Published on 9/22/2015 in the Prospect News Municipals Daily.
New Issue: King County, Wash., sells $53.39 million general obligation bonds
By Sheri Kasprzak
New York, Sept. 22 – King County, Wash., sold $53,385,000 of series 2015 limited tax general obligation bonds, according to a pricing sheet.
The bonds (Aa1/AAA/AA+) were sold competitively.
The offering included $27,415,000 of series 2015B tax-exempt bonds and $25.97 million of series 2015C taxable refunding bonds.
The 2015B bonds are due 2016 to 2030 with 2.5% to 5% coupons and yields from 0.4% to 2.95%.
The 2015C bonds are due 2016 and 2019 to 2028 with 3% to 5% coupons and 0.6% to 2.59% yields.
Proceeds will be used to acquire open space, purchase real estate, finance technology projects and fund energy conservation programs for the county, as well as to refund existing debt.
| Issuer: | King County, Wash.
|
| Issue: | Series 2015 limited tax general obligation bonds
|
| Amount: | $53,385,000
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AAA
|
| Fitch: AA+
|
| Pricing date: | Sept. 21
|
| Settlement date: | Oct. 13
|
|
|
| $27,415,000 series 2015B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,015,000 | 2016 | Serial | 5% | 105.195 | 0.40%
|
| $2,555,000 | 2017 | Serial | 5% | 108.976 | 0.75%
|
| $2.69 million | 2018 | Serial | 5% | 112.142 | 1.05%
|
| $2.82 million | 2019 | Serial | 5% | 114.841 | 1.30%
|
| $2,955,000 | 2020 | Serial | 5% | 116.689 | 1.60%
|
| $3,105,000 | 2021 | Serial | 5% | 118.501 | 1.80%
|
| $3,255,000 | 2022 | Serial | 5% | 120.143 | 1.96%
|
| $1,205,000 | 2023 | Serial | 2.5% | 103.126 | 2.08%
|
| $1,235,000 | 2024 | Serial | 5% | 123.143 | 2.19%
|
| $1.3 million | 2025 | Serial | 5% | 124.279 | 2.30%
|
| $790,000 | 2026 | Serial | 4% | 113.831 | 2.45%
|
| $820,000 | 2027 | Serial | 4% | 112.398 | 2.60%
|
| $855,000 | 2028 | Serial | 4% | 110.986 | 2.75%
|
| $890,000 | 2029 | Serial | 4% | 110.057 | 2.85%
|
| $925,000 | 2030 | Serial | 4% | 109.136 | 2.95%
|
|
|
| $25.97 million series 2015C taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $275,000 | 2016 | Serial | 3% | 100.518 | 0.60%
|
| $1,685,000 | 2019 | Serial | 3% | 106.216 | 1.03%
|
| $2,265,000 | 2020 | Serial | 3% | 106.867 | 1.32%
|
| $2.35 million | 2021 | Serial | 4% | 112.23 | 1.55%
|
| $2.44 million | 2022 | Serial | 4% | 113.007 | 1.78%
|
| $2.54 million | 2023 | Serial | 4% | 113.447 | 1.99%
|
| $2,645,000 | 2024 | Serial | 5% | 121.693 | 2.11%
|
| $2,775,000 | 2025 | Serial | 5% | 122.958 | 2.23%
|
| $2.89 million | 2026 | Serial | 3% | 105.034 | 2.44%
|
| $2,985,000 | 2027 | Serial | 4% | 112.966 | 2.55%
|
| $3.12 million | 2028 | Serial | 5% | 121.508 | 2.59%
|
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