El Paso Electric Co. on May 22 completed a reoffering and sale of $100.6 million of pollution control refunding revenue bonds.

The transaction involves Maricopa County Arizona Pollution Control Corp.'s $63.5 million of 7.25% 2009 series A bonds due Feb. 1, 2040, and $37.1 million of its 7.25% 2009 series B bonds due April 1, 2040, according to a Form 8-K.

In connection with the remarketing, El Paso Electric entered a reoffering agreement with U.S. Bancorp Investments Inc. and U.S. Bank NA division U.S. Bank Municipal Products Group to reset interest rate on the series A and series B bonds to 3.60% and 3.60% per annum, respectively.

Proceeds from the remarketing will primarily be used to repay outstanding short-term borrowings under the revolving credit facility. Proceeds from the revolving credit facility were used to purchase in lieu of redemption all of the series A and series B bonds on Feb. 1 and April 1, respectively.