Published on 7/21/2015 in the Prospect News Municipals Daily.
New Issue: Port of Seattle, Wash., brings to market $585.88 million revenue bonds
By Sheri Kasprzak
New York, July 21 – The Port of Seattle, Wash., sold $585.88 million of series 2015 intermediate-lien revenue bonds, according to a pricing sheet. The deal was downsized rom $592,605,000.
The deal included $73,185,000 of series 2015A non-AMT bonds, $285,445,000 of series 2015B non-AMT refunding bonds and $227.25 million of series 2015C AMT bonds.
The 2015A bonds are due 2018 to 2035 with a term bond due in 2040. The serial coupons range from 3% to 5%. The 2040 bonds have a 5% coupon priced at 109.603.
The 2015B bonds are due 2016 to 2035 with coupons from 2% to 5%.
The 2015C bonds are due 2016 to 2035 with a term bond due in 2040. The serial coupons range from 2% to 5%. The 2040 bonds have a 5% coupon priced at 107.121.
The bonds (A1/A+/A+) were sold through Morgan Stanley & Co. LLC and Barclays.
Proceeds will be used to refund all or a portion of the port’s series 2005A intermediate-lien revenue bonds.
| Issuer: | Port of Seattle, Wash.
|
| Issue: | Series 2015 intermediate-lien revenue bonds
|
| Amount: | $585.88 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Barclays (lead), BofA Merrill Lynch, J.P. Morgan Securities LLC, Backstrom McCarley Berry & Co. LLC and Drexel Hamilton LLC (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A+
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| Fitch: A+
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| Pricing date: | July 21
|
| Settlement date: | Aug. 6
|
|
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| $73,185,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $850,000 | 2018 | Serial | 3% | 105.007
|
| $1.08 million | 2018 | Serial | 5% | 110.223
|
| $425,000 | 2019 | Serial | 4% | 109.338
|
| $1.57 million | 2019 | Serial | 5% | 112.888
|
| $860,000 | 2020 | Serial | 3% | 106.206
|
| $1.21 million | 2020 | Serial | 5% | 115.136
|
| $575,000 | 2021 | Serial | 4% | 111.033
|
| $1,565,000 | 2021 | Serial | 5% | 116.364
|
| $2.22 million | 2022 | Serial | 3% | 104.671
|
| $675,000 | 2023 | Serial | 4% | 110.24
|
| $1,625,000 | 2023 | Serial | 5% | 117.16
|
| $250,000 | 2024 | Serial | 4% | 109.969
|
| $2.14 million | 2024 | Serial | 5% | 117.639
|
| $700,000 | 2025 | Serial | 4% | 109.711
|
| $1.79 million | 2025 | Serial | 5% | 117.739
|
| $125,000 | 2026 | Serial | 3% | 100.556
|
| $2,455,000 | 2026 | Serial | 5% | 116.509
|
| $2,685,000 | 2027 | Serial | 5% | 115.467
|
| $2.82 million | 2028 | Serial | 5% | 114.436
|
| $2,965,000 | 2029 | Serial | 5% | 113.331
|
| $3.12 million | 2030 | Serial | 5% | 112.909
|
| $3.28 million | 2031 | Serial | 5% | 112.239
|
| $3,445,000 | 2032 | Serial | 5% | 111.822
|
| $3,625,000 | 2033 | Serial | 5% | 111.407
|
| $3.81 million | 2034 | Serial | 5% | 111.159
|
| $4,005,000 | 2035 | Serial | 5% | 110.994
|
| $23,315,000 | 2040 | Term | 5% | 109.603
|
|
|
| $285,445,000 series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $12,395,000 | 2016 | Serial | 2% | 100.978
|
| $16.85 million | 2017 | Serial | 5% | 106.716
|
| $21,115,000 | 2018 | Serial | 5% | 109.907
|
| $22.2 million | 2019 | Serial | 5% | 112.602
|
| $23.33 million | 2020 | Serial | 5% | 114.876
|
| $24,535,000 | 2021 | Serial | 5% | 116.136
|
| $17.85 million | 2022 | Serial | 5% | 116.772
|
| $8.24 million | 2023 | Serial | 5% | 116.992
|
| $8,665,000 | 2024 | Serial | 5% | 117.489
|
| $9,105,000 | 2025 | Serial | 5% | 117.598
|
| $9,575,000 | 2026 | Serial | 5% | 116.379
|
| $10,065,000 | 2027 | Serial | 5% | 115.346
|
| $10.58 million | 2028 | Serial | 5% | 114.324
|
| $11,125,000 | 2029 | Serial | 5% | 113.228
|
| $11,695,000 | 2030 | Serial | 5% | 112.81
|
| $12.3 million | 2031 | Serial | 5% | 112.146
|
| $12,925,000 | 2032 | Serial | 5% | 111.732
|
| $13.59 million | 2033 | Serial | 5% | 111.321
|
| $14,285,000 | 2034 | Serial | 5% | 111.075
|
| $15.02 million | 2035 | Serial | 5% | 110.911
|
|
|
| $227.25 million series 2015C AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $790,000 | 2016 | Serial | 2% | 101.055
|
| $3 million | 2017 | Serial | 5% | 106.796
|
| $4,215,000 | 2018 | Serial | 5% | 109.533
|
| $5.62 million | 2019 | Serial | 5% | 111.901
|
| $6,915,000 | 2020 | Serial | 5% | 113.596
|
| $7,265,000 | 2021 | Serial | 5% | 114.346
|
| $7.64 million | 2022 | Serial | 5% | 114.309
|
| $8.03 million | 2023 | Serial | 5% | 114.464
|
| $8,445,000 | 2024 | Serial | 5% | 114.81
|
| $8.87 million | 2025 | Serial | 5% | 114.35
|
| $9,335,000 | 2026 | Serial | 5% | 112.741
|
| $9,805,000 | 2027 | Serial | 5% | 111.739
|
| $9,285,000 | 2028 | Serial | 5% | 110.994
|
| $9,035,000 | 2029 | Serial | 5% | 110.337
|
| $9,505,000 | 2030 | Serial | 5% | 109.929
|
| $9,985,000 | 2031 | Serial | 5% | 109.441
|
| $10.5 million | 2032 | Serial | 5% | 108.795
|
| $10,595,000 | 2033 | Serial | 5% | 108,474
|
| $11.13 million | 2034 | Serial | 5% | 108.154
|
| $11.7 million | 2035 | Serial | 5% | 107.914
|
| $65,585,000 | 2040 | Term | 5% | 107.121
|
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