By Sheri Kasprzak
New York, Sept. 21 - New Castle County in Delaware brought Tuesday $90.93 million in series 2010 general obligation bonds (Aaa/AAA/AAA), said a term sheet.
The sale included $40.02 million in series 2010A refunding G.O. bonds and $50.91 million in series 2010B taxable recovery zone economic development bonds.
The 2010A bonds are due 2012 to 2022 with coupons from 2% to 5%. The series 2010B bonds are due 2017 to 2025 with term bonds due 2030 and 2040. Coupons range from 2.879% to 4.206%, all priced at par. The 2030 bonds have a 4.872% coupon priced at par, and the 2040 bonds have a 5.002% coupon, also priced at par.
Jefferies & Co. was the senior manager.
Proceeds will be used to finance various capital projects in the county, including the rehabilitation of the sewer system. A portion of the proceeds will be used to refund the county's series 2004 bonds for a net present value savings of 4.6% of the refunded principal.
The county seat is New Castle.
| Issuer: | New Castle County, Delaware
|
| Issue: | Series 2010 general obligation bonds
|
| Amount: | $90.93 million
|
| Type: | Negotiated
|
| Underwriter: | Jefferies & Co.
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Sept. 21
|
| Settlement date: | Oct. 7
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 3% | 104.550
|
| 2013 | Serial | 2% | 103.814
|
| 2014 | Serial | 5% | 115.292
|
| 2015 | Serial | 4% | 112.947
|
| 2016 | Serial | 5% | 119.220
|
| 2017 | Serial | 5% | 120.313
|
| 2018 | Serial | 5% | 121.172
|
| 2019 | Serial | 5% | 121.778
|
| 2020 | Serial | 5% | 122.232
|
| 2021 | Serial | 5% | 122.840
|
| 2022 | Serial | 2.5% | 98.389
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2017 | Serial | 2.879% | 100
|
| 2018 | Serial | 3.306% | 100
|
| 2019 | Serial | 3.406% | 100
|
| 2020 | Serial | 3.506% | 100
|
| 2021 | Serial | 3.606% | 100
|
| 2022 | Serial | 3.756% | 100
|
| 2023 | Serial | 3.906% | 100
|
| 2024 | Serial | 4.056% | 100
|
| 2025 | Serial | 4.206% | 100
|
| 2030 | Term | 4.872% | 100
|
| 2040 | Term | 5.002% | 100
|
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