Published on 10/1/2013 in the Prospect News Municipals Daily.
New Issue: King County, Wash., sells $74.93 million of sewer refunding bonds
By Sheri Kasprzak
New York, Oct. 1 - King County, Wash., sold $74.93 million of series 2013B sewer revenue and refunding bonds, according to a pricing sheet.
The bonds (Aa2) were sold through Citigroup Global Markets Inc.
The bonds are due 2014 to 2033 with term bonds due in 2038 and 2044. The serial coupons range from 2% to 5% and yields from 0.20% to 4.1%. The 2038 bonds have a 5% coupon priced at 105.291 to yield 4.35%. The 2044 bonds have a 5% coupon priced at 104.371 to yield 4.46%.
Proceeds will be used to finance sewer capital improvements and to refund the county's series 2004B sewer revenue refunding bonds.
| Issuer: | King County, Wash.
|
| Issue: | Series 2013B sewer revenue and refunding bonds
|
| Amount: | $74.93 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Rating: | Moody's: Aa2
|
| Pricing date: | Oct. 1
|
| Settlement date: | Oct. 29
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $455,000 | 2014 | Serial | 2% | 100.309 | 0.20%
|
| $6.34 million | 2015 | Serial | 2% | 101.987 | 0.30%
|
| $5,105,000 | 2016 | Serial | 2% | 103.236 | 0.50%
|
| $2.01 million | 2017 | Serial | 2% | 103.718 | 0.81%
|
| $2.05 million | 2018 | Serial | 3% | 107.218 | 1.22%
|
| $2,105,000 | 2019 | Serial | 4% | 112.024 | 1.57%
|
| $2,185,000 | 2020 | Serial | 5% | 118.099 | 1.88%
|
| $2,295,000 | 2021 | Serial | 5% | 118.19 | 2.24%
|
| $2.41 million | 2022 | Serial | 5% | 118.29 | 2.51%
|
| $2.52 million | 2023 | Serial | 5% | 118.216 | 2.74%
|
| $2,645,000 | 2024 | Serial | 5% | 117.994 | 2.94%
|
| $2.77 million | 2025 | Serial | 5% | 116.179 | 3.13%
|
| $2.9 million | 2026 | Serial | 5% | 114.49 | 3.31%
|
| $3.05 million | 2027 | Serial | 5% | 112.557 | 3.52%
|
| $1,395,000 | 2028 | Serial | 5% | 111.38 | 3.65%
|
| $1,465,000 | 2029 | Serial | 5% | 110.218 | 3.78%
|
| $1.54 million | 2030 | Serial | 5% | 109.246 | 3.89%
|
| $1,615,000 | 2031 | Serial | 5% | 108.545 | 3.97%
|
| $1.7 million | 2032 | Serial | 5% | 107.937 | 4.04%
|
| $1.78 million | 2033 | Serial | 5% | 107.418 | 4.10%
|
| $10.34 million | 2038 | Term | 5% | 105.291 | 4.35%
|
| $16,255,000 | 2044 | Term | 5% | 104.371 | 4.46%
|
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