Published on 9/28/2012 in the Prospect News Municipals Daily.
New Issue: Allegheny County, Pa., sells $167.16 million G.O. and refunding bonds
By Sheri Kasprzak
New York, Sept. 28 - Allegheny County of Pennsylvania priced $167.16 million of series C general obligation and refunding bonds, according to a pricing sheet.
The deal included $54.56 million of series C-69 G.O. refunding bonds and $112.6 million of G.O. bonds.
The C-69 bonds are due 2012 to 2032 with 2% to 5% coupons. The yields range from 0.5% to 3.46%. The C-70 bonds are due 2013 to 2022 with term bonds due in 2027, 2032, 2033, 2034 and 2037. The serial coupons range from 2% to 2.875%. The 2027 bonds have a 3.25% coupon priced at 98.7, and the 2032 bonds have a 3.625% coupon priced at 98.658. The 2033 bonds have a 5% coupon priced at 112.524, and the 2034 bonds have a 5% coupon priced at 111.8. The 2037 bonds have a 5% coupon priced at 110.368.
The bonds (A1/A+/) were sold through PNC Capital Markets with RBC Capital Markets LLC as the co-senior manager.
Proceeds will be used to current refund the county's series C-55 G.O. refunding bonds, the Allegheny County Industrial Development Authority's series 2002A-B guaranteed revenue bonds and its series C-69 adjustable-rate G.O. bonds.
| Issuer: | Allegheny County, Pa.
|
| Issue: | Series C general obligation and refunding bonds
|
| Amount: | $167.16 million
|
| Type: | Negotiated
|
| Underwriters: | PNC Capital Markets LLC (bookrunner), RBC Capital Markets LLC (co-senior manager), Boenning & Scattergood Inc., Janney Montgomery Scott LLC and Loop Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 11
|
|
|
| $54.56 million series C-69 G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $5,000 | 2012 | Serial | 2% | 0.50%
|
| $5,000 | 2013 | Serial | 2% | 0.83%
|
| $5,000 | 2014 | Serial | 2% | 1.03%
|
| $5,000 | 2015 | Serial | 2% | 1.20%
|
| $5,000 | 2016 | Serial | 2% | 1.33%
|
| $5,000 | 2017 | Serial | 2% | 1.60%
|
| $5,000 | 2018 | Serial | 2% | 1.83%
|
| $5,000 | 2019 | Serial | 2% | 2.13%
|
| $3,195,000 | 2020 | Serial | 4% | 2.29%
|
| $3.33 million | 2021 | Serial | 5% | 2.51%
|
| $3.49 million | 2022 | Serial | 5% | 2.66%
|
| $3,665,000 | 2023 | Serial | 5% | 2.80%
|
| $3,855,000 | 2024 | Serial | 3% | 3.09%
|
| $3.97 million | 2025 | Serial | 5% | 2.95%
|
| $4,165,000 | 2026 | Serial | 3.25% | 3.32%
|
| $4.3 million | 2027 | Serial | 3.25% | 3.36%
|
| $4,445,000 | 2028 | Serial | 5% | 3.21%
|
| $4.66 million | 2029 | Serial | 5% | 3.27%
|
| $4.9 million | 2030 | Serial | 5% | 3.33%
|
| $5,145,000 | 2031 | Serial | 5% | 3.40%
|
| $5.4 million | 2032 | Serial | 5% | 3.46%
|
|
|
| $112.6 million series C-70 G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,000 | 2013 | Serial | 2% | 101.323
|
| $5,000 | 2014 | Serial | 2% | 102.046
|
| $5,000 | 2015 | Serial | 2% | 102.456
|
| $5,000 | 2016 | Serial | 2% | 102.688
|
| $5,000 | 2017 | Serial | 2% | 101.964
|
| $5,000 | 2018 | Serial | 2% | 100.981
|
| $5,000 | 2019 | Serial | 2% | 99.142
|
| $5,000 | 2020 | Serial | 2.25% | 99.041
|
| $5,000 | 2021 | Serial | 2.5% | 98.787
|
| $5,000 | 2022 | Serial | 2.875% | 99.431
|
| $25,000 | 2027 | Term | 3.25% | 98.7
|
| $25,000 | 2032 | Term | 3.625% | 98.658
|
| $17,255,000 | 2033 | Term | 5% | 112.524
|
| $22.1 million | 2034 | Term | 5% | 111.8
|
| $73,145,000 | 2037 | Term | 5% | 110.368
|
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