Published on 11/19/2012 in the Prospect News Municipals Daily.
New Issue: District of Columbia brings $775.77 million revenue and refunding bonds
By Sheri Kasprzak
New York, Nov. 19 - The District of Columbia sold $775.77 million of series 2012 income tax secured revenue and refunding bonds, according to a pricing sheet.
The deal included $750,765,000 of series 2012C income tax secured revenue bonds and $25,005,000 of series 2012D refunding bonds.
The 2012C bonds are due 2013 to 2032 with term bonds due in 2035 and 2037. The serial coupons range from 2% to 5%, and yields range from 0.2% to 3.1%. The 2035 bonds have a 4% coupon priced at 107.514 to yield 3.12% and a 5% coupon priced at 118.894 to yield 2.82%. The 2037 bonds have a 4% coupon priced at 106.539 and a 5% coupon priced at 117.843.
The 2012D bonds are due 2013 to 2032 with a term bond due in 2037. The serial coupons range from 2.5% to 5% and yields range from 0.2% to 3.1%. The 2037 bonds have a 4% coupon priced at 106.539.
The bonds (Aa1/AAA/) were sold through Goldman, Sachs & Co.
Proceeds will be used to finance capital projects within the city and refund existing notes.
| Issuer: | District of Columbia
|
| Issue: | Series 2012 income tax secured revenue and refunding bonds
|
| Amount: | $775.77 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead), J.P. Morgan Securities LLC, Loop Capital Markets LLC, Bank of America Merrill Lynch, Cabrera Capital Markets LLC, Citigroup Global Markets Inc., Fidelity Capital Markets LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC and Rice Financial Products Co. (co-managers)
|
| Ratings: | Moody's Aa1
|
| Standard & Poor's: AAA
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 28
|
|
|
| $750,765,000 series 2012C income tax secured revenue bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $16,335,000 | 2013 | Serial | 2.5% | 102.315 | 0.2%
|
| $1.35 million | 2014 | Serial | 2% | 103.442 | 0.28%
|
| $2.3 million | 2014 | Serial | 3% | 105.443 | 0.28%
|
| $13,265,000 | 2014 | Serial | 5% | 109.446 | 0.28%
|
| $12.2 million | 2015 | Serial | 4% | 110.500 | 0.48%
|
| $5.48 million | 2015 | Serial | 5% | 113.483 | 0.48%
|
| $1 million | 2016 | Serial | 3% | 109.449 | 0.61%
|
| $6.39 million | 2016 | Serial | 4% | 113.453 | 0.61%
|
| $11.09 million | 2016 | Serial | 5% | 117.357 | 0.61%
|
| $5 million | 2017 | Serial | 2% | 105.879 | 0.8%
|
| $14,305,000 | 2017 | Serial | 5% | 120.578 | 0.8%
|
| $610,000 | 2018 | Serial | 2% | 106.057 | 0.96%
|
| $19.6 million | 2018 | Serial | 5% | 123.531 | 0.96%
|
| $6,215,000 | 2019 | Serial | 4% | 118.840 | 1.19%
|
| $14.99 million | 2019 | Serial | 5% | 125.545 | 1.19%
|
| $10.91 million | 2020 | Serial | 4% | 119.464 | 1.42%
|
| $11,295,000 | 2020 | Serial | 5% | 127.009 | 1.42%
|
| $2.5 million | 2021 | Serial | 3% | 127.009 | 1.65%
|
| $10.22 million | 2021 | Serial | 4% | 119.596 | 1.65%
|
| $10.49 million | 2021 | Serial | 5% | 127.935 | 1.65%
|
| $2,005,000 | 2022 | Serial | 3.25% | 112.834 | 1.84%
|
| $4,745,000 | 2022 | Serial | 4% | 119.661 | 1.84%
|
| $17.53 million | 2022 | Serial | 5% | 128.764 | 1.84%
|
| $610,000 | 2023 | Serial | 4% | 118.058 | 2%
|
| $24.87 million | 2023 | Serial | 5% | 127.088 | 2%
|
| $26.78 million | 2024 | Serial | 5% | 126.363 | 2.07%
|
| $28,155,000 | 2025 | Serial | 5% | 125.438 | 2.16%
|
| $29.6 million | 2026 | Serial | 5% | 124.622 | 2.24%
|
| $31.12 million | 2027 | Serial | 5% | 124.015 | 2.35%
|
| $15 million | 2028 | Serial | 4% | 111.613 | 2.67%
|
| $17,635,000 | 2028 | Serial | 5% | 123.310 | 2.37%
|
| $34,235,000 | 2029 | Serial | 5% | 122.710 | 2.43%
|
| $35.99 million | 2030 | Serial | 5% | 122.114 | 2.49%
|
| $37,835,000 | 2031 | Serial | 5% | 121.521 | 2.55%
|
| $9.47 million | 2032 | Serial | 3% | 98.517 | 3.1%
|
| $30.21 million | 2032 | Serial | 5% | 120.931 | 2.61%
|
| $10 million | 2035 | Term | 4% | 107.514 | 3.12%
|
| $121,205,000 | 2035 | Term | 5% | 118.894 | 2.82%
|
| $70 million | 2037 | Term | 4% | 106.539 | 3.23%
|
| $28,225,000 | 2037 | Term | 5% | 117.843 | 2.93%
|
|
|
| $25,005,000 series 2012D income tax secured revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $540,000 | 2013 | Serial | 2.5% | 102.315 | 0.2%
|
| $560,000 | 2014 | Serial | 5% | 109.446 | 0.28%
|
| $585,000 | 2015 | Serial | 5% | 113.483 | 0.48%
|
| $615,000 | 2016 | Serial | 5% | 117.357 | 0.61%
|
| $640,000 | 2017 | Serial | 3% | 110.779 | 0.8%
|
| $670,000 | 2018 | Serial | 5% | 123.531 | 0.96%
|
| $705,000 | 2019 | Serial | 5% | 125.545 | 1.19%
|
| $740,000 | 2020 | Serial | 5% | 127.009 | 1.42%
|
| $775,000 | 2021 | Serial | 5% | 127.935 | 1.65%
|
| $815,000 | 2022 | Serial | 5% | 128.764 | 1.84%
|
| $860,000 | 2023 | Serial | 5% | 127.088 | 2%
|
| $905,000 | 2024 | Serial | 5% | 126.363 | 2.07%
|
| $950,000 | 2025 | Serial | 5% | 125.438 | 2.16%
|
| $1 million | 2026 | Serial | 5% | 124.622 | 2.21%
|
| $1.05 million | 2027 | Serial | 5% | 124.015 | 2.3%
|
| $1,105,000 | 2028 | Serial | 5% | 123.310 | 2.37%
|
| $1.16 million | 2029 | Serial | 5% | 122.710 | 2.43%
|
| $1.22 million | 2030 | Serial | 5% | 122.114 | 2.49%
|
| $1.28 million | 2031 | Serial | 5% | 121.521 | 2.55%
|
| $1,335,000 | 2032 | Serial | 3% | 98.517 | 3.1%
|
| $7,495,000 | 2037 | Term | 4% | 106.539 | 3.23%
|
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