Published on 5/18/2011 in the Prospect News Municipals Daily.
New Issue: Public Utility District No. 1 of Chelan County, Wash., prices $179.72 million bonds
By Sheri Kasprzak
New York, May 18 - The Public Utility District No. 1 of Chelan County in Washington State priced $179.72 million of series 2011 refunding bonds.
The offering included $107.5 million of series 2011A bonds and $72.22 million of series 2011B bonds.
The bonds (Aa2/AA/AA+) were sold through Barclays Capital Inc. with J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc. and Bank of America Merrill Lynch.
The 2011A bonds are due 2012 to 2026 with 2% to 5.5% coupons. The 2011B bonds are due 2012 to 2026 with 2% to 5.5% coupons.
Proceeds will be used to refund senior consolidated system bonds.
| Issuer: | Public Utility District No. 1 of Chelan County
|
| Issue: | Series 2011 refunding bonds
|
| Amount: | $179.72 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. (lead), J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc. and Bank of America Merrill Lynch (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | May 18
|
| Settlement date: | June 1
|
|
|
| $107.5 million series 2011A
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.375 million | 2012 | Serial | 2% | 101.542
|
| $5.32 million | 2013 | Serial | 4% | 105.956
|
| $5.525 million | 2014 | Serial | 4% | 107.472
|
| $5.695 million | 2015 | Serial | 5% | 112.08
|
| $5.92 million | 2016 | Serial | 5% | 113.446
|
| $6.18 million | 2017 | Serial | 5% | 113.361
|
| $6.465 million | 2018 | Serial | 5% | 112.947
|
| $6.785 million | 2019 | Serial | 5% | 112.274
|
| $7.115 million | 2020 | Serial | 5% | 111.83
|
| $7.47 million | 2021 | Serial | 5% | 111.121
|
| $7.84 million | 2022 | Serial | 5.25% | NRO
|
| $8.25 million | 2023 | Serial | 5.5% | NRO
|
| $8.705 million | 2024 | Serial | 5.5% | NRO
|
| $9.18 million | 2025 | Serial | 5.5% | NRO
|
| $9.675 million | 2026 | Serial | 5.5% | NRO
|
|
|
| $72.22 million series 2011B
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.955 million | 2012 | Serial | 2% | 101.563
|
| $3.57 million | 2013 | Serial | 4% | 105.956
|
| $2.125 million | 2014 | Serial | 2.25% | 102.22
|
| $1.59 million | 2014 | Serial | 4% | 107.472
|
| $510,000 | 2015 | Serial | 3% | 104.261
|
| $3.315 million | 2015 | Serial | 4% | 108.171
|
| $3.945 million | 2016 | Serial | 4.5% | 111.053
|
| $30,000 | 2016 | Serial | 5% | 113.446
|
| $10,000 | 2017 | Serial | 3% | 102.179
|
| $4.145 million | 2017 | Serial | 4.5% | 110.565
|
| $30,000 | 2018 | Serial | 3.25% | 101.839
|
| $4.31 million | 2018 | Serial | 5% | 112.947
|
| $435,000 | 2019 | Serial | 3.25% | 99.927
|
| $4.125 million | 2019 | Serial | 5% | 112.274
|
| $4.78 million | 2020 | Serial | 5% | 111.83
|
| $5.015 million | 2021 | Serial | 5% | 111.121
|
| $30,000 | 2022 | Serial | 5% | 109.356
|
| $5.235 million | 2022 | Serial | 5.25% | 111.427
|
| $5.545 million | 2023 | Serial | 5.5% | 111.551
|
| $5.85 million | 2024 | Serial | 5.5% | 110.247
|
| $885,000 | 2025 | Serial | 4.375% | 99.944
|
| $5.285 million | 2025 | Serial | 5.5% | 109.046
|
| $6.5 million | 2026 | Serial | 5.5% | 107.946
|
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