California public power utility SMUD on June 2 said that it plans to issue approximately $495 million of revenue bonds and revenue refunding bonds this month.
The bonds will be spread across several separate series, including approximately $200 million of Climate Bond Certified Green Bonds.
SMUD currently anticipates that the first tranche of bonds will be priced and sold on June 6, 2023, with priority expected to be given to California individual retail investors, with additional pricings and sales expected later in June.
All pricings and sales, however, could occur earlier or later depending upon market conditions.
SMUD expects that the proceeds of the bonds will be used for various purposes including to finance and refinance certain additions and improvements to its electric system, to pay a portion of the outstanding principal of its commercial paper notes and to refund certain outstanding obligations of SMUD.