page4 NdS0°€028SHOVSNYN109ObdFONW/Sd BOND PRICING Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series (Bradley Lake Hydroelectric Project) Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriters Discount Purchase Price Accrued interest Net Proceeds REVISED 04/04/2000 04/04/2000 07/01/2000 47,710,000.00 1,700,846.40 49,410,846.40 103.564968%(358,226.54)(0.750842) 49,052,619.86 102.814127% 49,052,619.86 Mar 24,2000 2:41pm Prepared by Gokiman,Sachs &Co.(t\shared\dbc\Aea:AEA-FORWARD3,FWD_SCN3)Page 5 Wd90°€0)2SHOVSNYNd109OVP?ONWI/9d00022eK . Mar.24.2000 3:06PM ©GOLDMAN SACHS &CO,No.4440 =P.7/14 BOND DEBT SERVICE Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series (Bradley Lake Hydroelectric Project) REVISED Dated Date 04/04/2000 Delivery Date 04/04/2000 Perlod Ending Principal Coupon interest Debt Service 07/01/2000 676,944.58 676,944.58 07/01/2001 1,855,000 5.000%2,801,150.00 4,656,150.00 07/01/2002 1,950,000 5.500%2,708,400.00 4,658,400.00 07/01/2003 2,055,000 5.500%2,601,4150.00 4,656,150.0007/01/2004 2,170,000 5.500%2,488,125.00 4,658,125.0007/01/2005 2,290,000 5.500%2,368,775.00 4,658,775.0007/01/2006 115,000 5.500%2,242,825.00 2,357,825.0007/01/2007 120,000 6.000%2,236,500.00 2,356,500.0007/01/2008 125,000 6.000%2,229,300.00 2,354,300.0007/01/2009 135,000 6.000%2,221,800.00 2,356,800.00 07/01/2010 140,000 6.000%2,213,700.00 2,353,700.00 07/01/2011 2,455,000 6.000%2,205,300.00 4,660,300.00 07/01/2012 2,600,000 6.000%2,058,000.00 4,658,000.00 07/01/2013 2,760,000 6.000%1,902,000.00 4,662,000.00 07/01/2014 2,920,000 6.000%1,736,400.00 4,656,400.00 07/01/2015 3,100,000 6.000%1,561,200.00 4,661,200.00 07/01/2016 3,285,000 6.000%1,375,200.00 4,660,200.00 07/01/2017 3,485,000 6.000%1,178,100.00 4,663,100.0007/01/2018 3,695,000 6.000%969,000.00 4,664,000.00 07/01/2019 3,915,000 6.000%747,300.00 4,662,300.00 07/01/2020 4,145,000 6.000%512,400.00 4,657,400.0007/01/2021 4,395,000 6.000%263,700.00 4,658,700.00 47,710,000 39,297,269.58 87,007,269.58 Mar 24,2000 2:41pm Prepared by Goldman,Sachs &Co.(\shared\dbc\Aea:AEA-FORWARD3,FWD_SCN3)Pages 6 . Mar.24,2000 3:07PM ©GOLDMAN SACHS &CO,No.4440 8/14 a BOND DEBT SERVICE Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series (Bradley Lake Hydroelectric Project) REVISED Dated Date 04/04/2000 Delivery Date 04/04/2000 Perlod Annual Ending Principal Coupon Interest Debt Service Debt Service 04/04/2000 07/01/2000 676,944.58 676,944.58 676,944.58 01/01/2001 1,400,575.00 1,400,575.00 07/01/2001 1,855,000 5.000%1,400,575.00 3,255,575.00 4,656,150.0001/01/2002 1,354,200.00 1,354,200.00 07/01/2002 1,950,000 5.500%1,354,200.00 3,304,200.00 4,658,400.0001/01/2003 1,300,575.00 1,300,575.00 07/01/2003 2,055,000 5.500%1,300,575.00 3,355,575.00 4,656,150.00 01/01/2004 1,244,062.50 1,244,062.50 07/01/2004 2,170,000 5.500%1,244,062.50 3,414,062.50 4,658,125.00 01/01/2005 1,184,387.50 1,184,387.50 07/01/2005 2,290,000 5.500%1,184,387.50 3,474,387.50 4,658,775.00 01/01/2006 1,121,412.50 1,121,412.50 07/01/2006 115,000 5.500%1,121,412.50 1,236,412.50 2,357 ,825.0001/01/2007 1,118,250.00 1,118,250.00 07/01/2007 