Published on 2/23/2012 in the Prospect News Municipals Daily.
New Issue: Port of Seattle sells $612.15 million intermediate-lien revenue refunding bonds
By Sheri Kasprzak
New York, Feb. 23 - The Port of Seattle, Wash., sold $612.15 million of series 2012 intermediate-lien revenue refunding bonds, according to a term sheet.
The bonds will be sold through senior managers J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC. The co-managers are Bank of America Merrill Lynch, Barclays Capital Inc., Backstrom, McCarley, Berry & Co. LLC and Drexel Hamilton LLC.
The offering included $342,555,000 of series 2012A non-AMT bonds, $189,315,000 of series 2012B AMT bonds and $80.28 million of series 2012C taxable bonds.
The 2012A bonds are due 2015 to 2033 with 3% to 5% coupons. The 2012B bonds are due 2012 to 2023 with 1.5% to 5% coupons. The 2012C bonds are due 2012 to 2017 with coupons from 0.4% to 2.062%. The 2012 bonds were not reoffered.
Proceeds will be used to refund existing bonds for a debt service savings.
| Issuer: | Port of Seattle, Wash.
|
| Issue: | Series 2012 intermediate-lien revenue refunding bonds
|
| Amount: | $612.15 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch, Barclays Capital Inc., Backstrom, McCarley, Berry & Co. LLC and Drexel Hamilton LLC (co-managers)
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 14
|
|
|
| $342,555,000 series 2012A non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5 million | 2015 | Serial | 3% | 107.01
|
| $4,385,000 | 2015 | Serial | 5% | 113.656
|
| $5 million | 2016 | Serial | 4% | 112.596
|
| $4,755,000 | 2016 | Serial | 5% | 116.866
|
| $5 million | 2017 | Serial | 4% | 114.321
|
| $5.2 million | 2017 | Serial | 5% | 119.51
|
| $5 million | 2018 | Serial | 4% | 114.697
|
| $3.85 million | 2021 | Serial | 4% | 113.186
|
| $10 million | 2021 | Serial | 5% | 121.532
|
| $4,505,000 | 2022 | Serial | 4% | 112.275
|
| $10 million | 2022 | Serial | 5% | 121.303
|
| $2.55 million | 2023 | Serial | 3% | 102.131
|
| $12,635,000 | 2023 | Serial | 5% | 121.528
|
| $15,895,000 | 2024 | Serial | 5% | 122.059
|
| $19,395,000 | 2025 | Serial | 5% | 122.4
|
| $20,365,000 | 2026 | Serial | 5% | 122.298
|
| $21,385,000 | 2027 | Serial | 5% | 122.273
|
| $22,455,000 | 2028 | Serial | 5% | 122.374
|
| $23,575,000 | 2029 | Serial | 5% | 122.047
|
| $44.52 million | 2030 | Serial | 5% | 122.04
|
| $46,745,000 | 2031 | Serial | 5% | 121.77
|
| $21,795,000 | 2032 | Serial | 5% | 121.558
|
| $22,885,000 | 2033 | Serial | 5% | 120.581
|
|
|
| $189,315,000 series 2012B AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.55 million | 2012 | Serial | 1.5% | 100.501
|
| $10,705,000 | 2013 | Serial | 3% | 103.182
|
| $5.85 million | 2013 | Serial | 4% | 104.553
|
| $17,115,000 | 2014 | Serial | 3% | 104.668
|
| $12.64 million | 2015 | Serial | 3% | 105.365
|
| $13.02 million | 2016 | Serial | 4% | 109.934
|
| $13.54 million | 2017 | Serial | 4% | 111.069
|
| $14,085,000 | 2018 | Serial | 3% | 104.919
|
| $14,505,000 | 2019 | Serial | 4% | 110.191
|
| $15.09 million | 2020 | Serial | 5% | 116.329
|
| $15.84 million | 2021 | Serial | 5% | 116.066
|
| $16.63 million | 2022 | Serial | 5% | 115.98
|
| $17,465,000 | 2023 | Serial | 5% | 116.223
|
|
|
| $80.28 million series 2012C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.56 million | 2012 | Serial | 0.40% | NRO
|
| $18,395,000 | 2013 | Serial | 0.883% | 100
|
| $18,545,000 | 2014 | Serial | 1.19% | 100
|
| $18.77 million | 2015 | Serial | 1.464% | 100
|
| $15.96 million | 2016 | Serial | 1.762% | 100
|
| $7.05 million | 2017 | Serial | 2.062% | 100
|
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