Published on 7/26/2013 in the Prospect News Municipals Daily.
New Issue: Hamilton County, Ohio, sells $258.69 million sewer improvement bonds
By Sheri Kasprzak
New York, July 26 - Hamilton County, Ohio, sold $258,695,000 of series 2013 sewer system improvement and refunding bonds, according to a pricing sheet.
The offering includes $178.76 million of series 2013A tax-exempt improvement and refunding bonds and $79,935,000 of series 2013B taxable refunding bonds.
The 2013A bonds are due 2017 to 2033 with a term bond due in 2038. The serial bonds have 5% coupons with 1.24% to 4.24% yields. The 2038 bonds have a 5% coupon to yield 4.4%.
The 2013B bonds are due 2013 to 2017 with 0.45% to 1.758% coupons all priced at par.
The bonds (Aa2/AA+/) were sold through Citigroup Global Markets Inc., RBC Capital Markets LLC and Morgan Stanley & Co. LLC.
Proceeds will be used to make capital improvements to the county's sewer system, as well as to refund existing bonds.
| Issuer: | Hamilton County, Ohio
|
| Issue: | Series 2013 sewer system improvement and refunding bonds
|
| Amount: | $258,695,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc., RBC Capital Markets LLC and Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, Fifth Third Securities Inc., Loop Capital Markets LLC and Stifel, Nicolaus & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Pricing date: | July 18
|
| Settlement date: | July 31
|
|
|
| $178.76 million series 2013A tax-exempt improvement and refunding bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $18.55 million | 2017 | Serial | 5% | 1.24%
|
| $3.09 million | 2018 | Serial | 5% | 1.61%
|
| $3.24 million | 2019 | Serial | 5% | 1.91%
|
| $3,415,000 | 2020 | Serial | 5% | 2.25%
|
| $7,765,000 | 2021 | Serial | 5% | 2.54%
|
| $8,155,000 | 2022 | Serial | 5% | 2.83%
|
| $8.56 million | 2023 | Serial | 5% | 3.04%
|
| $8,995,000 | 2024 | Serial | 5% | 3.24%
|
| $9,445,000 | 2025 | Serial | 5% | 3.44%
|
| $12.66 million | 2026 | Serial | 5% | 3.61%
|
| $13,915,000 | 2027 | Serial | 5% | 3.73%
|
| $14,625,000 | 2028 | Serial | 5% | 3.87%
|
| $5,275,000 | 2029 | Serial | 5% | 3.99%
|
| $5.54 million | 2030 | Serial | 5% | 4.07%
|
| $5.82 million | 2031 | Serial | 5% | 4.14%
|
| $6,105,000 | 2032 | Serial | 5% | 4.20%
|
| $6.41 million | 2033 | Serial | 5% | 4.24%
|
| $37,195,000 | 2038 | Term | 5% | 4.40%
|
|
|
| $79,935,000 series 2013B taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $470,000 | 2013 | Serial | 0.45% | 100
|
| $24,605,000 | 2014 | Serial | 0.50% | 100
|
| $26,215,000 | 2015 | Serial | 0.803% | 100
|
| $23.3 million | 2016 | Serial | 1.233% | 100
|
| $5,345,000 | 2017 | Serial | 1.758% | 100
|
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