By Sheri Kasprzak
New York, May 14 - The City of Seattle priced $833.695 million in series 2010 municipal light and power revenue bonds on Thursday, according to a pricing sheet.
The bonds (Aa2/AA-/) were sold through Citigroup Global Markets Inc. The co-managers were J.P. Morgan Securities Inc., Barclays Capital Inc., Bank of America Merrill Lynch, Siebert Brandford Shank & Co. LLC and Loop Capital Markets LLC.
The sale included $181.625 million in series 2010A Build America Bonds, $638.795 million in series 2010B refunding and improvement bonds and $13.275 million in series 2010C economic recovery bonds.
The 2010A bonds are due 2021 to 2027 with term bonds due 2030 and 2040. The coupons range from 4.447% to 5.247%, all priced at par. The 2030 bonds have a 5.47% coupon, priced at 99.955, and the 2040 bonds have a 5.57%, priced at 99.947.
The 2010B bonds are due 2011 to 2026 with coupons from 2% to 5%.
The 2010C bonds are due 2040 with a 5.59% coupon, priced at 99.875.
Proceeds will be used to finance capital improvements and to refund debt.
| Issuer: | City of Seattle
|
| Issue: | Series 2010 municipal light and power revenue bonds
|
| Amount: | $833.695 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); J.P. Morgan Securities Inc., Barclays Capital Inc., Bank of America Merrill Lynch, Siebert Brandford Shank & Co. LLC and Loop Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | May 13
|
| Settlement date: | May 26
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2021 | Serial | 4.447% | 100
|
| 2022 | Serial | 4.597% | 100
|
| 2023 | Serial | 4.747% | 100
|
| 2024 | Serial | 4.974% | 100
|
| 2025 | Serial | 5.047% | 100
|
| 2026 | Serial | 5.147% | 100
|
| 2027 | Serial | 5.247% | 100
|
| 2030 | Term | 5.47% | 99.955
|
| 2040 | Term | 5.57% | 99.947
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 101.12
|
| 2012 | Serial | 4% | 105.278
|
| 2013 | Serial | 3% | 104.274
|
| 2013 | Serial | 4% | 106.897
|
| 2014 | Serial | 5% | 111.419
|
| 2015 | Serial | 3% | 103.673
|
| 2015 | Serial | 5% | 112.527
|
| 2016 | Serial | 4% | 107.565
|
| 2016 | Serial | 5% | 112.82
|
| 2017 | Serial | 4% | 106.633
|
| 2017 | Serial | 5% | 112.666
|
| 2018 | Serial | 4% | 106.176
|
| 2018 | Serial | 5% | 112.966
|
| 2019 | Serial | 4% | 105.551
|
| 2019 | Serial | 5% | 113.058
|
| 2020 | Serial | 4% | 104.825
|
| 2020 | Serial | 5% | 113.011
|
| 2021 | Serial | 5% | 112.791
|
| 2022 | Serial | 5% | 112.638
|
| 2023 | Serial | 5% | 112.517
|
| 2024 | Serial | 5% | 112.249
|
| 2025 | Serial | 5% | 111.963
|
| 2026 | Serial | 5% | 111.559
|
|
|
| Series 2010C
|
| Maturity | Type | Coupon | Price
|
| 2040 | Term | 5.59% | 99.875
|
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