Published on 10/11/2016 in the Prospect News Green Finance Daily and Prospect News Municipals Daily.
New Issue: Honolulu prices $144.03 million taxable green general obligation bonds
New York, Oct. 11 – The City and County of Honolulu, Hawaii, priced $144,025,000 of series D taxable green bonds as part of a $379 million sale of series 2016 taxable and tax-exempt general obligation bonds.
The green bonds had coupons from 0.85% to 3.218% and were structured as serial bonds with maturities from 2017 to 2034. All except the 2028 bonds priced at par, and the yields ranged from 0.85% to 3.218%.
Honolulu said the offering was its first green bond.
Proceeds from the green bonds will refinance debt originally sold to fund H-Power.
More than $475 million of orders were placed for the debt by individual and institutional investors, including dedicated green investment funds who had never before purchased city bonds.
BofA Merrill Lynch was lead underwriter.
| Issuer: | City and County of Honolulu
|
| Issue: | Series 2016 general obligation bonds
|
| Amount: | $379 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Piper Jaffray & Co. (co-manager)
|
| Ratings: | Moody’s: Aa1
|
| Fitch: AA+
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 26
|
|
|
| $143,025,000 series 2016D taxable green bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6.69 million | 2017 | Serial | 0.85% | 100 | 0.85%
|
| $6,755,000 | 2018 | Serial | 1.092% | 100 | 1.092%
|
| $6,835,000 | 2019 | Serial | 1.267% | 100 | 1.267%
|
| $6.93 million | 2020 | Serial | 1.506% | 100 | 1.506%
|
| $7,045,000 | 2021 | Serial | 1.706% | 100 | 1.706%
|
| $7,175,000 | 2022 | Serial | 1.991% | 100 | 1.991%
|
| $7,325,000 | 2023 | Serial | 2.141% | 100 | 2.141%
|
| $7,495,000 | 2024 | Serial | 2.368% | 100 | 2.368%
|
| $7,675,000 | 2025 | Serial | 2.468% | 100 | 2.468%
|
| $7.87 million | 2026 | Serial | 2.518% | 100 | 2.518%
|
| $8,075,000 | 2027 | Serial | 2.668% | 100 | 2.668%
|
| $8,315,000 | 2028 | Serial | 3.125% | 102.641 | 2.818%
|
| $8.57 million | 2029 | Serial | 2.968% | 100 | 2.968%
|
| $8,835,000 | 2030 | Serial | 3.068% | 100 | 3.068%
|
| $9.11 million | 2031 | Serial | 3.118% | 100 | 3.118%
|
| $9.4 million | 2032 | Serial | 3.138% | 100 | 3.138%
|
| $9.7 million | 2033 | Serial | 3.168% | 100 | 3.168%
|
| $10,015,000 | 2034 | Serial | 3.218% | 100 | 3.218%
|
© 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.
