Published on 5/13/2015 in the Prospect News Municipals Daily.
New Issue: Grays Harbor County PUD, Wash., prices $50.1 million of electric bonds
By Sheri Kasprzak
New York, May 13 – The Grays Harbor County Public Utility District No. 1 of Washington State sold $50.1 million of series 2015A electric revenue and refunding bonds, according to a pricing sheet.
The bonds (A1/A/A) were sold through senior managers Barclays and KeyBanc Capital Markets LLC.
The bonds are due 2016 to 2032 with term bonds due in 2037, 2040 and 2045. The serial coupons range from 2% to 5%. The 2037 bonds have a 4% coupon priced at 98.435, and the 2040 bonds have a 4% coupon priced at 97.101. The 2045 bonds have a 4.125% coupon priced at 97.905.
Proceeds will be used to finance capital improvements to the county’s electric system, as well as to refund the district’s series 2005 and 2006 electric revenue bonds.
| Issuer: | Grays Harbor County Public Utility District No. 1
|
| Issue: | Series 2015A electric revenue and refunding bonds
|
| Amount: | $50.1 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays and KeyBanc Capital Markets LLC (lead)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Pricing date: | May 13
|
| Settlement date: | June 9
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,115,000 | 2016 | Serial | 2% | 100.856
|
| $715,000 | 2017 | Serial | 4% | 104.938
|
| $1,365,000 | 2018 | Serial | 5% | 109.475
|
| $1,145,000 | 2019 | Serial | 5% | 111.944
|
| $1,205,000 | 2020 | Serial | 5% | 113.763
|
| $1.26 million | 2021 | Serial | 5% | 115.145
|
| $1,325,000 | 2022 | Serial | 5% | 116.288
|
| $1.47 million | 2023 | Serial | 5% | 116.825
|
| $2,145,000 | 2024 | Serial | 5% | 117.057
|
| $2,245,000 | 2025 | Serial | 5% | 117.698
|
| $2.36 million | 2026 | Serial | 5% | 116.244
|
| $4,205,000 | 2027 | Serial | 5% | 115.168
|
| $4.41 million | 2028 | Serial | 5% | 113.928
|
| $4,625,000 | 2029 | Serial | 5% | 112.53
|
| $4.85 million | 2030 | Serial | 5% | 111.838
|
| $5,085,000 | 2031 | Serial | 5% | 111.323
|
| $3,385,000 | 2032 | Serial | 5% | 110.811
|
| $1.58 million | 2037 | Term | 4% | 98.435
|
| $1.84 million | 2040 | Term | 4% | 97.101
|
| $3.77 million | 2045 | Term | 4.125% | 97.905
|
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