Published on 9/20/2012 in the Prospect News Municipals Daily.
New Issue: Honolulu brings $255.68 million of wastewater system revenue bonds
By Sheri Kasprzak
New York, Sept. 20 - The City and County of Honolulu sold $255.68 million of series 2012 wastewater system revenue bonds, said a term sheet.
The bonds were sold through Bank of America Merrill Lynch and Piper Jaffray & Co. Inc.
The deal included $134,745,000 of series 2012A bonds and $120,935,000 of series 2012B bonds.
The 2012A bonds are due 2017 to 2032 with term bonds due in 2037 and 2042. The serial coupons range from 2% to 5%. The 2037 bonds have a 5% coupon and were not reoffered. The 2042 bonds have a 5% coupon and were not reoffered.
The 2012B bonds are due 2013 to 2030 with coupons from 2% to 5%.
Proceeds will be used to refund the city and county's series 2005A and 2006A-C revenue bonds.
| Issuer: | City and County of Honolulu
|
| Issue: | Series 2012 wastewater system revenue bonds
|
| Amount: | $255.68 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Piper Jaffray & Co. Inc.
|
| Pricing date: | Sept. 20
|
| Settlement date: | Oct. 4
|
|
|
| $134,745,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,925,000 | 2017 | Serial | 2% | 105.285
|
| $2,995,000 | 2018 | Serial | 3% | 110.132
|
| $3,075,000 | 2019 | Serial | 2% | 103.388
|
| $3.15 million | 2020 | Serial | 3% | 109.239
|
| $3.24 million | 2021 | Serial | 2.5% | 104.235
|
| $3.33 million | 2022 | Serial | 3% | 107.798
|
| $245,000 | 2023 | Serial | 2.75% | NRO
|
| $3.22 million | 2023 | Serial | 5% | NRO
|
| $3.64 million | 2024 | Serial | 5% | NRO
|
| $3,825,000 | 2025 | Serial | 5% | NRO
|
| $4.02 million | 2026 | Serial | 5% | NRO
|
| $4,225,000 | 2027 | Serial | 5% | NRO
|
| $4,445,000 | 2028 | Serial | 5% | NRO
|
| $4.67 million | 2029 | Serial | 5% | NRO
|
| $4.91 million | 2030 | Serial | 5% | NRO
|
| $5,165,000 | 2031 | Serial | 5% | NRO
|
| $5.43 million | 2032 | Serial | 5% | NRO
|
| $31.61 million | 2037 | Term | 5% | NRO
|
| $40,595,000 | 2042 | Term | 5% | NRO
|
|
|
| $120,935,000 series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $395,000 | 2013 | Serial | 2% | 101.295
|
| $405,000 | 2014 | Serial | 3% | 104.525
|
| $420,000 | 2015 | Serial | 4% | 109.575
|
| $3,875,000 | 2016 | Serial | 3% | 108.749
|
| $4,015,000 | 2017 | Serial | 4% | 114.557
|
| $9,895,000 | 2018 | Serial | 5% | 121.206
|
| $10,915,000 | 2019 | Serial | 4% | 116.18
|
| $11.95 million | 2020 | Serial | 5% | 123.676
|
| $13.08 million | 2021 | Serial | 4% | 116.226
|
| $13,685,000 | 2022 | Serial | 5% | 125.325
|
| $13.67 million | 2023 | Serial | 4% | NRO
|
| $5,185,000 | 2024 | Serial | 3% | NRO
|
| $3,875,000 | 2025 | Serial | 4% | NRO
|
| $5.51 million | 2026 | Serial | 4% | NRO
|
| $5,705,000 | 2027 | Serial | 3% | 100
|
| $5.91 million | 2028 | Serial | 4% | NRO
|
| $6,115,000 | 2029 | Serial | 3% | 98.441
|
| $6.33 million | 2030 | Serial | 4% | NRO
|
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