By Cristal Cody
Springdale, Ark., Jan. 28 - Washington-based King County priced $236.95 million limited tax general obligation refunding bonds Monday with a true interest cost of 4.43%.
The series 2008 bonds sold with coupons that ranged from 3.25% to 5.25%, said Nigel Lewis, senior debt analyst for the county. The bonds had yields from 2.03% to 4.72% with serial maturities from 2009 to 2034.
The bonds received a rating of AA+ on negative watch from Fitch earlier this month because of the county's potential for losses from asset-backed commercial paper held by its government investment pool. Since October, King County has reduced asset-backed commercial paper to about 5% of the pool's assets.
The county, which includes Seattle, plans to use the proceeds to refund the series 1998 B outstanding general obligation bonds.
The lead underwriter is Goldman, Sachs & Co., with Citi, Lehman Brothers, Siebert Brandford Shank & Co. and Wachovia Bank listed as co-managers.
| Issuer: | King County, Washington
|
| Issue: | General obligation refunding bonds
|
| Type: | Negotiated
|
| Amount: | $236.95 million
|
| Maturities: | 2009 through 2034
|
| True interest cost: | 4.43%
|
| Coupons: | 3.25% to 5.25%
|
| Yields: | 2.03% to 4.72% |
|
| Underwriter: | Goldman, Sachs & Co. (lead)
|
| Ratings: | Moody's: Aa1
|
| S&P: AAA
|
| Fitch: AA+ with a negative watch
|
| Pricing date: | Jan. 28
|
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