120,000 6.000%1,118,250.00 1,238,250.00 2,356,500.00 01/01/2008 1,114,650.00 1,114,650.00 07/01/2008 125,000 6.000%1,114,650.00 1,239,650.00 2,354,300.00 01/01/2009 1,110,900.00 1,110,900.00 07/01/2009 135,000 6.000%1,110,900.00 1,245,900.00 2,356,800.00 01/01/2010 1,106,850.00 1,106,850.00 07/01/2010 140,000 6.000%1,106,850.00 1,246,850.00 2,353,700.00 01/01/2011 1,102,650.00 1,102,650.00 07/01/2011 2,455,000 6.000%1,102,650.00 3,557,650.00 4,660,300.0001/01/2012 1,029,000.00 1,029,000.00 07/01/2012 2,600,000 6.000%1,029,000.00 3,629,000.00 4,658,000.0001/01/2013 951,000.00 951,000.00 07/01/2013 2,760,000 6.000%951,000.00 3,711,000.00 4,662,000.00 01/01/2014 868,200.00 868,200.00 07/01/2014 2,920,000 6.000%868,200.00 3,788,200.00 4,656,400.0001/01/2015 780,600.00 780,600.00 07/01/2015 3,100,000 6.000%780,600.00 3,880,600.00 4,661,200.0001/01/2016 687,600.00 687,600.0007/01/2016 3,285,000 6.000%687,600.00 3,972,600.00 4,660,200.00 01/01/2017 §89,050.00 589,050.00 07/01/2017 3,485,000 6.000%589,050.00 4,074,050.00 4,663,100.00 01/01/2018 484,500.00 484,500.00 07/01/2018 3,695,000 6.000%484,500.00 4,179,500.00 4,864,000.0001/01/2019 373,650.00 373,650.00 07/01/2019 3,915,000 6.000%373,650.00 4,288,650.00 4,662,300.0001/01/2020 256,200.00 256,200.00 07/01/2020 4,145,000 6.000%256,200.00 4,401 ,200.00 4,657,400.0001/01/2021 131,850.00 131,850.00 07/01/2021 4,395,000 6.000%131,850.00 4,526,850.00 4,658,700.00 47,710,000 39,297,269.58 87,007,269.58 87,007,269.58 Mar 24,2000 2:41pm Prepared by Gokiman,Sachs &Co.(l\shared\dbc\aee:AEA-FORWARD3,FWD_SCN3)Page7 'Mar,24.2000 3:07PM ©GOLDMAN SACHS &CO. SAVINGS Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series (Bradley Lake Hydroelectric Project) No.4440 P 9/14 REVISED Prior Refunding Date Debt Service Debt Service Savings 07/01/2000 1,665,068.75 676,944.58 988,124.17 07/01/2001 4,965,137.50 4,656,150.00 308,987.50 07/01/2002 4,966,505.00 4,658,400.00 308,105.00 07/01/2003 4,969,005.00 4,656,150.00 312,855.00 07/01/2004 4,966,817.50 4,658,125.00 308,692.50 07/01/2005 4,969,462.50 4,658,775.00 310,687.50 07/01/2006 2,665,737.50 2,357 825.00 307,912.50 07/01/2007 2,665,737.50 2,356,500.00 309,237.50 07/01/2008 2,665,737.50 2,354,300.00 311,437.50 07/01/2009 2,665,737.50 2,356,800.00 308,937.5007/01/2010 2,665,737.50 2,353,700.00 312,037.50 07/01/2011 4,970,737.50 4,660,300.00 310,437.50 07/01/2012 4,969,777.50 4,658,000.00 311,777.5007/01/2013 4,971,937.50 4,662,000.00 309,937.5007/01/2014 4,966,137.50 4,656,400.00 309,737.50 07/01/2015 4,970,600.00 4,661 ,200.00 309,400.0007/01/2016 4,969,837.50 4,660,200.00 309,637.5007/01/2017 4,973,125.00 4,663,100.00 310,025.00 07/01/2018 4,974,012.50 4,664,000.00 310,012.50 07/01/2019 4,971,412.50 4,662,300.00 309,112.5007/01/2020 4,969,237.50 4,657,400.00 311,837.50 07/01/2021 4,971,037.50 4,658,700.00 312,337.50 94,508,536.25 87,007,269.58 7,501,266.67 Savings Summary Dated Date 04/04/2000 Delivery Date 04/04/2000 Savings PV rate 6.004839% PV of savings from cash flow 4,612,665.35 Less:Prior funds on hand (1,110,045.83) Other adjustments 16,003.95 Net PV Savings 3,518,623.47 Mar 24,2000 2:41 pm Prepared by Goldman,Sachs &Co.