Published on 10/25/2012 in the Prospect News Municipals Daily.
New Issue: Honolulu brings $914.18 million of series 2012 G.O. bonds
By Sheri Kasprzak
New York, Oct. 25 - The City and County of Honolulu sold $914,175,000 of series 2012 general obligation bonds, according to a pricing sheet.
The bonds (Aa1//AA+) were sold through Bank of America Merrill Lynch and Piper Jaffray & Co.
The offering included $255.51 million of series 2012A tax-exempt bonds, $291.18 million of series 2012B tax-exempt bonds, $32,675,000 of series 2012C tax-exempt bonds, $17.91 million of series 2012D taxable bonds, $74.97 million of series 2012E taxable bonds, $50,625,000 of series 2012F taxable bonds and $191,305,000 of series 2012G taxable bonds.
The 2012A bonds are due 2017 to 2037 with 3% to 5% coupons. The 2012B bonds are due 2016 to 2029 with coupons from 3% to 5%. The 2012C bonds are due 2013 to 2027 with 1% to 4% coupons. The 2012D bonds are due 2017 to 2028 with coupons from 1.259% to 3.362%, all priced at par. The 2012E bonds are due 2015 to 2017 with coupons from 0.778% to 1.259%, all priced at par. The 2012F bonds are due 2017 to 2021 with coupons from 1.259% to 2.412%, all priced at par. The 2012G bonds are due 2017 to 2023 with coupons from 1.259% to 2.812%, all priced at par.
Proceeds will be used to finance capital improvements for the city and county, as well as to refund existing G.O.s.
| Issuer: | City and County of Honolulu
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $914,175,000
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Piper Jaffray & Co.
|
| Ratings: | Moody's: Aa1
|
| Fitch: AA+
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 20
|
|
|
| $255.51 million series 2012A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.37 million | 2017 | Serial | 4% | 115.438
|
| $6,035,000 | 2017 | Serial | 5% | 120.278
|
| $7.7 million | 2018 | Serial | 3% | 111.396
|
| $7,975,000 | 2019 | Serial | 4% | 117.879
|
| $50,000 | 2020 | Serial | 3% | 110.96
|
| $8,295,000 | 2020 | Serial | 5% | 125.872
|
| $8,725,000 | 2021 | Serial | 4% | 118.376
|
| $755,000 | 2022 | Serial | 3% | 109.736
|
| $8,365,000 | 2022 | Serial | 5% | 127.767
|
| $2,685,000 | 2023 | Serial | 4% | NRO
|
| $6.88 million | 2023 | Serial | 5% | NRO
|
| $10,045,000 | 2024 | Serial | 5% | NRO
|
| $10.56 million | 2025 | Serial | 5% | NRO
|
| $11.1 million | 2026 | Serial | 5% | NRO
|
| $11.67 million | 2027 | Serial | 5% | NRO
|
| $12,265,000 | 2028 | Serial | 5% | NRO
|
| $12,895,000 | 2029 | Serial | 5% | NRO
|
| $3.44 million | 2030 | Serial | 3% | 99.723
|
| $10.08 million | 2030 | Serial | 5% | NRO
|
| $14.18 million | 2031 | Serial | 5% | NRO
|
| $14,905,000 | 2032 | Serial | 5% | NRO
|
| $15.67 million | 2033 | Serial | 5% | NRO
|
| $16.39 million | 2034 | Serial | 4% | NRO
|
| $17.06 million | 2035 | Serial | 4% | NRO
|
| $6.51 million | 2036 | Serial | 4% | NRO
|
| $11,305,000 | 2036 | Serial | 5% | NRO
|
| $18.6 million | 2037 | Serial | 4% | NRO
|
|
|
| $291.18 million series 2012B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $15,185,000 | 2016 | Serial | 5% | 116.924
|
| $15,965,000 | 2017 | Serial | 5% | 120.278
|
| $16,785,000 | 2018 | Serial | 5% | 122.909
|
