By Sheri Kasprzak
New York, Sept. 27 - The City of Portland, Ore., priced $67.015 million of series 2011A limited tax revenue refunding bonds on Tuesday, said Patricia Tigue with the city's debt management office.
The bonds (Aa1) were sold competitively with J.P. Morgan Securities LLC winning the bid with a 3.63% true interest cost, Tigue said. The offering was downsized from $72.925 million.
The bonds are due 2012 to 2030 with 2.5% to 5% coupons.
Proceeds will be used to refund the city's series 2001A limited tax revenue bonds.
| Issuer: | City of Portland, Ore.
|
| Issue: | Series 2011A limited tax revenue refunding bonds
|
| Amount: | $67.015 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| TIC: | 3.63%
|
| Rating: | Moody's: Aa1
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 6
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2.5% | 101.466
|
| 2013 | Serial | 4% | 105.633
|
| 2016 | Serial | 5% | 117.045
|
| 2017 | Serial | 5% | 119.258
|
| 2018 | Serial | 5% | 120.812
|
| 2019 | Serial | 5% | 121.582
|
| 2020 | Serial | 5% | 122.213
|
| 2021 | Serial | 5% | 123.055
|
| 2022 | Serial | 5% | NRO
|
| 2023 | Serial | 5% | NRO
|
| 2024 | Serial | 5% | NRO
|
| 2025 | Serial | 5% | NRO
|
| 2026 | Serial | 5% | NRO
|
| 2027 | Serial | 5% | NRO
|
| 2028 | Serial | 5% | NRO
|
| 2029 | Serial | 5% | NRO
|
| 2030 | Serial | 5% | NRO
|
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