By Sheri Kasprzak
New York, April 8 - The City and County of Honolulu priced $377.91 million in series 2009 general obligation bonds in three tranches Wednesday, said a sell-side source connected to the deal.
The bonds (Aa2/AA/) were sold through senior managers Merrill Lynch & Co. Inc. and Piper Jaffray & Co.
The sale included $294.01 million in series 2009A bonds, $33.98 million in series 2009B bonds and $49.92 million in series 2009C bonds.
The 2009A bonds are due 2014 to 2027 with term bonds due 2030, 2033 and 2034. The coupons on the serials range from 2.75% to 5% and yields range from 2.48% to 4.755%. The 2030 bonds have a 5.25% coupon to yield 4.9% and the 2033 bonds have a 5% coupon to yield 5.013%. The 5% 2034s were priced to yield 5.03%.
The 2009B bonds are due 2012 to 2017 with coupons from 3.88% to 5.42%.The yields range from 3.879% to 5.4%.
The 2009C bonds are due 2011 to 2013 with a term bond due 2018. The serials have 2% to 5% coupons and yields from 1.36% to 2.09%. The 2018 bonds have a 4.75% coupon to yield 4.88%.
Proceeds will be used to refund the city and county's outstanding debt.
| Issuer: | City and County of Honolulu
|
| Issue: | Series 2009 general obligation bonds
|
| Amount: | $377.91 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch & Co. Inc. and Piper Jaffray & Co.
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | April 8
|
|
|
| Series 2009A bonds
|
| Maturity | Type | Coupon | Yield
|
| 2014 | Serial | 2.75% | 2.48%
|
| 2015 | Serial | 3% | 2.72%
|
| 2016 | Serial | 4% | 2.96%
|
| 2017 | Serial | 4% | 3.19%
|
| 2018 | Serial | 3.75% | 3.42 %
|
| 2019 | Serial | 4% | 4.04%
|
| 2020 | Serial | 4% | 4.05%
|
| 2021 | Serial | 5% | 3.93%
|
| 2022 | Serial | 5% | 4.08%
|
| 2023 | Serial | 4.25% | 4.11%
|
| 2024 | Serial | 5% | 4.76%
|
| 2025 | Serial | 4.5% | 4.52%
|
| 2027 | Serial | 5% | 4.75%
|
| 2030 | Term | 5.25% | 4.90%
|
| 2033 | Term | 5% | 5.01%
|
| 2034 | Term | 5% | 5.03%
|
|
|
| Series 2009B bonds
|
| Maturity | Type | Coupon | Yield
|
| 2012 | Serial | 3.88% | 3.88%
|
| 2013 | Serial | 4.22% | 4.18%
|
| 2014 | Serial | 4.61% | 4.58%
|
| 2015 | Serial | 4.88% | 4.865%
|
| 2016 | Serial | 5.26% | 5.24%
|
| 2017 | Serial | 5.42% | 5.40%
|
|
|
| Series 2009C bonds
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 2% | 1.36%
|
| 2012 | Serial | 5% | 1.66%
|
| 2013 | Serial | 4% | 2.09%
|
| 2018 | Term | 4.75% | 4.88%
|
© 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.
