Published on 6/26/2012 in the Prospect News Municipals Daily.
New Issue: King County, Wash., sells $105.96 million sewer revenue and G.O. bonds
By Sheri Kasprzak
New York, June 26 - King County, Wash., sold $105.96 million of series 2012 sewer revenue and general obligation refunding bonds, according to a pricing sheet.
The offering included $64,235,000 of series 2012B sewer revenue refunding bonds (Aa2/AA+/) and $41,725,000 of series 2012B limited tax G.O. refunding bonds (Aa1/AAA/).
The 2012B sewer revenue bonds are due 2026 to 2029 and 2034 to 2035 with 4% to 5% coupons. The 2012B G.O. bonds are due 2026 to 2029 with 5% coupons.
The bonds were sold through J.P. Morgan Securities LLC with Citigroup Global Markets Inc. and Siebert Brandford Shank & Co. LLC as the co-managers.
Proceeds will be used to refund the county's series 2004A sewer revenue bonds and its series 2005 limited tax G.O. bonds.
| Issuer: | King County, Wash.
|
| Issue: | Series 2012 sewer revenue and general obligation refunding bonds
|
| Amount: | $105.96 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: Aa2 (for revenue bonds), Aa1 (for G.O. bonds)
|
| Standard & Poor's: AA+ (for revenue bonds), AAA (for G.O. bonds)
|
| Pricing date: | June 26
|
| Settlement date: | Aug. 2
|
|
|
| $64,235,000 series 2012B sewer revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8,875,000 | 2026 | Serial | 5% | 118.832
|
| $9.3 million | 2027 | Serial | 5% | 118.073
|
| $4,505,000 | 2028 | Serial | 4% | 106.136
|
| $5.25 million | 2028 | Serial | 5% | 117.319
|
| $10.19 million | 2029 | Serial | 4% | 105.702
|
| $12.74 million | 2034 | Serial | 5% | 113.728
|
| $13,375,000 | 2035 | Serial | 5% | 113.187
|
|
|
| $41,725,000 series 2012B limited tax G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.66 million | 2026 | Serial | 5% | 119.023
|
| $10.16 million | 2027 | Serial | 5% | 118.262
|
| $10.68 million | 2028 | Serial | 5% | 117.507
|
| $11,225,000 | 2029 | Serial | 5% | 116.851
|
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