By Chris Wack
The Salt River Project Agricultural Improvement and Power District in Arizona plans to sell $775 million of Salt River Project electric system revenue bonds for financing capital improvements to the electric system.
The Series 2025 C bonds are payable and secured from a pledge of and lien on all revenue of the Salt River Power District after the payment of operating expenses, according to a document posted on MuniOS.
Revenue includes income, rent and receipts derived by the district from the ownership and operation of the electric system, and proceeds from any insurance covering business interruption loss relating to the system.
Interest on the bonds is payable Jan. 1 and July 1 of each year, beginning Jan. 1, 2026. Interest rates, maturities and yields have not yet been determined.
The Salt River Project Agricultural Improvement and Power District is an agricultural improvement district, providing electric service in a 2,900 square mile service territory in Maricopa, Gila and Pinal counties in Arizona. The distribution systems for delivering electricity include both overhead and underground lines.
Moody's assigned the bonds a rating of Aa1, and S&P Global Ratings has assigned an AA+ rating.
Goldman Sachs is listed as lead manager for the sale.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
10-10-25 1229ET
