Friday, August 17, 2012
Davis Polk advised El Paso Electric Company in connection with the issuance of an aggregate of $82.5 million of pollution control refunding revenue bonds. One series of $33.3 million was issued by the City of Farmington, New Mexico, relating to the Four Corners Generating Station, a coal-fired steam electric power plant in San Juan County, New Mexico. The other series of $59.235 million was issued by the Maricopa County, Arizona Pollution Control Corporation and related to the Palo Verde Nuclear Generating Station near Phoenix, Arizona. The City of Farmington bonds bear interest at 1.875% and mature in 2032 and are being remarketed by U.S. Bancorp Investments, Inc. The Maricopa County, Arizona Pollution Control Corporation bonds bear interest at 4.5% and mature in 2042 and are being underwritten by U.S. Bancorp Investments, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
El Paso Electric Company is a public utility engaged in the generation, transmission and distribution of electricity in an area of approximately 10,000 square miles in West Texas and southern New Mexico.
The Davis Polk corporate team included partner Daniel G. Kelly Jr. and associates Aaron Justin Epstein and Emily Roberts. Nam Kim was the legal assistant on the transaction. Members of the Davis Polk team are based in the Menlo Park office.
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