By Sheri Kasprzak
New York, March 10 - The City of Everett, Wash., sold $51 million of series 2011 water and sewer revenue bonds, said a pricing sheet.
The bonds (AA+) were sold competitively with J.P. Morgan Securities LLC winning the bid. The true interest cost for the bonds came in at 4.388425%.
The bonds are due 2014 to 2032 with a term bond due in 2035. Coupons range from 2.5% to 5%. The 2035 bonds have a 5% coupon priced at 101.415.
Proceeds will be used to improve and replace the city's pipeline, expand its sewer capacity, replace lift stations and make other improvements and upgrades to its water and sewer system.
| Issuer: | Everett, Wash.
|
| Issue: | Series 2011 water and sewer revenue bonds
|
| Amount: | $51 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| TIC: | 4.388425%
|
| Rating: | Standard & Poor's: AA+
|
| Pricing date: | March 10
|
| Settlement date: | March 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.4 million | 2014 | Serial | 4% | 109.003
|
| $1.455 million | 2015 | Serial | 5% | 113.642
|
| $1.525 million | 2016 | Serial | 3% | 105.058
|
| $1.575 million | 2017 | Serial | 2.5% | 100
|
| $1.61 million | 2018 | Serial | 5% | 115.384
|
| $1.695 million | 2019 | Serial | 5% | 115.411
|
| $1.775 million | 2020 | Serial | 5% | 115.043
|
| $1.865 million | 2021 | Serial | 5% | 114.695
|
| $1.96 million | 2022 | Serial | 5% | 113.75
|
| $2.06 million | 2023 | Serial | 5% | 112.724
|
| $2.16 million | 2024 | Serial | 5% | 111.564
|
| $2.27 million | 2025 | Serial | 5% | 110.541
|
| $2.38 million | 2026 | Serial | 5% | 109.594
|
| $2.5 million | 2027 | Serial | 4.25% | 98.235
|
| $2.605 million | 2028 | Serial | 5% | 108.079
|
| $2.74 million | 2029 | Serial | 4.75% | 101.232
|
| $2.87 million | 2030 | Serial | 4.75% | 100.631
|
| $3.005 million | 2031 | Serial | 4.8% | 100
|
| $3.15 million | 2032 | Serial | 4.75% | 99.324
|
| $10.4 million | 2035 | Term | 5% | 101.415
|
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