Published on 2/12/2015 in the Prospect News Municipals Daily.
New Issue: Tacoma, Wash., brings $109.3 million of sewer revenue, refunding bonds
By Sheri Kasprzak
New York, Feb. 12 – The City of Tacoma, Wash., sold $109.3 million of series 2015 sewer revenue and refunding bonds, said a pricing sheet.
The bonds (Aa2/AA+/AA+) were offered through senior managers J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC.
The bonds are due 2016 to 2036 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 5% with 0.46% to 3.50% yields. The 2040 bonds have a 4% coupon priced at 103.559 to yield 3.58%, and the 2045 bonds have a 4% coupon priced at 103.04 to yield 3.64%.
Proceeds will be used to finance capital improvements to the sewer system, as well as to refund a portion of the city’s series 2006 sewer bonds for debt service savings.
| Issuer: | City of Tacoma, Wash.
|
| Issue: | Series 2015 sewer revenue and refunding bonds
|
| Amount: | $109.3 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC (lead)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Feb. 12
|
| Settlement date: | March 18
|
|
|
| Amount Maturity | Type | Coupon | Price | Yield
|
| $1,245,000 | 2016 | Serial | 3% | 104.302 | 0.46%
|
| $1.69 million | 2017 | Serial | 4% | 108.847 | 0.69%
|
| $1,765,000 | 2018 | Serial | 5% | 114.581 | 0.98%
|
| $1,845,000 | 2019 | Serial | 4% | 112.715 | 1.21%
|
| $1.92 million | 2020 | Serial | 5% | 119.3 | 1.46%
|
| $2,015,000 | 2021 | Serial | 4% | 114.578 | 1.69%
|
| $2,055,000 | 2022 | Serial | 5% | 121.873 | 1.93%
|
| $2.16 million | 2023 | Serial | 3% | 106.958 | 2.12%
|
| $2.22 million | 2024 | Serial | 3.125% | 107.315 | 2.28%
|
| $2.29 million | 2025 | Serial | 3.125% | 106.43 | 2.41%
|
| $2,365,000 | 2026 | Serial | 3.25% | 106.436 | 2.53%
|
| $2,435,000 | 2027 | Serial | 5% | 121.083 | 2.63%
|
| $2,565,000 | 2028 | Serial | 5% | 119.993 | 2.74%
|
| $2.69 million | 2029 | Serial | 5% | 119.501 | 2.79%
|
| $2.82 million | 2030 | Serial | 5% | 119.012 | 2.84%
|
| $2.96 million | 2031 | Serial | 5% | 118.525 | 2.89%
|
| $8.04 million | 2032 | Serial | 5% | 118.04 | 2.94%
|
| $8.44 million | 2033 | Serial | 4% | 105.22 | 3.39%
|
| $8,775,000 | 2034 | Serial | 4% | 104.868 | 3.43%
|
| $9.13 million | 2035 | Serial | 4% | 104.517 | 3.47%
|
| $9,485,000 | 2036 | Serial | 4% | 104.254 | 3.50%
|
| $12.19 million | 2040 | Term | 4% | 103.559 | 3.58%
|
| $18.2 million | 2045 | Term | 4% | 103.04 | 3.64%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
