Published on 7/24/2014 in the Prospect News Municipals Daily.
New Issue: Washington Economic Development sells $115.67 million refunding bonds
By Sheri Kasprzak
New York, July 24 – The Washington Economic Development Authority sold $115,665,000 of series 2014 lease revenue refunding bonds for the Washington Biomedical Research Properties II, according to a pricing sheet.
The deal included $109,205,000 of series 2014A bonds and $6.46 million of series 2014B taxable bonds.
The 2014A bonds are due 2015 to 2032 with term bonds due in 2035 and 2038. The serial coupons range from 2% to 5%. The 2035 bonds have a 4% coupon priced at 101.598, and the 2038 bonds have a 4% coupon priced at 100.414.
The 2014B bonds are due 2015 to 2016 with 0.29% to 0.7% coupons priced at par.
The bonds (Aa1/AA+/) were sold through Barclays.
Proceeds will be used to defease and refund outstanding series 2005E and series 2006J lease revenue bonds.
| Issuer: | Washington Economic Development Finance Authority/Washington Biomedical Research Properties II
|
| Issue: | Series 2014 lease revenue refunding bonds
|
| Amount: | $115,665,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead), Citigroup Global Markets Inc. and BofA Merrill Lynch (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 21
|
|
|
| $109,205,000 series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.88 million | 2015 | Serial | 2% | 101.453
|
| $3,605,000 | 2016 | Serial | 3% | 104.746
|
| $5,465,000 | 2017 | Serial | 5% | 112.161
|
| $5.74 million | 2018 | Serial | 5% | 114.992
|
| $5,045,000 | 2019 | Serial | 5% | 116.982
|
| $5.3 million | 2020 | Serial | 5% | 118.508
|
| $5,565,000 | 2021 | Serial | 5% | 119.413
|
| $5,835,000 | 2022 | Serial | 5% | 119.991
|
| $6,135,000 | 2023 | Serial | 5% | 120.464
|
| $3,035,000 | 2024 | Serial | 5% | 121.273
|
| $3.18 million | 2025 | Serial | 5% | 120.518
|
| $3,345,000 | 2026 | Serial | 5% | 119.526
|
| $3.51 million | 2027 | Serial | 5% | 118.544
|
| $3,685,000 | 2028 | Serial | 5% | 117.765
|
| $3.87 million | 2029 | Serial | 5% | 116.992
|
| $4,065,000 | 2030 | Serial | 5% | 116.226
|
| $4,265,000 | 2031 | Serial | 5% | 115.465
|
| $4.48 million | 2032 | Serial | 5% | 114.804
|
| $14.68 million | 2035 | Term | 4% | 101.598
|
| $16.52 million | 2038 | Term | 4% | 100.414
|
|
|
| $6.46 million series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.72 million | 2015 | Serial | 0.29% | 100
|
| $1.74 million | 2016 | Serial | 0.70% | 100
|
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