Xxxx Mechanism and Specific Terms Sample Clauses

Xxxx Mechanism and Specific Terms. The financing will be accomplished by issuing either (1) serialized bond offerings (a series of bonds with different terms to maturity), (2) one or more term bonds with annual sinking fund payments, or (3) a combination thereof. However issued, the financing will consist of taxable bonds with a fixed interest rate applicable to each instrument. The term of the bonds, in the aggregate, will be 35 years.7 Repayment of the bonds will be unsecured, as per the existing Bond Indenture and consistent with the Company’s prior bond issuances since 2014. Based upon market conditions existing as of the date of this Agreement, PWW has estimated that bonds, with terms and conditions similar with the Company’s previously issued 2014-2020 bonds, would be issued at an estimated interest rate of between 3.50% and 4.50% 6 This amount consists of the current sum of 1) MOERR-RSF replenishment - $5,500,000, 2) 2014 A and 2015 A/B bond refinancing with escrow requirement - $63,623,050, 3) AULI Loan refinancing with “make whole” requirement - $2,474,141, and 4) Debt Issuance Costs - $1,292,809. The total amount equals $72,890,000. 7 The issuance, comprised of serial bonds and/or term bonds, would be paid off in their entirety in 35 years. The bond portfolio will be constructed such that in aggregate it will have an overall 35-year term and a level or declining annual debt service requirement over the course of the 35 years. percent per annum, with a goal of an overall average total interest cost of approximately 3.67%, subject to PWW’s credit rating and overall market conditions at the time of issuance. As part of the bonding process, PWW will be updating its credit rating with S&P. That review by S&P must be conducted contemporaneously with the issuance of the bonds and cannot be completed prior to that timeframe. This is an essential step in the process of issuing these financial instruments and is highly impactful upon the Company’s ability to issue the bonds and secure a favorable cost of interest on the bonds. As such, PWW may see a reduction in the estimated interest rate should it receive a credit rating enhancement based on: (1) the financing transaction’s ability to sufficiently improve the Company’s liquidity; and (2) the Company’s perceived ability to maintain that liquidity through the establishment of a Material Operating Expense Factor (“MOEF”) as well as other rate structure modifications proposed as part of the DW 19-084 rate case settlement, if approved by the C...
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