By Sheri Kasprzak
New York, Aug. 10 - The City of Portland, Ore., priced $407.85 million in a downsized offering of series 2010A second-lien sewer system revenue bonds on Tuesday, said Eric Johansen, the city's debt manager. The city originally hoped to sell $412.06 million.
The bonds (Aa3/AAA/) were sold competitively with Bank of America Merrill Lynch winning the bid with a 3.862945% true interest cost. The city received eight bids for the bonds.
The bonds are due 2011 to 2035 with coupons from 2% to 5%.
Proceeds will be used to finance capital facilities and improvements to the sanitary sewer and storm water drainage system, as well as to repay a line of credit.
| Issuer: | City of Portland
|
| Issue: | Series 2010A second-lien sewer system revenue bonds
|
| Amount: | $407.85 million
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch (winner)
|
| True interest cost: | 3.862945%
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AAA
|
| Pricing date: | Aug. 10
|
| Settlement date: | Aug. 19
|
|
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 100.91
|
| 2012 | Serial | 4% | 105.529
|
| 2013 | Serial | 4% | 108.377
|
| 2014 | Serial | 5% | 114.377
|
| 2015 | Serial | 5% | 116.38
|
| 2016 | Serial | 5% | 117.01
|
| 2017 | Serial | 5% | 117.617
|
| 2018 | Serial | 5% | 118.652
|
| 2019 | Serial | 5% | 119.103
|
| 2020 | Serial | 5% | 119.31
|
| 2021 | Serial | 4% | NRO
|
| 2022 | Serial | 4% | NRO
|
| 2023 | Serial | 4% | NRO
|
| 2024 | Serial | 4.25% | NRO
|
| 2025 | Serial | 4.25% | NRO
|
| 2026 | Serial | 5% | NRO
|
| 2027 | Serial | 5% | NRO
|
| 2028 | Serial | 5% | NRO
|
| 2029 | Serial | 5% | NRO
|
| 2030 | Serial | 5% | NRO
|
| 2031 | Serial | 5% | NRO
|
| 2032 | Serial | 5% | NRO
|
| 2033 | Serial | 5% | NRO
|
| 2034 | Serial | 5% | NRO
|
| 2035 | Serial | 5% | NRO
|
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