Published on 8/11/2015 in the Prospect News Municipals Daily.
New Issue: Klickitat County Public Utility, Wash., prices $81.53 million of bonds
By Sheri Kasprzak
New York, Aug. 11 – The Klickitat County Public Utility District No. 1 of Washington priced $81.53 million of series 2015 electric system revenue refunding bonds, according to a pricing sheet. The deal was upsized from $79,545,000.
The bonds (A2//A-) were sold through Barclays.
The offering includes $49.38 million series 2015A tax-exempt revenue and refunding bonds and $32.15 million of series 2015B taxable revenue refunding bonds.
The 2015A bonds are due 2032 to 2034 with term bonds due in 2026 and 2036. The serial bonds have 5% coupons. The 2026 bonds have a 3.25% coupon priced at 99.531 and a 5% coupon priced at 115.751. The 2036 bonds have a 4% coupon priced at 98.308.
The 2015B bonds are due 2015 and 2017 to 2025 with coupons from 0.993% to 3.989% all priced at par.
Proceeds will be used to finance capital improvements to the district’s electric system and refund its series 2006B revenue bonds.
| Issuer: | Klickitat County Public Utility District No. 1, Wash.
|
| Issue: | Series 2015 electric system revenue refunding bonds
|
| Amount: | $81.53 million
|
| Type: | Negotiated
|
| Underwriter: | Barclays
|
| Ratings: | Moody’s: A2
|
| Fitch: A-
|
| Pricing date: | Aug. 11
|
| Settlement date: | Sept. 10
|
|
|
| $49.38 million series 2015A tax-exempt revenue and refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.56 million | 2026 | Term | 3.25% | 99.531
|
| $1.59 million | 2026 | Term | 5% | 115.751
|
| $8,505,000 | 2032 | Serial | 5% | 111.483
|
| $8.54 million | 2033 | Serial | 5% | 111.135
|
| $8.97 million | 2034 | Serial | 5% | 110.79
|
| $19,215,000 | 2036 | Term | 4% | 98.308
|
|
|
| $32.15 million series 2015B taxable revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $835,000 | 2015 | Serial | 0.993% | 100
|
| $3,235,000 | 2017 | Serial | 1.777% | 100
|
| $3,295,000 | 2018 | Serial | 2.25% | 100
|
| $3,385,000 | 2019 | Serial | 2.673% | 100
|
| $3.25 million | 2020 | Serial | 2.973% | 100
|
| $3,355,000 | 2021 | Serial | 3.285% | 100
|
| $3.48 million | 2022 | Serial | 3.585% | 100
|
| $3.62 million | 2023 | Serial | 3.739% | 100
|
| $3,765,000 | 2024 | Serial | 3.889% | 100
|
| $3.93 million | 2025 | Serial | 3.989% | 100
|
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