Published on 7/22/2015 in the Prospect News Municipals Daily.
New Issue: Honolulu comes to market with $688.04 million wastewater revenue bonds
By Sheri Kasprzak
New York, July 22 – The City and County of Honolulu, Hawaii, priced $688,035,000 of series 2015 wastewater system revenue bonds, according to a pricing sheet. The deal was downsized from $689.12 million.
The deal included $178,035,000 of series 2015A first bond resolution senior bonds (Aa2//AA), $272,655,000 of series 2015B refunding first resolution bonds (Aa2//AA), $98.15 million of series 2015C taxable refunding bonds (Aa2//AA), $116,805,000 of series 2015A second resolution bonds (Aa3//AA-) and $22.39 million of series 2015B taxable refunding second resolution bonds (Aa3//AA-).
The series 2015A first resolution bonds are due 2017 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5%. The 2040 bonds have a 5% coupon priced at 112.976 and the 2045 bonds have a 5% coupon priced at 112.263.
The 2015B first resolution bonds are due 2016 to 2036 with 3% to 5% coupons.
The 2015C taxable first resolution bonds are due 2016 to 2030 with term bonds due in 2035 and 2040. The serial coupons range from 0.601% to 4.118% all priced at par. The 2035 bonds have a 4.411% coupon and the 2040 bonds have a 4.561% coupon both priced at par.
The 2015A second resolution bonds are due 2017 to 2032 with 3% to 5% coupons.
The 2015B second resolution bonds are due 2016 to 2032 with 0.851% to 4.568% coupons all priced at par.
The bonds were offered through BofA Merrill Lynch and Piper Jaffray & Co.
Proceeds will be used to finance additions and improvements to the wastewater system, as well as to refund existing debt.
| Issuer: | City and County of Honolulu
|
| Issue: | Series 2015 wastewater system revenue bonds
|
| Amount: | $688,035,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Piper Jaffray & Co. (lead)
|
| Pricing date: | July 22
|
| Settlement date: | Aug. 12
|
|
|
| $178,035,000 series 2015A first bond resolution senior bonds (Aa2//AA)
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.05 million | 2017 | Serial | 3% | 104.225
|
| $2,125,000 | 2017 | Serial | 5% | 107.964
|
| $3.29 million | 2018 | Serial | 4% | 108.453
|
| $1,055,000 | 2019 | Serial | 4% | 110.519
|
| $2.37 million | 2019 | Serial | 5% | 114.303
|
| $3,525,000 | 2020 | Serial | 2% | 102.442
|
| $1,125,000 | 2021 | Serial | 3% | 106.903
|
| $2.49 million | 2021 | Serial | 5% | 118.039
|
| $1,695,000 | 2022 | Serial | 4% | 112.325
|
| $2.05 million | 2022 | Serial | 5% | 118.712
|
| $925,000 | 2023 | Serial | 4% | 112.425
|
| $2,975,000 | 2023 | Serial | 5% | 119.608
|
| $1,025,000 | 2024 | Serial | 3% | 104.611
|
| $3.01 million | 2024 | Serial | 5% | 120.515
|
| $1,425,000 | 2025 | Serial | 4% | 112.598
|
| $2,755,000 | 2025 | Serial | 5% | 121.287
|
| $650,000 | 2026 | Serial | 4% | 111.579
|
| $3.7 million | 2026 | Serial | 5% | 120.221
|
| $4.55 million | 2027 | Serial | 5% | 119.071
|
| $4,785,000 | 2028 | Serial | 5% | 118.217
|
| $5.03 million | 2029 | Serial | 5% | 117.464
|
| $5.29 million | 2030 | Serial | 5% | 116.81
|
| $5.56 million | 2031 | Serial | 5% | 116.253
|
| $5,845,000 | 2032 | Serial | 5% | 115.791
|
| $6,145,000 | 2033 | Serial | 5% | 115.331
|
| $6.46 million | 2034 | Serial | 5% | 114.965
|
| $6.79 million | 2035 | Serial | 5% | 114.6
|
| $39.55 million | 2040 | Term | 5% | 112.976
|
| $50.79 million | 2045 | Term | 5% | 112.263
|
|
|
| $272,655,000 series 2015B refunding first resolution bonds (Aa2//AA)
|
| Amount | Maturity | Type | Coupon | Price
|
| $260,000 | 2016 | Serial | 3% | 102.297
|
| $6.71 million | 2017 | Serial | 5% | 107.964
|
| $5,485,000 | 2018 | Serial | 5% | 111.29
|
| $5.19 million | 2019 | Serial | 5% | 114.303
|
