Published on 6/25/2014 in the Prospect News Municipals Daily.
New Issue: Allegheny County, Pa., prices $187.5 million of G.O. and refunding debt
By Sheri Kasprzak
New York, June 25 – Allegheny County, Pa., sold $187,495,000 of series C-73 and C-74 general obligation and refunding bonds, according to a pricing sheet.
The offering included $123,925,000 of series C-73 G.O. bonds and $63.57 million of series C-74 G.O. refunding bonds.
The C-73 bonds are due 2015 to 2020 with 3% to 5% coupons and 0.32% to 2.04% yields.
The C-74 bonds are due 2020 to 2034 with coupons from 3% to 5% and yields from 2.04% to 3.81%.
The bonds (A1/AA-/) were sold through PNC Capital Markets LLC.
Proceeds will be used to finance county capital projects and to refund the county’s series C-57 G.O. notes.
| Issuer: | Allegheny County, Pa.
|
| Issue: | General obligation and refunding bonds
|
| Amount: | $187,495,000
|
| Type: | Negotiated
|
| Underwriters: | PNC Capital Markets LLC (lead), Boenning & Scattergood Inc., RBC Capital Markets LLC, Janney Montgomery Scott LLC, Loop Capital Markets LLC and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: AA-
|
| Pricing date: | June 25
|
| Settlement date: | Aug. 5
|
|
|
| $123,925,000 series C-73 G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $21,875,000 | 2015 | Serial | 3% | 103.532 | 0.32%
|
| $22,345,000 | 2016 | Serial | 4% | 107.876 | 0.58%
|
| $25.91 million | 2017 | Serial | 4% | 109.881 | 0.97%
|
| $21.2 million | 2018 | Serial | 5% | 115.227 | 1.36%
|
| $20,285,000 | 2019 | Serial | 5% | 116.555 | 1.73%
|
| $12.31 million | 2020 | Serial | 5% | 117.47 | 2.04%
|
|
|
| $63.57 million series C-74 G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.73 million | 2020 | Serial | 4% | 111.568 | 2.04%
|
| $2,915,000 | 2021 | Serial | 4% | 110.753 | 2.39%
|
| $1 million | 2021 | Serial | 5% | 117.433 | 2.39%
|
| $500,000 | 2022 | Serial | 4% | 109.706 | 2.69%
|
| $4,085,000 | 2022 | Serial | 5% | 117.118 | 2.69%
|
| $4.79 million | 2023 | Serial | 5% | 117.042 | 2.90%
|
| $3,215,000 | 2024 | Serial | 3% | 99.032 | 3.11%
|
| $250,000 | 2024 | Serial | 5% | 116.573 | 3.11%
|
| $3,585,000 | 2025 | Serial | 5% | 115.522 | 3.22%
|
| $3,745,000 | 2026 | Serial | 3.25% | 98.299 | 3.42%
|
| $3,865,000 | 2027 | Serial | 4% | 103.856 | 3.55%
|
| $3,975,000 | 2028 | Serial | 5% | 113.36 | 3.45%
|
| $4.22 million | 2029 | Serial | 5% | 112.711 | 3.52%
|
| $4.43 million | 2030 | Serial | 5% | 111.976 | 3.60%
|
| $4.84 million | 2031 | Serial | 5% | 111.337 | 3.67%
|
| $4,895,000 | 2032 | Serial | 5% | 110.883 | 3.72%
|
| $5,135,000 | 2033 | Serial | 5% | 110.431 | 3.77%
|
| $5,395,000 | 2034 | Serial | 5% | 110.072 | 3.81%
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
