Published on 7/25/2012 in the Prospect News Municipals Daily.
New Issue: Portland, Ore., sells $76.51 million of water system revenue bonds
By Sheri Kasprzak
New York, July 25 - The City of Portland, Ore., priced $76.51 million of series 2012 water system revenue bonds, according to a pricing sheet.
The bonds (Aaa) were sold competitively with Bank of America Merrill Lynch winning the bid with a 2.9415251% true interest cost, said Jennifer Cooperman, the city's treasurer.
The bonds are due 2013 to 2035 with a term bond due in 2037. The serial coupons range from 3% to 5%. The 2037 bonds have a 3.25% coupon priced at 95.889.
Proceeds will be used to finance capital improvements to the city's water system.
Issuer: | City of Portland, Ore.
|
Issue: | Series 2012 water system revenue bonds
|
Amount: | $76.51 million
|
Type: | Competitive
|
Underwriter: | Bank of America Merrill Lynch (winner)
|
True interest cost: | 2.9415251%
|
Rating: | Moody's: Aaa
|
Pricing date: | July 24
|
Settlement date: | Aug. 2
|
|
Amount | Maturity | Type | Coupon | Price
|
$2.72 million | 2013 | Serial | 3% | 101.856
|
$1.91 million | 2014 | Serial | 4% | 106.067
|
$1,985,000 | 2015 | Serial | 5% | 112.005
|
$2,085,000 | 2016 | Serial | 5% | 115.999
|
$2,185,000 | 2017 | Serial | 5% | 119.34
|
$2,295,000 | 2018 | Serial | 4% | 116.418
|
$2.39 million | 2019 | Serial | 5% | 124.048
|
$2.51 million | 2020 | Serial | 5% | 125.742
|
$2,635,000 | 2021 | Serial | 5% | 127.124
|
$2,765,000 | 2022 | Serial | 3% | 110.598
|
$2.85 million | 2023 | Serial | 3% | 108.014
|
$2,935,000 | 2024 | Serial | 3% | 106.211
|
$3.02 million | 2025 | Serial | 3% | 104.092
|
$3.11 million | 2026 | Serial | 3% | 102.106
|
$3,205,000 | 2027 | Serial | 3% | 101.003
|
$3.3 million | 2028 | Serial | 3% | 100.415
|
$3.4 million | 2029 | Serial | 3% | 99.737
|
$3,505,000 | 2030 | Serial | 3% | 98.779
|
$3.61 million | 2031 | Serial | 3% | 97.754
|
$3,715,000 | 2032 | Serial | 35 | 96.668
|
$3,825,000 | 2033 | Serial | 3% | 95.528
|
$3.94 million | 2034 | Serial | 3.25% | 98.313
|
$4.07 million | 2035 | Serial | 3.25% | 97.331
|
$8,545,000 | 2037 | Term | 3.25% | 95.889
|
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