Seattle to price $811.065 million of municipal light and power revenue bonds Thursday

By Sheri Kasprzak

New York, May 7 - The City of Seattle is set to price $811.065 million of series 2010 municipal light and power revenue bonds on Thursday, according to a preliminary official statement.

The sale includes $207.74 million of series 2010A Build America Bonds, $590.05 million of series 2010B improvement and refunding bonds and $13.275 million of series 2010C taxable recovery zone economic development bonds.

The bonds (Aa2/AA-/) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the lead manager. The co-managers are J.P. Morgan Securities Inc., Barclays Capital Inc., Bank of America Merrill Lynch, Siebert Brandford Shank & Co. LLC and Loop Capital Markets LLC.

The 2010A bonds are due 2017 to 2025 with term bonds due 2030 and 2040. The 2010B bonds are due 2011 to 2026 and the 2010C bonds are due 2040.

Proceeds will finance capital improvements and refund existing debt.

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