Published on 11/15/2012 in the Prospect News Municipals Daily.
New Issue: Clark County Public Utility District, Wash., sells $109.79 million revenue bonds
By Sheri Kasprzak
New York, Nov. 15 - The Clark County Public Utility District No. 1 of Washington State sold $109,785,000 of series 2012 generating system revenue and refunding bonds, according to a pricing sheet.
The deal included $57,905,000 of series 2012 refunding bonds, $36.4 million of series 2012A tax-exempt revenue bonds and $15.48 million of series 2012B taxable refunding bonds.
The 2012 refunding bonds are due 2014 to 2033 with 3% to 5% coupons.
The 2012A bonds are due 2014 to 2025 with 3% to 5% coupons.
The 2012B bonds are due 2014 to 2025 with 0.60% to 3.293% coupons, all priced at par.
The bonds (A2/A/A+) were sold through Barclays and Morgan Stanley & Co. LLC.
Proceeds will be used to finance capital improvements and upgrades to the district's generating system, prepay a line of credit and refund the district's series 2000 revenue and refunding bonds.
| Issuer: | Clark County Public Utility District No. 1
|
| Issue: | Series 2012 generating system revenue and refunding bonds
|
| Amount: | $109,785,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Morgan Stanley & Co. LLC (lead)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Pricing date: | Nov. 14
|
| Settlement date: | Dec. 6
|
|
|
| $57,905,000 series 2012 refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,005,000 | 2014 | Serial | 4% | 103.739
|
| $2,005,000 | 2015 | Serial | 5% | 108.796
|
| $2,105,000 | 2016 | Serial | 3% | 106.28
|
| $3.39 million | 2017 | Serial | 5% | 115.781
|
| $3.56 million | 2018 | Serial | 5% | 118.905
|
| $650,000 | 2019 | Serial | 3% | 109.339
|
| $3,095,000 | 2019 | Serial | 4% | 115.14
|
| $3,885,000 | 2020 | Serial | 4% | 115.691
|
| $4,045,000 | 2021 | Serial | 5% | 123.089
|
| $6,255,000 | 2022 | Serial | 5% | 123.554
|
| $4.46 million | 2023 | Serial | 5% | 123.839
|
| $4,675,000 | 2024 | Serial | 5% | 124.59
|
| $1.66 million | 2025 | Serial | 5% | 125.668
|
| $1.74 million | 2026 | Serial | 5% | 120.648
|
| $1.83 million | 2027 | Serial | 5% | 120.06
|
| $1.92 million | 2028 | Serial | 3.25% | 100.254
|
| $1,985,000 | 2029 | Serial | 3.35% | 100.168
|
| $2.05 million | 2030 | Serial | 3.4% | 100.082
|
| $2.12 million | 2031 | Serial | 3.5% | 100.42
|
| $1,845,000 | 2032 | Serial | 3.5% | 99.86
|
| $350,000 | 2032 | Serial | 5% | 117.173
|
| $2,275,000 | 2033 | Serial | 4% | 105.953
|
|
|
| $36.4 million series 2012A tax-exempt revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.26 million | 2014 | Serial | 3% | 102.67
|
| $2.41 million | 2015 | Serial | 5% | 108.796
|
| $2.53 million | 2016 | Serial | 5% | 112.319
|
| $75,000 | 2017 | Serial | 3% | 107.83
|
| $2.58 million | 2017 | Serial | 5% | 115.781
|
| $2,785,000 | 2018 | Serial | 4% | 113.995
|
| $2.9 million | 2019 | Serial | 5% | 120.941
|
| $3,045,000 | 2020 | Serial | 5% | 122.34
|
| $3,195,000 | 2021 | Serial | 5% | 123.089
|
| $2.3 million | 2022 | Serial | 4% | 115.347
|
| $1,055,000 | 2022 | Serial | 5% | 123.554
|
| $11,265,000 | 2025 | Term | 5% | 125.668
|
|
|
| $15.48 million series 2012B taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,165,000 | 2014 | Serial | 0.60% | 100
|
| $1,195,000 | 2015 | Serial | 0.833% | 100
|
| $1,205,000 | 2016 | Serial | 1.123% | 100
|
| $1,215,000 | 2017 | Serial | 1.423% | 100
|
| $1,235,000 | 2018 | Serial | 1.667% | 100
|
| $1,255,000 | 2019 | Serial | 1.967% | 100
|
| $1.28 million | 2020 | Serial | 2.443% | 100
|
| $1.31 million | 2021 | Serial | 2.673% | 100
|
| $1,345,000 | 2022 | Serial | 2.773% | 100
|
| $1.38 million | 2023 | Serial | 2.973% | 100
|
| $1,425,000 | 2024 | Serial | 3.143% | 100
|
| $1.47 million | 2025 | Serial | 3.293% | 100
|
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