| $17,645,000 | 2019 | Serial | 5% | 124.501
|
| $14.3 million | 2020 | Serial | 2% | 103.504
|
| $4.03 million | 2020 | Serial | 5% | 125.872
|
| $19.05 million | 2021 | Serial | 5% | 126.617
|
| $20.03 million | 2022 | Serial | 5% | 127.767
|
| $21,055,000 | 2023 | Serial | 5% | NRO
|
| $22,135,000 | 2024 | Serial | 5% | NRO
|
| $23.27 million | 2025 | Serial | 5% | NRO
|
| $24,215,000 | 2026 | Serial | 3% | NRO
|
| $16.99 million | 2027 | Serial | 3% | NRO
|
| $8 million | 2027 | Serial | 4% | NRO
|
| $20.83 million | 2028 | Serial | 3% | NRO
|
| $5 million | 2028 | Serial | 4.5% | NRO
|
| $21,695,000 | 2029 | Serial | 3% | NRO
|
| $5 million | 2029 | Serial | 4.5% | NRO
|
|
|
| $32,675,000 series 2012C tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,885,000 | 2013 | Serial | 2% | 101.54
|
| $1,925,000 | 2014 | Serial | 2% | 102.999
|
| $1.96 million | 2015 | Serial | 2% | 104.207
|
| $2 million | 2016 | Serial | 2% | 105.201
|
| $2.04 million | 2017 | Serial | 2% | 105.566
|
| $1,005,000 | 2018 | Serial | 1% | 99.771
|
| $1.07 million | 2018 | Serial | 2% | 105.487
|
| $2,115,000 | 2019 | Serial | 2% | 104.61
|
| $2,155,000 | 2020 | Serial | 2% | 103.336
|
| $2.2 million | 2021 | Serial | 4% | 118.121
|
| $2.25 million | 2022 | Serial | 2.25% | 102.508
|
| $2.3 million | 2023 | Serial | 2.25% | NRO
|
| $2.35 million | 2024 | Serial | 2.25% | 99.068
|
| $2.41 million | 2025 | Serial | 3% | NRO
|
| $2.47 million | 2026 | Serial | 3% | NRO
|
| $2.54 million | 2027 | Serial | 2.75% | 98.91
|
|
|
| $17.91 million series 2012D taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.31 million | 2017 | Serial | 1.259% | 100
|
| $1.33 million | 2018 | Serial | 1.538% | 100
|
| $1.35 million | 2019 | Serial | 1.838% | 100
|
| $1.38 million | 2020 | Serial | 2.212% | 100
|
| $1,415,000 | 2021 | Serial | 2.412% | 100
|
| $1.45 million | 2022 | Serial | 2.512% | 100
|
| $1.49 million | 2023 | Serial | 2.812% | 100
|
| $1,535,000 | 2024 | Serial | 2.912% | 100
|
| $1.58 million | 2025 | Serial | 3.062% | 100
|
| $1,635,000 | 2026 | Serial | 3.162% | 100
|
| $1.69 million | 2027 | Serial | 3.262% | 100
|
| $1,745,000 | 2028 | Serial | 3.362% | 100
|
|
|
| $74.97 million series 2012E taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $24.73 million | 2015 | Serial | 0.778% | 100
|
| $24.97 million | 2016 | Serial | 1.059% | 100
|
| $25.27 million | 2017 | Serial | 1.259% | 100
|
|
|
| $50,625,000 series 2012F taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.77 million | 2017 | Serial | 1.259% | 100
|
| $9,915,000 | 2018 | Serial | 1.538% | 100
|
| $10.09 million | 2019 | Serial | 1.838% | 100
|
| $10.3 million | 2020 | Serial | 2.212% | 100
|
| $10.55 million | 2021 | Serial | 2.412% | 100
|
|
|
| $191,305,000 series 2012G taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $25.76 million | 2017 | Serial | 1.259% | 100
|
| $26.13 million | 2018 | Serial | 1.538% | 100
|
| $26.59 million | 2019 | Serial | 1.838% | 100
|
| $27,155,000 | 2020 | Serial | 2.212% | 100
|
| $27,815,000 | 2021 | Serial | 2.412% | 100
|
| $28.53 million | 2022 | Serial | 2.512% | 100
|
| $29,325,000 | 2023 | Serial | 2.812% | 100
|
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