Published on 8/20/2014 in the Prospect News Municipals Daily.
New Issue: District of Columbia brings $155.67 million of revenue refunding bonds
By Sheri Kasprzak
New York, Aug. 20 – The District of Columbia sold $155,665,000 of series 2014A income tax secured revenue refunding bonds, according to a pricing sheet.
The bonds (Aa1/AAA/AA+) were sold through senior managers Siebert Brandford Shank & Co. LLC and Rice Financial Products Co.
The bonds are due 2014 to 2025 with 1% to 5% coupons and 0.095% to 2.40% yields.
Proceeds will be used to refund the city’s series 2003 and 2006 certificates of participation.
| Issuer: | District of Columbia
|
| Issue: | Series 2014A income tax secured revenue refunding bonds
|
| Amount: | $155,665,000
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC and Rice Financial Products Co. (lead), J.P. Morgan Securities LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AAA
|
| Fitch: AA+
|
| Pricing date: | Aug. 19
|
| Settlement date: | Sept. 10
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $17,465,000 | 2014 | Serial | 1% | 100.203 | 0.095%
|
| $16.01 million | 2016 | Serial | 5% | 110.32 | 0.34%
|
| $6,165,000 | 2017 | Serial | 5% | 113.928 | 0.63%
|
| $17.15 million | 2018 | Serial | 5% | 116.867 | 0.92%
|
| $7.36 million | 2019 | Serial | 5% | 119.131 | 1.21%
|
| $6,505,000 | 2020 | Serial | 5% | 120.526 | 1.53%
|
| $18,735,000 | 2021 | Serial | 5% | 121.737 | 1.78%
|
| $19,695,000 | 2022 | Serial | 5% | 122.475 | 2.02%
|
| $14,755,000 | 2023 | Serial | 5% | 123.541 | 2.17%
|
| $15,515,000 | 2024 | Serial | 5% | 124.679 | 2.28%
|
| $16.31 million | 2025 | Serial | 5% | 125.447 | 2.40%
|
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