By Cristal Cody
New York, July 28 - King County, Wash., priced $350 million series 2008 sewer revenue bonds with a 5.3185% true interest cost on Monday, a market source told Prospect News.
The bonds (Aa3/AA+/) were sold with 5.5% coupons to yield 3.89% to 4.95% for the serial maturities from 2017 through 2033.
The 2038 term priced with a 5% coupon to yield 5.12%; the 2040 term priced with a 5.125% coupon to yield 5.16%; the 2043 term priced with a 5.75% coupon to yield 5.25%; and the 2048 term priced with a 5.25% coupon to yield 5.37%.
Citigroup Global Markets was the winning bidder in the competitive sale.
Proceeds will be used for construction and improvements to the sewer system.
| Issuer: | King County, Wash.
|
| Issue: | Series 2008 sewer revenue bonds
|
| Amount: | $350 million
|
| Type: | Competitive
|
| True interest cost: | 5.3185% |
|
| Coupons: | 5.5% serials; 5%-5.75% terms
|
| Yields: | 3.89%-4.95% serials; 5.12%-5.37% terms
|
| Maturities: | 2017-2033 serials; terms due 2038, 2040, 2043 and 2048
|
| Underwriter: | Citigroup Global Markets
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA+
|
| Pricing date: | July 28
|
| Settlement date: | Aug. 14
|
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