Published on 4/24/2013 in the Prospect News Municipals Daily.
New Issue: Portland, Ore., prices $253.64 million water revenue bonds
By Sheri Kasprzak
New York, April 24 - The City of Portland, Ore., sold $253,635,000 of series 2013A senior lien water system revenue and refunding bonds, according to a pricing sheet.
The bonds (Aa1) were sold through Citigroup Global Markets Inc. and BofA Merrill Lynch.
The bonds are due 2013 to 2033 with a term bond due in 2037. The serial coupons range from 2% to 5%. The 2037 bonds have a 4% coupon priced at 103.73.
Proceeds will be used to finance capital improvements to the city's water system, as well as to refund the city's series 2004A and 2006A water system revenue bonds.
| Issuer: | City of Portland, Ore.
|
| Issue: | Series 2013A senior lien water system revenue and refunding bonds
|
| Amount: | $253,635,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and BofA Merrill Lynch (lead)
|
| Rating: | Moody's: Aa1
|
| Pricing date: | April 24
|
| Settlement date: | May 2
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $9,395,000 | 2013 | Serial | 2% | 100.756
|
| $3 million | 2014 | Serial | 2% | 102.396
|
| $8.53 million | 2014 | Serial | 5% | 106.625
|
| $3 million | 2015 | Serial | 3% | 106.189
|
| $9.04 million | 2015 | Serial | 5% | 110.987
|
| $9,265,000 | 2016 | Serial | 5% | 114.919
|
| $3 million | 2017 | Serial | 3% | 109.704
|
| $6,715,000 | 2017 | Serial | 5% | 118.369
|
| $3 million | 2018 | Serial | 3% | 110.736
|
| $6 million | 2018 | Serial | 5% | 121.262
|
| $3 million | 2019 | Serial | 3% | 111.34
|
| $6.41 million | 2019 | Serial | 5% | 123.668
|
| $3 million | 2020 | Serial | 4% | 118.093
|
| $6.84 million | 2020 | Serial | 5% | 125.106
|
| $3 million | 2021 | Serial | 4% | 118.735
|
| $8.45 million | 2021 | Serial | 5% | 126.574
|
| $12.03 million | 2022 | Serial | 5% | 127.495
|
| $3 million | 2023 | Serial | 4% | 118.1
|
| $9,635,000 | 2023 | Serial | 5% | 127.061
|
| $8,945,000 | 2024 | Serial | 5% | 125.424
|
| $9,405,000 | 2025 | Serial | 5% | 124.111
|
| $9,885,000 | 2026 | Serial | 5% | 122.716
|
| $10,395,000 | 2027 | Serial | 5% | 121.535
|
| $10,815,000 | 2028 | Serial | 3% | 97.818
|
| $11.2 million | 2029 | Serial | 4% | 107.187
|
| $11.65 million | 2030 | Serial | 4% | 106.66
|
| $10,145,000 | 2031 | Serial | 4% | 106.223
|
| $2 million | 2031 | Serial | 5% | 118.832
|
| $5,925,000 | 2032 | Serial | 4% | 105.788
|
| $2 million | 2032 | Serial | 5% | 118.357
|
| $5,205,000 | 2033 | Serial | 4% | 105.356
|
| $3.07 million | 2033 | Serial | 5% | 117.884
|
| $36,685,000 | 2037 | Term | 4% | 103.73
|
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