Published on 8/5/2014 in the Prospect News Municipals Daily.
New Issue: Portland, Ore., offers up $288.03 million of sewer system revenue bonds
By Sheri Kasprzak
New York, Aug. 5 – The City of Portland, Ore., sold $288.03 million of series 2014 sewer system revenue bonds, according to a pricing sheet.
The offering included $92,165,000 of series 2014A refunding bonds (Aa2/AA/) and $195,865,000 of series 2014B revenue bonds (Aa3/AA-/).
The 2014A bonds are due 2015 to 2024 with 5% coupons and yields from 0.15% to 2.37%.
The 2014B bonds are due 2015 to 2039 with coupons from 3% to 5% and yields from 0.20% to 3.74%.
The bonds were sold competitively with TD Securities winning the bid for the 2014A bonds at a 1.826% true interest cost and BofA Merrill Lynch winning the series 2014B bonds at a 3.43% TIC.
Proceeds will be used to refund all or a portion of the city’s series 2004A sewer system revenue bonds, as well as to make capital improvements to the city’s sanitary sewer and storm water drainage system.
| Issuer: | City of Portland, Ore.
|
| Issue: | Series 2014 sewer system revenue bonds
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| Amount: | $288.03 million
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| Type: | Competitive
|
| Underwriter: | TD Securities (winner for 2014A), BofA Merrill Lynch (for 2014B)
|
| TIC: | 1.826% (for 2014A), 3.43% (for 2014B)
|
| Pricing date: | Aug. 5
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| Settlement date: | Aug. 14
|
|
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| $92,165,000 series 2014A refunding bonds (Aa2/AA/)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8.01 million | 2015 | Serial | 5% | 105.476 | 0.15%
|
| $8,175,000 | 2016 | Serial | 5% | 109.861 | 0.35%
|
| $8.38 million | 2017 | Serial | 5% | 113.391 | 0.67%
|
| $8,635,000 | 2018 | Serial | 5% | 116.233 | 0.98%
|
| $8,905,000 | 2019 | Serial | 5% | 118.195 | 1.32%
|
| $9.22 million | 2020 | Serial | 5% | 119.841 | 1.59%
|
| $9.59 million | 2021 | Serial | 5% | 120.801 | 1.87%
|
| $9.99 million | 2022 | Serial | 5% | 121.652 | 2.09%
|
| $10.39 million | 2023 | Serial | 5% | 122.303 | 2.28%
|
| $10.87 million | 2024 | Serial | 5% | 123.56 | 2.37%
|
|
|
| $195,865,000 series 2014B revenue bonds (Aa3/AA-/)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.6 million | 2015 | Serial | 5% | 105.417 | 0.20%
|
| $4,695,000 | 2016 | Serial | 5% | 109.861 | 0.35%
|
| $4.81 million | 2017 | Serial | 5% | 113.224 | 0.72%
|
| $4.96 million | 2018 | Serial | 5% | 115.924 | 1.05%
|
| $5.11 million | 2019 | Serial | 5% | 117.869 | 1.38%
|
| $5.29 million | 2020 | Serial | 5% | 119.261 | 1.68%
|
| $5,505,000 | 2021 | Serial | 5% | 120.209 | 1.95%
|
| $5.73 million | 2022 | Serial | 5% | 120.987 | 2.17%
|
| $5,965,000 | 2023 | Serial | 5% | 121.201 | 2.40%
|
| $6.24 million | 2024 | Serial | 5% | 122.248 | 2.50%
|
| $6.56 million | 2025 | Serial | 5% | 120.756 | 2.65%
|
| $6.9 million | 2026 | Serial | 5% | 119.577 | 2.77%
|
| $7.25 million | 2027 | Serial | 3% | 98.394 | 3.15%
|
| $7,625,000 | 2028 | Serial | 3% | 97.183 | 3.25%
|
| $8,015,000 | 2029 | Serial | 4% | 106.337 | 3.26%
|
| $8,425,000 | 2030 | Serial | 4% | 105.718 | 3.33%
|
| $8.86 million | 2031 | Serial | 4% | 105.102 | 3.40%
|
| $9.31 million | 2032 | Serial | 4% | 104.491 | 3.47%
|
| $9.79 million | 2033 | Serial | 4% | 104.057 | 3.52%
|
| $10.29 million | 2034 | Serial | 4% | 103.625 | 3.57%
|
| $10.82 million | 2035 | Serial | 4% | 103.452 | 3.59%
|
| $11,375,000 | 2036 | Serial | 4% | 103.023 | 3.64%
|
| $11,955,000 | 2037 | Serial | 4% | 102.597 | 3.69%
|
| $12.57 million | 2038 | Serial | 4% | 102.341 | 3.72%
|
| $13,215,000 | 2039 | Serial | 4% | 102.172 | 3.74%
|
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