By Sheri Kasprzak
New York, Oct. 27 - The City of Honolulu sold $305.19 million in series 2010 wastewater system revenue bonds through Bank of America Merrill Lynch and Piper Jaffray & Co., according to a term sheet.
The deal included $25.795 million in series 2010A tax-exempt first-resolution senior bonds (Aa2/AA/AA), $178.64 million in series 2010B taxable first-resolution senior bonds (Aa2/AA/AA) and $100.755 million in series 2010A second-resolution junior bonds (Aa3/AA-/AA-).
The 2010A first-resolution bonds are due 2015 to 2019 with 3% to 5% coupons. The 2010B first-resolution bonds are due 2020 to 2025 with term bonds due 2030 and 2040. The serial coupons range from 4.113% to 5.393%. The 2030 bonds have a 5.996% coupon priced at par, and the 2040 bonds have a 6.121% coupon, also priced at par. The 2010A junior bonds are due 2011 to 2028 with 2% to 5% coupons.
Proceeds will be used to finance capital improvements to the city's wastewater system, as well as to refund its junior series 1998 bonds.
| Issuer: | City of Honolulu
|
| Issue: | Series 2010 wastewater system revenue bonds
|
| Amount: | $305.19 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Piper Jaffray & Co. (lead)
|
| Ratings: | Moody's: Aa2 (for senior bonds); Aa3 (for junior bonds)
|
| Standard & Poor's: AA (for senior bonds); AA- (for junior bonds)
|
| Fitch: AA (for senior bonds); AA- (for junior bonds)
|
| Pricing date: | Oct. 27
|
| Settlement dates: | Nov. 9 (for senior bonds); Nov. 17 (for junior bonds)
|
|
|
| $25.795 million series 2010A senior bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.52 million | 2015 | Serial | 5% | 115.936
|
| $1.095 million | 2016 | Serial | 3% | 106.8
|
| $3.835 million | 2016 | Serial | 4% | 112.155
|
| $760,000 | 2017 | Serial | 3% | 106.063
|
| $4.38 million | 2017 | Serial | 5% | 118.439
|
| $3.52 million | 2018 | Serial | 4% | 112.225
|
| $1.86 million | 2018 | Serial | 5% | 119.211
|
| $4.08 million | 2019 | Serial | 4% | 112.089
|
| $1.535 million | 2019 | Serial | 5% | 119.84
|
| $1.21 million | 2020 | Serial | 3% | 106.982
|
|
|
| $178.64 million series 2010B senior bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.84 million | 2020 | Serial | 4.113% | 100
|
| $6 million | 2021 | Serial | 4.373% | 100
|
| $6.175 million | 2022 | Serial | 4.643% | 100
|
| $6.365 million | 2023 | Serial | 4.943% | 100
|
| $6.575 million | 2024 | Serial | 5.193% | 100
|
| $6.805 million | 2025 | Serial | 5.393% | 100
|
| $38.16 million | 2030 | Serial | 5.996% | 100
|
| $102.72 million | 2040 | Serial | 6.121% | 100
|
|
|
| $100.755 million series 2010A junior bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| NA | 2011 | Serial | 2% | 100.867
|
| NA | 2012 | Serial | 3% | 103.423
|
| NA | 2013 | Serial | 3% | 104.711
|
| NA | 2014 | Serial | 4% | 108.743
|
| NA | 2015 | Serial | 2% | 100.838
|
| NA | 2016 | Serial | 3% | 104.585
|
| NA | 2017 | Serial | 2.5% | 100.607
|
| NA | 2018 | Serial | 2.5% | 99.037
|
| NA | 2019 | Serial | 3% | 100.756
|
| NA | 2020 | Serial | 3% | 99.253
|
| NA | 2021 | Serial | 3% | 96.978
|
| NA | 2022 | Serial | 4% | 104.542
|
| NA | 2023 | Serial | 4% | 103.922
|
| $18.37 million | 2024 | Serial | 5% | 110.099
|
| $19.215 million | 2025 | Serial | 4% | 100
|
| $20.1 million | 2026 | Serial | 5% | 108.75
|
| $21.08 million | 2027 | Serial | 4.5% | 103.31
|
| $21.99 million | 2028 | Serial | 4% | 98.134
|
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