Published on 6/16/2015 in the Prospect News Municipals Daily.
New Issue: Lake County, Ill., offers up $90 million of general obligation bonds
By Sheri Kasprzak
New York, June 16 – Lake County, Ill., sold $90 million of series 2015A general obligation bonds, according to a pricing sheet.
The bonds (Aaa/AAA/) were sold competitively with BMO Capital Markets winning the bid at a 3.756492% true interest cost.
The bonds are due 2015 to 2041 with a term bond due in 2044. The serial coupons range from 2% to 4% with yields from 0.45% to 3.96%. The 2044 bonds have a 4% coupon priced at 99.142 to yield 4.05%.
Proceeds will be used to finance county-wide capital projects.
| Issuer: | Lake County, Ill.
|
| Issue: | Series 2015A general obligation bonds
|
| Amount: | $90 million
|
| Type: | Competitive
|
| Underwriter: | BMO Capital Markets (winner)
|
| True interest cost: | 3.756492%
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | June 16
|
| Settlement date: | June 30
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.1 million | 2015 | Serial | 2% | 100.644 | 0.45%
|
| $1,865,000 | 2016 | Serial | 2% | 101.971 | 0.60%
|
| $1,925,000 | 2017 | Serial | 3% | 104.861 | 0.96%
|
| $1.98 million | 2018 | Serial | 3% | 105.8 | 1.26%
|
| $2.04 million | 2019 | Serial | 3% | 106.386 | 1.50%
|
| $2.1 million | 2020 | Serial | 3% | 106.432 | 1.75%
|
| $2,165,000 | 2021 | Serial | 3% | 105.683 | 2.05%
|
| $2.23 million | 2022 | Serial | 3% | 104.886 | 2.28%
|
| $2,295,000 | 2023 | Serial | 3% | 104.313 | 2.43%
|
| $2,365,000 | 2024 | Serial | 3% | 103.405 | 2.59%
|
| $2,435,000 | 2025 | Serial | 3% | 101.976 | 2.76%
|
| $2.51 million | 2026 | Serial | 3% | 100 | 3.00%
|
| $2,585,000 | 2027 | Serial | 3% | 98.77 | 3.12%
|
| $2.66 million | 2028 | Serial | 3.25% | 100 | 3.25%
|
| $2.74 million | 2029 | Serial | 3.25% | 98.299 | 3.40%
|
| $2,825,000 | 2030 | Serial | 3.5% | 100 | 3.50%
|
| $2,935,000 | 2031 | Serial | 3.5% | 99.011 | 3.58%
|
| $3,055,000 | 2032 | Serial | 3.5% | 98.203 | 3.64%
|
| $3,175,000 | 2033 | Serial | 3.5% | 97.344 | 3.70%
|
| $3,305,000 | 2034 | Serial | 3.625% | 98.284 | 3.75%
|
| $3,435,000 | 2035 | Serial | 3.625% | 97.527 | 3.80%
|
| $3,575,000 | 2036 | Serial | 4% | 101.806 | 3.77%
|
| $3,715,000 | 2037 | Serial | 4% | 101.488 | 3.81%
|
| $3,865,000 | 2038 | Serial | 4% | 101.172 | 3.85%
|
| $4.02 million | 2039 | Serial | 4% | 100.857 | 3.89%
|
| $4.18 million | 2040 | Serial | 4% | 100.622 | 3.92%
|
| $4.39 million | 2041 | Serial | 4% | 100.309 | 3.96%
|
| $14.53 million | 2044 | Term | 4% | 99.142 | 4.05%
|
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