VISITOR CENTER/AIR SLOTS LOAN REPAYMENT PROGRAM
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1 VISITOR CENTER/AIR SLOTS LOAN REPAYMENT PROGRAM Status Update September 17, 2013
2 Repayment Program Structure Repay outstanding $114,287,563 Visitor Center debt Repay outstanding $9,683,305 Air Slots debt Each Hoover Contractor will pay proportionate share of outstanding loans; APA share $25 million California cities planning to pay with cash on hand APA and CRC planning to finance repayment Taxable debt must be used for any refinancing All Contractors will transmit funds to Reclamation simultaneously at Closing APA cash flow savings estimated at $13.5 million APA present value savings estimated at $8.8 million September 17, 2013
3 Provisions to Secure Transaction Commitment in writing from Reclamation: Retire Visitor Center and Air Slots loans Remove loan debt service payments from future Hoover power billings Memorandum of Understanding among all Hoover Contractors agreeing to proceed with repayment Simultaneous transfer of Hoover Contractors funds to Reclamation at Closing September 17, 2013
4 Key Repayment Program Milestones Activity Obtain and analyze specific loan data Evaluate prepayment financial benefit Enact necessary State legislation (AZ, NV) Secure commitment from Reclamation to retire loans and lower power costs Secure commitment from all Contractors to repay outstanding loans Obtain approval of governing bodies Raise financing (APA, CRC and SCE) Transfer funds/close transaction Status Completed Completed Completed Final Reclamation draft letters circulated Final MOU draft pending In process (need Contractor approval timeframes) Documentation being prepared Determined by Contractor activities on critical path September 17, 2013
5 Current Contractor Repayment Status MWD MOU signed; funds allocated LADWP Funds available early October SCPPA Acting on behalf of 9 CA cities; funds on hand (some city council action may be necessary) SCE Program commitment at VP level; funding available (CP) in normal course of business CRC Schedule dependent on State borrowing plans; exploring acceleration options APA Financing documentation being prepared; funding planned for early November September 17, 2013
6 Interim Funding: Potential Value of Line of Credit Ability to accelerate APA funding commitment Funds available in 4-6 weeks Minimal documentation requirements Stops APA monthly Bureau loan cost of $160,000 Private transaction; if repayment program fails, no adverse bond market consequences Accomplishable in parallel with bond issuance Downside: Incremental work effort Sunk legal costs of approx. $20,000 September 17, 2013
7 Steps to Complete Transaction Timely Action Necessary o Rising interest rates o Delay costly to all Contractors - $847,000 monthly Bureau loan cost Obtain Power Sales Contract amendments Execute MOU when finalized Explore line of credit to accelerate funding if advantageous Prepare documentation necessary for bond (line of credit) financing Sell securities at appropriate time Transfer funds to Reclamation at Closing September 17, 2013
8 HOOVER DAM VISITOR CENTER Questions and Answers September 17, 2013
9 Primary Repayment Program Objectives Lower Hoover power costs by retiring high interest rate Visitor Center and Air Slots loans Develop simple repayment program structure Seamlessly integrate program with current Reclamation and Western operations Minimize risk to all parties Secure 100% Contractor participation September 11, 2013
10 Visitor Center Financial Overview Completed in 1995 at cost of $126,265,344 Paid for by Federal appropriations evidenced by loans to Bureau of Reclamation Hoover Contractors obligated to repay loans Loan repayment embedded in Hoover power rate $114,287,563 loan principal remains outstanding Interest rate on Visitor Center loans is 8.064% Annual repayment varies; average $10 million Final loan repayment in 2045 September 11, 2013
11 Air Slots Financial Overview Completed in 1987 at cost of $11,324,291 Paid for by Federal appropriations evidenced by loans to Bureau of Reclamation Hoover Contractors obligated to repay loans Loan repayment embedded in Hoover power rate $9,683,305 loan principal remains outstanding Interest rate on Air Slots loans is 9.84% Annual repayment varies; average $1.1 million Final loan repayment in 2037 September 11, 2013
12 Remaining Reclamation Loans Outstanding at Hoover Dam Loan Interest Rate Principal Maturity Dam & Appurtenances 3.00% $4,787, Flood Control 3.00% $19,535, September 11, 2013
13 Visitor Center Loan Structure Current Visitor Center Repayment Schedule ($000) $12,000,000 Interest Principal $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 August 29, 2013
14 Air Slots Loan Structure Current Air Slots Repayment Schedule $1,200,000 Interest Principal $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 August 29, 2013
15 Current Visitor Center/Air Slots Loan Repayment Process U. S. Treasury Visitor Center /Air Slots loan repayment Reclamation (Visitor Center/Air Slots Debt Service) Western Hoover Revenue Requirement (includes loan repayments) Visitor Center/Air Slots annual loan repayment Hoover power bill Payments for Hoover power including Visitor Center/Air Slots loan repayment Hoover Dam Contractors August 29, 2013
16 Implied Effect of Refinancing All Visitor Center /Air Slots Loans Visitor Center Debt Service Reduction Air Slots Debt Service Reduction Visitor Center: New Debt Service and Cash Flow Savings Air Slots: New Debt Service and Cash Flow Savings $14,000 $12,000 Principal Interest Prior Debt Service $1,400 $1,200 Principal Interest Prior Debt Service $10,000 $8,000 $6,000 $4,000 $2,000 $ Source: J.P. Morgan August 29, $1,000 $800 $600 $400 $200 $ Approximately $370,000 annual savings
17 Combined: New Debt Service and Cash Flow Savings Implied Effect of Refinancing All Visitor Center /Air Slots Loans Combined Debt Service Reduction Approximately $3.2mm annual savings Source: J.P. Morgan August 29, 2013
18 Implied Effect of Refinancing All Visitor Center /Air Slots Loans Refinancing Savings Summary Savings Results ($ in 000 s) Source: J.P. Morgan August 29, 2013
19 Allocation of Implied PV Savings by Contractor Obligation Share PV Savings Breakdown by Contractor Allocation Breakdown Source: J.P. Morgan August 29, 2013
20 APA Refinancing Results under Current Market Conditions Visitor Center Debt Service Reduction Visitor Center: New Debt Service and Cash Flow Savings Air Slots Debt Service Reduction Air Slots: New Debt Service and Cash Flow Savings $2,500 $2,000 $1,500 $300 Principal Interest Prior Debt Service Approximately $815,000 savings Principal Interest Prior Debt Service Approximately $115,000 savings Approximately $380,000 annual savings $200 Approximately $58,000 annual savings $1,000 $100 $500 $0 $ Source: J.P. Morgan August 29, 2013
21 APA Refinancing Results under Current Market Conditions Combined Debt Service Reduction Combined: New Debt Service and Cash Flow Savings $2,500 $2,000 Approximately $930,000 savings Principal Interest Prior Debt Service Approximately $423,000 annual savings $1,500 $1,000 $500 $ Source: J.P. Morgan August 29, 2013
22 APA Refinancing Results under Current Market Conditions Refinancing Savings Summary Savings Results ($ in 000 s) Source: J.P. Morgan Generally accepted threshold for refinancing is 3% NPV savings Over 10 times savings threshold under current market conditions August 29, 2013
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