Published on 2/1/2016 in the Prospect News Municipals Daily.
New Issue: King County, Wash., sells $279.1 million sewer refunding revenue bonds
By Sheri Kasprzak
New York, Feb. 1 – King County, Wash., offered $279,075,000 of series 2016A sewer refunding revenue bonds, according to a pricing sheet.
The bonds (AA+) were sold competitively with BofA Merrill Lynch winning the bid at a 3.25% true interest cost.
The bonds are due 2016 to 2041 with 3% to 5% coupons.
Proceeds will be used to refund the county’s series 2007 revenue bonds.
| Issuer: | King County, Wash.
|
| Issue: | Series 2016A sewer refunding revenue bonds
|
| Amount: | $279,075,000
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch (winner)
|
| True interest cost: | 3.25%
|
| Rating: | Standard & Poor’s: AA+
|
| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 17
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $835,000 | 2016 | Serial | 3% | 100.966
|
| $2,355,000 | 2017 | Serial | 4% | 104.752
|
| $2.48 million | 2018 | Serial | 5% | 109.849
|
| $2.13 million | 2019 | Serial | 5% | 113.623
|
| $4,535,000 | 2020 | Serial | 5% | 116.882
|
| $6.5 million | 2021 | Serial | 5% | 119.885
|
| $4,915,000 | 2022 | Serial | 5% | 122.281
|
| $5.15 million | 2023 | Serial | 5% | 124.339
|
| $5,415,000 | 2024 | Serial | 5% | 126.005
|
| $5,685,000 | 2025 | Serial | 5% | 127.383
|
| $5.98 million | 2026 | Serial | 5% | 128.622
|
| $6,285,000 | 2027 | Serial | 5% | 129.787
|
| $6.61 million | 2028 | Serial | 4% | 118.094
|
| $6.95 million | 2029 | Serial | 4% | 118.333
|
| $7,305,000 | 2030 | Serial | 4% | 118.015
|
| $7,685,000 | 2031 | Serial | 4% | 112.048
|
| $940,000 | 2032 | Serial | 4% | 110.831
|
| $4,155,000 | 2033 | Serial | 4% | 110.376
|
| $4.37 million | 2034 | Serial | 4% | 109.922
|
| $25,855,000 | 2035 | Serial | 4% | 109.471
|
| $24,415,000 | 2036 | Serial | 4% | 109.022
|
| $25,535,000 | 2037 | Serial | 4% | 108.576
|
| $26,575,000 | 2038 | Serial | 4% | 107.865
|
| $27.66 million | 2039 | Serial | 4% | 107.248
|
| $28.79 million | 2040 | Serial | 4% | 106.81
|
| $29,965,000 | 2041 | Serial | 4% | 106.548
|
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