Published on 6/27/2012 in the Prospect News Municipals Daily.
New Issue: Portland, Ore., sells $73.75 million of River District renewal bonds
By Sheri Kasprzak
New York, June 27 - The City of Portland, Ore., sold $73,745,000 of series 2012 River District urban renewal and redevelopment bonds, according to a pricing sheet.
The deal included $24.26 million of series 2012A taxable bonds, $34,145,000 of series 2012B tax-exempt bonds and $15.34 million of series 2012C tax-exempt non-AMT private activity bonds.
The 2012A bonds are due 2013 to 2026 with 1.253% to 4.43% coupons, all priced at par. The 2012B bonds are due 2015 to 2023 with term bonds due in 2031 and 2032. The serial coupons range from 3% to 5%. The 2031 bonds have a 4% coupon priced at 98.56, and the 2032 bonds have a 4% coupon priced at 97.977. The 2012C bonds are due 2026 to 2031 with coupons from 3.75% to 5%. The pricing details for the 2012C bonds were unavailable Wednesday evening.
The bonds (A1) were sold through Bank of America Merrill Lynch and Citigroup Global Markets Inc. The co-manager was Wells Fargo Securities LLC.
Proceeds will be used to pay the outstanding balance on lines of credit established to provide interim financing for projects in the River District not eligible for tax-exempt financing, to fund the reserve requirement and refund the city's series 2003A tax-exempt River District urban renewal and redevelopment bonds.
| Issuer: | City of Portland, Ore.
|
| Issue: | Series 2012 River District urban renewal and redevelopment bonds
|
| Amount: | $73,745,000
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Citigroup Global Markets Inc. (lead), Wells Fargo Securities LLC (co-manager)
|
| Ratings: | Moody's: A1
|
| Pricing date: | June 27
|
| Settlement date: | July 10
|
|
|
| $24.26 million series 2012A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.48 million | 2013 | Serial | 1.253% | 100
|
| $1,465,000 | 2014 | Serial | 1.625% | 100
|
| $1.63 million | 2015 | Serial | 1.912% | 100
|
| $1,665,000 | 2016 | Serial | 2.572% | 100
|
| $1,705,000 | 2017 | Serial | 2.772% | 100
|
| $1,755,000 | 2018 | Serial | 3.144% | 100
|
| $1.81 million | 2019 | Serial | 3.394% | 100
|
| $1,865,000 | 2020 | Serial | 3.53% | 100
|
| $1.93 million | 2021 | Serial | 3.73% | 100
|
| $2,005,000 | 2022 | Serial | 3.78% | 100
|
| $2,085,000 | 2023 | Serial | 3.98% | 100
|
| $2,165,000 | 2024 | Serial | 4.13% | 100
|
| $2,255,000 | 2025 | Serial | 4.28% | 100
|
| $445,000 | 2026 | Serial | 4.43% | 100
|
|
|
| $34,145,000 series 2012B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,295,000 | 2015 | Serial | 3% | 105.019
|
| $3,045,000 | 2016 | Serial | 4% | 109.908
|
| $3,165,000 | 2017 | Serial | 5% | 115.799
|
| $3.32 million | 2018 | Serial | 5% | 116.393
|
| $3,485,000 | 2019 | Serial | 4% | 110.629
|
| $3.63 million | 2020 | Serial | 5% | 116.941
|
| $3.81 million | 2021 | Serial | 4% | 108.844
|
| $3,965,000 | 2022 | Serial | 5% | 116.97
|
| $4.16 million | 2023 | Serial | 5% | NRO
|
| $140,000 | 2031 | Term | 4% | 98.56
|
| $3.13 million | 2032 | Term | 4% | 97.977
|
|
|
| $15.34 million series 2012C tax-exempt non-AMT private activity bonds
|
| Amount | Maturity | Type | Coupon
|
| $1.91 million | 2026 | Serial | 5%
|
| $1 million | 2027 | Serial | 3.75%
|
| $1,465,000 | 2027 | Serial | 5%
|
| $2,575,000 | 2028 | Serial | 5%
|
| $2,705,000 | 2029 | Serial | 5%
|
| $2.84 million | 2030 | Serial | 5%
|
| $2,845,000 | 2031 | Serial | 5%
|
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