Published on 1/12/2015 in the Prospect News Municipals Daily.
New Issue: King County, Wash., offers up $486.89 million of sewer revenue bonds
By Sheri Kasprzak
New York, Jan. 12 – King County, Wash., came to market Monday with $486.89 million of series 2015A sewer revenue refunding bonds, according to a pricing sheet. The offering was upsized from $416,235,000.
The bonds (/AA+/) are due 2016 to 2038 with term bonds due in 2040, 2045 and 2047. The serial coupons range from 3% to 5%. The 2040 bonds have a 3.5% coupon priced at 99.83 and a 5% coupon priced at 117.345. The 2045 bonds have a 4% coupon priced at 104.82, and the 2047 bonds have a 5% coupon priced at 116.322.
The bonds were sold through J.P. Morgan Securities LLC.
Proceeds will be used to refund the county’s series 2007, 2008 and 2009 sewer revenue bonds.
| Issuer: | King County, Wash.
|
| Issue: | Series 2015A sewer revenue bonds
|
| Amount: | $486.89 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), BofA Merrill Lynch and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Rating: | Standard & Poor’s: AA+
|
| Pricing date: | Jan. 12
|
| Settlement date: | Feb. 18
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.2 million | 2016 | Serial | 3% | 103.56
|
| $1.24 million | 2017 | Serial | 4% | 107.74
|
| $1.3 million | 2018 | Serial | 5% | 113.29
|
| $1.35 million | 2019 | Serial | 3% | 107.285
|
| $1,405,000 | 2020 | Serial | 5% | 118.102
|
| $1,475,000 | 2021 | Serial | 4% | 114.021
|
| $3.41 million | 2022 | Serial | 3% | 107.744
|
| $3.55 million | 2023 | Serial | 5% | 123.184
|
| $3.73 million | 2024 | Serial | 5% | 124.739
|
| $3.92 million | 2025 | Serial | 5% | 124.816
|
| $4.12 million | 2026 | Serial | 5% | 124.014
|
| $4,335,000 | 2027 | Serial | 5% | 123.02
|
| $4,555,000 | 2028 | Serial | 5% | 122.428
|
| $140,000 | 2029 | Serial | 3% | 99.766
|
| $4.62 million | 2029 | Serial | 5% | 121.742
|
| $6.12 million | 2030 | Serial | 5% | 121.255
|
| $6.38 million | 2031 | Serial | 5% | 120.77
|
| $8,835,000 | 2032 | Serial | 5% | 120.287
|
| $9.71 million | 2033 | Serial | 5% | 119.711
|
| $10.12 million | 2034 | Serial | 5% | 119.233
|
| $10.55 million | 2035 | Serial | 4% | 106.547
|
| $12 million | 2036 | Serial | 4% | 106.199
|
| $19,865,000 | 2036 | Serial | 5% | 118.285
|
| $33.32 million | 2037 | Serial | 4% | 105.852
|
| $34,725,000 | 2038 | Serial | 5% | 117.908
|
| $20.2 million | 2040 | Term | 3.5% | 99.83
|
| $54 million | 2040 | Term | 5% | 117.345
|
| $159.54 million 2045 | Term | 4% | 104.82
|
| $61,175,000 | 2047 | Term | 5% | 116.322
|
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