Published on 8/21/2012 in the Prospect News Municipals Daily.
New Issue: King County, Wash., prices $118.82 million of sewer bonds
By Sheri Kasprzak
New York, Aug. 21 - King County, Wash., sold $118.82 million of series 2012C sewer revenue refunding and general obligation refunding bonds, according to a pricing sheet.
The deal included $65,415,000 of series 2012C sewer revenue refunding bonds (Aa2/AA+/) and $53,405,000 of series 2012C limited tax G.O. refunding bonds (Aa1/AAA/).
The 2012C sewer revenue bonds are due 2018 to 2033 with 2.5% to 5% coupons. The 2012C limited tax G.O.s are due 2030 and 2032 to 2034 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 existing debt.
| Issuer: | King County, Wash.
|
| Issue: | Series 2012C sewer revenue refunding and general obligation refunding bonds
|
| Amount: | $118.82 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 2012C sewer revenue refunding bonds)/Aa1 (for 2012C limited tax G.O. refunding bonds)
|
| Standard & Poor's: AA+ (for 2012C sewer revenue refunding bonds)/AAA (for 2012C
|
| limited tax G.O. refunding bonds)
|
| Pricing date: | Aug. 21
|
| Settlement date: | Sept. 19
|
|
|
| $65,415,000 series 2012C sewer revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.64 million | 2018 | Serial | 3% | 109.294
|
| $2.74 million | 2019 | Serial | 4% | 114.806
|
| $2,895,000 | 2020 | Serial | 4% | 115.026
|
| $3,015,000 | 2021 | Serial | 2.5% | 103.72
|
| $3,125,000 | 2022 | Serial | 5% | 123.486
|
| $3.3 million | 2023 | Serial | 5% | 123.234
|
| $3,405,000 | 2024 | Serial | 5% | 122.059
|
| $10.29 million | 2030 | Serial | 5% | 117.585
|
| $10.79 million | 2031 | Serial | 5% | 117.121
|
| $11.33 million | 2032 | Serial | 5% | 116.566
|
| $1.5 million | 2033 | Serial | 3.375% | 98.191
|
| $10,385,000 | 2033 | Serial | 5% | 115.924
|
|
|
| $53,405,000 series 2012C limited tax general obligation refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $11.88 million | 2030 | Term | 5% | 118.145
|
| $13,155,000 | 2032 | Serial | 5% | 117.213
|
| $13.83 million | 2033 | Serial | 5% | 116.566
|
| $14.54 million | 2034 | Serial | 5% | 115.924
|
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