Published on 7/22/2014 in the Prospect News Municipals Daily.
New Issue: King County, Wash., sells $192.5 million sewer revenue refunding bonds
By Sheri Kasprzak
New York, July 22 – King County, Wash., sold $192.46 million of series 2014B sewer revenue refunding bonds, according to a pricing sheet. The offering was upsized from $134.18 million.
The bonds are due 2015 and 2018 to 2035 with 1% to 5% coupons and 0.1% to 3.61% yields.
The bonds (Aa2/AA+/) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to refund existing sewer revenue bonds.
| Issuer: | King County, Wash.
|
| Issue: | Series 2014B sewer revenue refunding bonds
|
| Amount: | $192.46 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), BofA Merrill Lynch and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Pricing date: | July 22
|
| Settlement date: | Aug. 12
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.67 million | 2015 | Serial | 1% | 100.347 | 0.10%
|
| $3.54 million | 2018 | Serial | 3% | 107.882 | 0.93%
|
| $5.76 million | 2019 | Serial | 4% | 112.842 | 1.28%
|
| $5.99 million | 2020 | Serial | 4% | 113.67 | 1.56%
|
| $6.26 million | 2021 | Serial | 5% | 120.42 | 1.83%
|
| $6,575,000 | 2022 | Serial | 5% | 121.053 | 2.09%
|
| $6.91 million | 2023 | Serial | 5% | 121.675 | 2.29%
|
| $7,255,000 | 2024 | Serial | 5% | 122.364 | 2.44%
|
| $7.62 million | 2025 | Serial | 5% | 121.287 | 2.55%
|
| $8 million | 2026 | Serial | 5% | 120.125 | 2.67%
|
| $10.25 million | 2027 | Serial | 5% | 119.166 | 2.77%
|
| $15,395,000 | 2028 | Serial | 5% | 118.406 | 2.85%
|
| $16.21 million | 2029 | Serial | 5% | 117.652 | 2.93%
|
| $8,555,000 | 2030 | Serial | 4% | 105.601 | 3.33%
|
| $8,675,000 | 2031 | Serial | 4% | 104.999 | 3.40%
|
| $19,465,000 | 2032 | Serial | 4% | 104.4 | 3.47%
|
| $15.46 million | 2033 | Serial | 4% | 103.89 | 3.53%
|
| $20,675,000 | 2034 | Serial | 4% | 103.636 | 3.56%
|
| $18,195,000 | 2035 | Serial | 4% | 103.215 | 3.61%
|
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