Published on 6/24/2016 in the Prospect News Municipals Daily.
New Issue: Allegheny County, Pa., prices $276.82 million general obligation bonds
By Sheri Kasprzak
New York, June 24 – Allegheny County, Pa., sold $276,815,000 of general obligation bonds, according to pricing sheet.
The bonds (/AA-) were sold through PNC Capital Markets LLC.
The deal included $208,215,000 of series C-75 G.O. refunding bonds and $68.6 million of series C-76 G.O. bonds.
The C-75 bonds are due 2017 to 2033 with 2% to 5% coupons and yields from 0.82% to 2.72%.
The C-76 bonds are due 2020 to 2033 with term bonds due in 2037 and 2041. The serial coupons range from 2.25% to 5% with yields from 1.18% to 2.88%. The 2037 bonds have a 3% coupon priced at 98.445 to yield 3.1%, and the 2041 bonds have a 5% coupon priced at 120.586 to yield 2.7%.
Proceeds will be used to finance capital projects and refund G.O. bonds.
| Issuer: | Allegheny County, Pa.
|
| Issue: | General obligation bonds
|
| Amount: | $276,815,000
|
| Type: | Negotiated
|
| Underwriters: | PNC Capital Markets LLC (lead), Academy Securities Inc., Janney Montgomery Scott LLC, RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Rating: | S&P: AA-
|
| Pricing date: | June 23
|
| Settlement date: | July 7
|
|
|
| $208,215,000 series C-75 general obligation refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.6 million | 2017 | Serial | 4% | 104.155 | 0.82%
|
| $1.64 million | 2018 | Serial | 2% | 102.492 | 0.91%
|
| $1.68 million | 2019 | Serial | 3% | 106.372 | 1.04%
|
| $895,000 | 2020 | Serial | 3% | 107.636 | 1.18%
|
| $4,165,000 | 2021 | Serial | 4% | 113.659 | 1.33%
|
| $6.46 million | 2022 | Serial | 4% | 115.141 | 1.48%
|
| $6,905,000 | 2023 | Serial | 5% | 123.075 | 1.64%
|
| $12,335,000 | 2024 | Serial | 5% | 124.699 | 1.79%
|
| $15.72 million | 2025 | Serial | 5% | 126.06 | 1.93%
|
| $19,925,000 | 2026 | Serial | 5% | 127.196 | 2.06%
|
| $26.12 million | 2027 | Serial | 5% | 125.924 | 2.18%
|
| $31,355,000 | 2028 | Serial | 5% | 125.189 | 2.25%
|
| $32,625,000 | 2029 | Serial | 5% | 124.668 | 2.30%
|
| $13.87 million | 2030 | Serial | 4% | 113.077 | 2.55%
|
| $14.43 million | 2031 | Serial | 4% | 112.497 | 2.61%
|
| $15,005,000 | 2032 | Serial | 4% | 111.921 | 2.67%
|
| $3,485,000 | 2033 | Serial | 4% | 111.443 | 2.72%
|
|
|
| $68.6 million series C-76 general obligation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,000 | 2020 | Serial | 3% | 107.636 | 1.18%
|
| $5,000 | 2021 | Serial | 3% | 108.543 | 1.33%
|
| $100,000 | 2022 | Serial | 4% | 115.141 | 1.48%
|
| $100,000 | 2023 | Serial | 4% | 116.207 | 1.64%
|
| $100,000 | 2024 | Serial | 4% | 117.004 | 1.79%
|
| $100,000 | 2025 | Serial | 4% | 117.571 | 1.93%
|
| $100,000 | 2026 | Serial | 4% | 117.64 | 2.09%
|
| $100,000 | 2027 | Serial | 4% | 115.829 | 2.27%
|
| $100,000 | 2028 | Serial | 2.25% | 97.987 | 2.44%
|
| $100,000 | 2029 | Serial | 2.25% | 96.739 | 2.54%
|
| $1,255,000 | 2030 | Serial | 2.5% | 97.986 | 2.67%
|
| $1,325,000 | 2031 | Serial | 2.5% | 96.768 | 2.76%
|
| $355,000 | 2032 | Serial | 2.5% | 96.217 | 2.79%
|
| $235,000 | 2033 | Serial | 2.625% | 96.54 | 2.88%
|
| $7 million | 2037 | Term | 3% | 98.445 | 3.10%
|
| $57.62 million | 2041 | Term | 5% | 120.586 | 2.70%
|
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