Published on 1/24/2013 in the Prospect News Municipals Daily.
New Issue: Milwaukee County sells $138.72 million of G.O. pension promissory notes
By Sheri Kasprzak
New York, Jan. 24 - Milwaukee County, Wis., sold $138,715,000 of series 2013 taxable general obligation pension promissory notes, according to a pricing sheet.
The bonds (Aa2/AA/AA+) were sold through J.P. Morgan Securities LLC.
The bonds are due 2014 to 2028 with a term bond due in 2030. The serial coupons range from 0.493% to 3.434%, all priced at par. The 2030 bonds have a 3.862% coupon priced at par.
Proceeds will be used to fund unfunded county employee pensions, as well as to refund the county's series 2009A pension promissory notes.
| Issuer: | Milwaukee County, Wis.
|
| Issue: | Series 2013 taxable general obligation pension promissory notes
|
| Amount: | $138,715,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | Jan. 24
|
| Settlement date: | Feb. 12
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,005,000 | 2014 | Serial | 0.493% | 100
|
| $5.03 million | 2015 | Serial | 0.67% | 100
|
| $5,065,000 | 2016 | Serial | 0.868% | 100
|
| $5,105,000 | 2017 | Serial | 1.068% | 100
|
| $5.16 million | 2018 | Serial | 1.5% | 100
|
| $5.24 million | 2019 | Serial | 1.75% | 100
|
| $5.33 million | 2020 | Serial | 1.954% | 100
|
| $5,435,000 | 2021 | Serial | 2.204% | 100
|
| $5.55 million | 2022 | Serial | 2.354% | 100
|
| $5.68 million | 2023 | Serial | 2.534% | 100
|
| $5,825,000 | 2024 | Serial | 2.804% | 100
|
| $5,985,000 | 2025 | Serial | 3.004% | 100
|
| $6,165,000 | 2026 | Serial | 3.154% | 100
|
| $6.36 million | 2027 | Serial | 3.254% | 100
|
| $6,565,000 | 2028 | Serial | 3.434% | 100
|
| $55,215,000 | 2030 | Term | 3.862% | 100
|
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