Published on 5/31/2012 in the Prospect News Municipals Daily.
New Issue: Grant County Public Utility District, Wash., sells $127.62 million of revenue bonds
By Sheri Kasprzak
New York, May 31 - The Grant County Public Utility District No. 2 of Washington State priced $127.62 million of series 2012 Priest Rapids Hydroelectric Project revenue and refunding bonds, said a term sheet.
The deal included $54.51 million of series 2012A bonds, $16,235,000 of series 2012B bonds, $42,395,000 of series 2012M taxable bonds and $14.48 million of series 2012Z taxable bonds.
The 2012A bonds are due 2013 to 2029 with a term bond due in 2035. The serial coupons range from 2% to 5%. The 2035 bonds have a split maturity with a 3.75% coupon priced at 97.031 and a 5% coupon priced at 113.064
The 2012B bonds are due 2013 to 2023 with coupons from 2% to 5%.
The 2012M bonds are due July 1, 2032, and have a 3.914% coupon priced at par.
The 2012Z bonds are due 2013 to 2027 with a 2035 term bond. The serial coupons range from 0.55% to 3.72%, all priced at par. The 2035 bonds have a 4.164% coupon priced at par.
The bonds (//AA) were sold through Citigroup Global Markets Inc.
Proceeds will be used to fund ongoing capital improvements to the Wanapum hydro development and refund outstanding Priest Rapids Development and Wanapum development bonds.
| Issuer: | Grant County Public Utility District No. 2, Wash.
|
| Issue: | Series 2012 Priest Rapids Hydroelectric Project revenue and refunding bonds
|
| Amount: | $127.62 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead)
|
| Ratings: | Fitch: AA
|
| Pricing date: | May 31
|
| Settlement date: | June 14
|
|
|
| $54.51 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $525,000 | 2013 | Serial | 2% | 100.928
|
| $2.44 million | 2014 | Serial | 5% | 106.958
|
| $2,565,000 | 2015 | Serial | 5% | 110.836
|
| $2,695,000 | 2016 | Serial | 5% | 114.357
|
| $2,835,000 | 2017 | Serial | 5% | 117.202
|
| $3.09 million | 2018 | Serial | 5% | 119.149
|
| $4,645,000 | 2019 | Serial | 5% | 120.639
|
| $4,875,000 | 2020 | Serial | 5% | 121.151
|
| $5,115,000 | 2021 | Serial | 5% | 121.36
|
| $3,285,000 | 2022 | Serial | 5% | 121.779
|
| $3.46 million | 2023 | Serial | 5% | 121.001
|
| $2.33 million | 2024 | Serial | 5% | 119.536
|
| $2,445,000 | 2025 | Serial | 5% | 118.379
|
| $2.57 million | 2026 | Serial | 5% | 117.616
|
| $2.7 million | 2027 | Serial | 5% | 116.858
|
| $2.84 million | 2028 | Serial | 5% | 116.106
|
| $2.98 million | 2029 | Serial | 5% | 115.453
|
| $1.48 million | 2035 | Term | 3.75% | 97.031
|
| $1,635,000 | 2035 | Term | 5% | 113.064
|
|
|
| $16,235,000 series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $745,000 | 2013 | Serial | 2% | 100.736
|
| $1.23 million | 2014 | Serial | 5% | 106.365
|
| $1,285,000 | 2015 | Serial | 5% | 109.848
|
| $1,355,000 | 2016 | Serial | 5% | 112.934
|
| $1,425,000 | 2017 | Serial | 5% | 115.28
|
| $1.5 million | 2018 | Serial | 5% | 116.763
|
| $1.58 million | 2019 | Serial | 5% | 117.718
|
| $1,655,000 | 2020 | Serial | 5% | 117.849
|
| $1.73 million | 2021 | Serial | 5% | 117.699
|
| $1,825,000 | 2022 | Serial | 5% | 118.042
|
| $1,905,000 | 2023 | Serial | 5% | 117.426
|
|
|
| $42,395,000 series 2012M taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Jan. 1, 2032 | Term | 3.914% | 100
|
|
|
| $14.48 million series 2012Z taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $130,000 | 2013 | Serial | 0.55% | 100
|
| $505,000 | 2014 | Serial | 0.75% | 100
|
| $515,000 | 2015 | Serial | 1.36% | 100
|
| $520,000 | 2016 | Serial | 1.49% | 100
|
| $525,000 | 2017 | Serial | 1.79% | 100
|
| $525,000 | 2018 | Serial | 2.01% | 100
|
| $535,000 | 2019 | Serial | 2.31% | 100
|
| $560,000 | 2020 | Serial | 2.62% | 100
|
| $575,000 | 2021 | Serial | 2.77% | 100
|
| $580,000 | 2022 | Serial | 2.92% | 100
|
| $615,000 | 2023 | Serial | 3.07% | 100
|
| $600,000 | 2024 | Serial | 3.32% | 100
|
| $620,000 | 2025 | Serial | 3.47% | 100
|
| $640,000 | 2026 | Serial | 3.62% | 100
|
| $660,000 | 2027 | Serial | 3.72% | 100
|
| $6,375,000 | 2035 | Term | 4.164% | 100
|
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