By Sheri Kasprzak
New York, June 30 - The Port of Seattle sold $316,960,325 in series 2009 revenue bonds on Thursday, according to an official statement.
The sale included $20.705 million in series 2009A bonds, $274.255 million in series 2009B-1 taxable current interest bonds and $22,000,325 in series 2009B-2 taxable capital appreciation bonds.
The bonds (Aa2/AA-/AA) were sold through Barclays Capital Inc. The co-managers were Goldman, Sachs & Co., Morgan Stanley & Co. Inc. and Siebert Brandford Shank & Co. LLC.
The 2009A bonds are due 2027 to 2028 with 5.25% coupons and yields from 4.87% to 4.96%. The 2009B-1 bonds are due 2019 and 2036. The 2019 bonds have a 5.74% coupon priced at par and the 2036 bonds have a 7% coupon to yield 7.264%. The 2009B-2 bonds are due 2025 to 2031 with 7.4% coupons, all priced at par.
Proceeds will be used for improvements to the port.
| Issuer: | Port of Seattle
|
| Issue: | Series 2009 revenue bonds
|
| Amount: | $316,960,325
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. (lead); Goldman, Sachs & Co., Morgan Stanley & Co. Inc., and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
| Pricing date: | June 25
|
| Settlement date: | July 16
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield
|
| 2027 | Serial | 5.25% | 4.87%
|
| 2028 | Serial | 5.25% | 4.96%
|
|
|
| Series 2009B-1
|
| Maturity | Type | Coupon | Yield
|
| 2019 | Term | 5.74% | 5.74%
|
| 2036 | Term | 7% | 7.264%
|
|
|
| Series 2009B-2
|
| Maturity | Type | Coupon | Yield
|
| 2025 | Serial | 7.4% | 7.40%
|
| 2026 | Serial | 7.4% | 7.40%
|
| 2027 | Serial | 7.4% | 7.40%
|
| 2028 | Serial | 7.4% | 7.40%
|
| 2029 | Serial | 7.4% | 7.40%
|
| 2030 | Serial | 7.4% | 7.40%
|
| 2031 | Serial | 7.4% | 7.40%
|
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