Published on 3/27/2012 in the Prospect News Municipals Daily.
New Issue: King County, Wash., prices $172.84 million sewer revenue and G.O. bonds
By Sheri Kasprzak
New York, March 27 - King County, Wash., sold $172.84 million of series 2012 sewer revenue and refunding bonds and limited tax sewer general obligation refunding bonds, according to a pricing sheet.
The deal included $104,445,000 of series 2012 sewer revenue and refunding bonds and $68,395,000 of series 2012 limited tax general obligation refunding bonds.
The revenue and refunding bonds (Aa2/AA+/) are due 2023 to 2025 with a term bond due in 2052. The serial coupons range from 4% to 5%. The 2052 bonds have a 5% coupon priced at 106.726.
The G.O. bonds (Aa1/AAA/) are due 2013 and 2017 to 2025 with 2% to 5% coupons.
The bonds were sold through J.P. Morgan Securities LLC. The co-managers were Citigroup Global Markets Inc. and Siebert Brandford Shank & Co. LLC.
Proceeds will be used to finance capital improvements to the county's sewer system, as well as to refund existing debt.
| Issuer: | King County, Wash.
|
| Issue: | Series 2012 sewer revenue and refunding bonds and limited tax sewer general obligation refunding bonds
|
| Amount: | $172.84 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead); Citigroup Global Markets Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+ (for revenue bonds), AAA (for G.O. bonds)
|
| Pricing date: | March 27
|
| Settlement date: | April 18
|
|
|
| $104,445,000 series 2012 sewer revenue and refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2 million | 2023 | Serial | 4% | 110.399
|
| $5,785,000 | 2023 | Serial | 5% | 119.796
|
| $2 million | 2024 | Serial | 4% | 108.976
|
| $6.14 million | 2024 | Serial | 5% | 118.762
|
| $2 million | 2025 | Serial | 4% | 107.662
|
| $6.52 million | 2025 | Serial | 5% | 117.737
|
| $80 million | 2052 | Term | 5% | 106.726
|
|
|
| $68,395,000 limited tax sewer general obligation refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $640,000 | 2013 | Serial | 2% | 101.263
|
| $6,115,000 | 2017 | Serial | 5% | 117.323
|
| $6,425,000 | 2018 | Serial | 5% | 118.938
|
| $6,755,000 | 2019 | Serial | 5% | 120.468
|
| $7.1 million | 2020 | Serial | 5% | 121.394
|
| $7,465,000 | 2021 | Serial | 5% | 121.798
|
| $7.85 million | 2022 | Serial | 5% | 121.995
|
| $8.25 million | 2023 | Serial | 5% | 120.27
|
| $8,675,000 | 2024 | Serial | 5% | 119.231
|
| $9.12 million | 2025 | Serial | 5% | 118.202
|
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