By Sheri Kasprzak
New York, March 12 - King County, Wash., priced $67,705,000 of series 2012A limited tax general obligation bonds, according to a pricing sheet.
The bonds were sold competitively with J.P. Morgan Securities LLC winning the bid, said Nigel Lewis, the debt manager for the county. The true interest cost came in at 1.69%.
The bonds (Aa1/AA+) are due 2013 to 2022 with 3% to 5% coupons.
Proceeds will be used to finance long-term capital costs for the county to upgrade its budget, finance, human resources, payroll and employee benefits systems in the form of a current refund and defeasance of the county's series 2011B limited tax general obligation bond anticipation notes.
| Issuer: | King County, Wash.
|
| Issue: | Series 2012A limited tax general obligation bonds
|
| Amount: | $67,705,000
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| Ratings: | Moody's: Aa1
|
| Fitch: AA+
|
| Pricing date: | March 12
|
| Settlement date: | March 29
|
|
|
| Maturity | Type | Coupon | Price
|
| 2013 | Serial | 3% | 103.509
|
| 2014 | Serial | 4% | 108.192
|
| 2015 | Serial | 5% | 114.128
|
| 2016 | Serial | 5% | 117.996
|
| 2017 | Serial | 5% | 120.884
|
| 2018 | Serial | 5% | 122.36
|
| 2019 | Serial | 5% | 123.432
|
| 2020 | Serial | 5% | 123.924
|
| 2021 | Serial | 5% | 124.656
|
| 2022 | Serial | 5% | NRO
|
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