| $7.66 million | 2020 | Serial | 5% | 116.531
|
| $7.99 million | 2021 | Serial | 5% | 118.039
|
| $8.4 million | 2022 | Serial | 5% | 118.712
|
| $8,955,000 | 2023 | Serial | 5% | 119.608
|
| $9,285,000 | 2024 | Serial | 5% | 120.515
|
| $17,425,000 | 2025 | Serial | 5% | 121.287
|
| $16,835,000 | 2026 | Serial | 5% | 120.221
|
| $17.7 million | 2027 | Serial | 5% | 119.071
|
| $7 million | 2028 | Serial | 3% | 97.796
|
| $11.41 million | 2028 | Serial | 4% | 106.819
|
| $19.17 million | 2029 | Serial | 4% | 106.121
|
| $20.16 million | 2030 | Serial | 5% | 116.81
|
| $28.42 million | 2031 | Serial | 5% | 116.161
|
| $15,425,000 | 2032 | Serial | 4% | 103.721
|
| $16,095,000 | 2033 | Serial | 3.5% | 97.142
|
| $16,795,000 | 2034 | Serial | 4% | 102.628
|
| $17.75 million | 2035 | Serial | 4% | 102.628
|
| $4,535,000 | 2036 | Serial | 3.75% | 102.295
|
| $4 million | 2036 | Serial | 4% | 101.847
|
|
|
| $98.15 million series 2015C taxable senior first resolution bonds (Aa2//AA)
|
| Amount | Maturity | Type | Coupon | Price
|
| $900,000 | 2016 | Serial | 0.601% | 100
|
| $4,235,000 | 2017 | Serial | 0.998% | 100
|
| $4,295,000 | 2018 | Serial | 1.47% | 100
|
| $4.38 million | 2019 | Serial | 1.861% | 100
|
| $4,475,000 | 2020 | Serial | 2.261% | 100
|
| $4.59 million | 2021 | Serial | 2.554% | 100
|
| $4,715,000 | 2022 | Serial | 2.804% | 100
|
| $4.86 million | 2023 | Serial | 2.968% | 100
|
| $5.02 million | 2024 | Serial | 3.218% | 100
|
| $5,195,000 | 2025 | Serial | 3.368% | 100
|
| $5.38 million | 2026 | Serial | 3.518% | 100
|
| $5.58 million | 2027 | Serial | 3.668% | 100
|
| $5.41 million | 2028 | Serial | 3.868% | 100
|
| $5.64 million | 2029 | Serial | 4.018% | 100
|
| $5.87 million | 2030 | Serial | 4.118% | 100
|
| $21.9 million | 2035 | Term | 4.411% | 100
|
| $5,705,000 | 2045 | Term | 4.561% | 100
|
|
|
| $116,805,000 series 2015A refunding second resolution bonds (Aa3//AA-)
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,705,000 | 2017 | Serial | 4% | 106.036
|
| $1,785,000 | 2018 | Serial | 5% | 111.108
|
| $5.79 million | 2019 | Serial | 5% | 114.017
|
| $6,085,000 | 2020 | Serial | 5% | 116.173
|
| $6.4 million | 2021 | Serial | 5% | 117.489
|
| $6.72 million | 2022 | Serial | 5% | 118.009
|
| $7,075,000 | 2023 | Serial | 5% | 118.972
|
| $7.43 million | 2024 | Serial | 5% | 119.808
|
| $7,815,000 | 2025 | Serial | 5% | 120.511
|
| $8,215,000 | 2026 | Serial | 5% | 118.976
|
| $1 million | 2027 | Serial | 3% | 98.814
|
| $7,555,000 | 2027 | Serial | 4% | 107.433
|
| $8.9 million | 2028 | Serial | 5% | 117.277
|
| $9.36 million | 2029 | Serial | 5% | 116.531
|
| $9.84 million | 2030 | Serial | 5% | 115.833
|
| $10,345,000 | 2031 | Serial | 5% | 115.331
|
| $10,785,000 | 2032 | Serial | 3.5% | 97.257
|
|
|
| $22.39 million series 2015B taxable refunding second resolution bonds (Aa3//AA-)
|
| Amount | Maturity | Type | Coupon | Price
|
| $200,000 | 2016 | Serial | 0.851% | 100
|
| $1.1 million | 2017 | Serial | 1.248% | 100
|
| $1,115,000 | 2018 | Serial | 1.77% | 100
|
| $1,135,000 | 2019 | Serial | 2.111% | 100
|
| $1.16 million | 2020 | Serial | 2.511% | 100
|
| $1,195,000 | 2021 | Serial | 2.804% | 100
|
| $1,235,000 | 2022 | Serial | 3.104% | 100
|
| $1,275,000 | 2023 | Serial | 3.268% | 100
|
| $1.32 million | 2024 | Serial | 3.468% | 100
|
| $1,365,000 | 2025 | Serial | 3.618% | 100
|
| $1.42 million | 2026 | Serial | 3.768% | 100
|
| $1,475,000 | 2027 | Serial | 3.918% | 100
|
| $1,535,000 | 2028 | Serial | 4.118% | 100
|
| $1.6 million | 2029 | Serial | 4.268% | 100
|
| $1,675,000 | 2030 | Serial | 4.368% | 100
|
| $1,755,000 | 2031 | Serial | 4.468% | 100 $1.83 million | 2032 | Serial | 4.568% | 100
|
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