Published on 5/15/2013 in the Prospect News Municipals Daily.
New Issue: Tacoma, Wash., offers $181.64 million of electric system revenue bonds
By Sheri Kasprzak
New York, May 15 - The City of Tacoma, Wash., priced $181.64 million of series 2013A electric system revenue bonds, according to a pricing sheet.
The bonds (Aa3//AA-) were sold through lead manager Citigroup Global Markets Inc.
The bonds are due 2015 to 2021 with term bonds due in 2038 and 2042. The serial coupons range from 4% to 5% with 0.36% to 1.81% yields. The 2038 bonds have a 5% coupon priced at 114.071 to yield 3.34% and the 2042 bonds have a 4% coupon priced at 101.321 to yield 3.84%.
Proceeds will be used to fund a portion of the city's power capital plan and refund its series 2004 and 2005A bonds for savings.
| Issuer: | City of Tacoma, Wash.
|
| Issue: | Series 2013A electric system revenue bonds
|
| Amount: | $181.64 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc. (lead)
|
| Ratings: | Moody's: Aa3
|
| Fitch: AA-
|
| Pricing date: | May 15
|
| Settlement date: | June 13
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.82 million | 2015 | Serial | 4% | 105.621 | 0.36%
|
| $14.61 million | 2016 | Serial | 5% | 111.36 | 0.51%
|
| $12,735,000 | 2017 | Serial | 5% | 114.898 | 0.74%
|
| $11.58 million | 2018 | Serial | 4% | 113.406 | 0.98%
|
| $5 million | 2019 | Serial | 4% | 114.584 | 1.27%
|
| $5.1 million | 2019 | Serial | 5% | 119.927 | 1.27%
|
| $10 million | 2020 | Serial | 4% | 115.203 | 1.55%
|
| $19,165,000 | 2020 | Serial | 5% | 121.408 | 1.55%
|
| $5 million | 2021 | Serial | 4% | 115.388 | 1.81%
|
| $6,975,000 | 2021 | Serial | 5% | 122.415 | 1.81%
|
| $34.64 million | 2038 | Term | 5% | 114.071 | 3.34%
|
| $54,015,000 | 2042 | Term | 4% | 101.321 | 3.84%
|
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