(i\shared\dc\Aea:AEA-FORWARDS,FWD_SCN3)Page 8 Mar.24,2000 3:08PM =-«GOLDMAN SACHS &co,No.4440 oP.10/14 a SUMMARY OF BONDS REFUNDED Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series (Bradley Lake Hydroelectric Project) REVISED Maturity Interest Par Call Call Bond Date Rate Amount Date Price Power Revenue Bonds,Second Series: SERIALS 07/01/2001 6.950%1,635,000.00 07/01/2000°102.000 07/01/2002 7.000%1,750,000.00 07/01/2000 102.000 07/01/2003 7.050%1,875,000.00 07/01/2000 102.000 07/01/2004 7.100%2,005,000.00 07/01/2000 102.000 07/01/2005 7.150%2,150,000.00 07/01/2000 102.000 TERM13 07/01/2013 7.200%7,425,000.00 07/01/2000 102.000 TERM21 07/01/2021 7.250%29,395,000.00 07/01/2000 102.000 46,235,000.00 Mar 24,2000 2:41 pm Prepared by Goldman,Sachs &Co.(\sharedidbc\Aea:AEA-FORWARDS,FWD_SCN3)Page 9 Mar.24.2000 3:08PM ©GOLDMAN SACHS&CO.No,4440 P LL/Id a ESCROW DESCRIPTIONS Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series (Bradley Lake Hydroelectric Project) REVISED Type of Maturity Par Security Date Amount Rate Yield Price Apr 4,2000: TNote 06/30/2000 47,431,000 5.875%4.853% 100.223906 47,431,000 Mar 24,2000 2:41pm Prepared by Goldman,Sachs &Co.(:\shared\dbc\Aea:AEA-FORWARDS,FWD_SCN3)Page 10 ESCROW COST Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series (Bradley Lake Hydroelectric Project) REVISED Type of Maturity Par Accrued Total Security Date Amount Rate Yield Price Cost Interest Cost TNote 06/30/2000 47,431,000 5.875%4.852922%100.223906 47,537,200.85 727,264.47 48,264,465.32 47,431,000 47,537,200.85 727,264.47 48,264,465.32 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 04/04/2000 48,264,465.32 488.12 48,264,953.44 4.886192% 48,264,465.32 488.12 48,264,953.44 Mar 24,2000 2:4t pm Prepared by Goldman,Sachs &Co.(IAshared\dbc\Aea:AEA-FORWARD3,FWD_SCN3)Page 11 0002'Fe4HWd60:€09%SHOVSNYNG109'd(OPFPONvI/el "Mar,24.2000 3:09PM GOLDMAN SACHS &CO,No,4440 PL 13/14 OO ESCROW CASH FLOW Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series (Bradley Lake Hydroelectric Project) REVISED Present Value Net Escrow to 04/04/2000 Date Principal Interest Receipts @ 4.8861915% 06/30/2000 47,431,000.00 1,393,285.63 48,824,285.63 48,264,465.32 47,431,000.00 1,393,285.63 48,824,285.63 48,264,465.32 Escrow Cost Summary Purchase date 04/04/2000 Purchase cost of securities 48,264,465.32 Target for yield calculation 48,264,465.32 Mar 24,2000 2:41pm Prepared by Goldman,Sachs &Co.(Ashared\dbc\Aea:AEA-FORWARD3,FWD_SCN3)Page 12 ESS ESCROW STATISTICS Alaska Energy Authority Power Revenue Refunding Bonds,Fourth Series (Bradley Lake Hydroelectric Project) REVISED Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Cost (years)Date Date Cost Arbitrage Dead Time Global Proceeds Escrow: 48,264,953.44 0.233 4.886192%4.829356%48,131,638.92 125,396.77 7,917.75 48,264,953.44 48,131,638.92 125,396.77 7,917.75 Delivery date 04/04/2000 Arbitrage yield 6.004839% Mar 24,2000 2:41 pm Prepared by Goldman,Sachs &Co.(l\shared\dbc\Aea:AEA-FORWARD3,FWD_SCN3)Page 13 0002FeeKNd60<€09%SHOWSN¥Nd109'dsOPPPON¥1/¥]