By Sheri Kasprzak
New York, Jan. 12 - The City of Seattle priced $306.315 million of series 2011 municipal light and power improvement revenue bonds on Wednesday, according to a term sheet.
The deal included $296.315 million of series 2011A improvement and refunding bonds and $10 million of series 2011B taxable new clean renewable energy revenue bonds.
The bonds were sold competitively with Citigroup Global Markets Inc. winning the series 2011A bonds and Robert W. Baird & Co. Inc. winning the series 2011B bonds. Seattle-Northwest Securities Inc. was the financial adviser.
The 2011A bonds are due 2011 to 2026 and 2028 to 2033 with a term bond due in 2036. The serial coupons range from 1% to 5.5%. The 2036 bonds have a 5.25% coupon, but were not reoffered.
The 2011B bonds are due Feb. 1, 2027, and have a 5.75% coupon priced at par.
Proceeds will be used to finance capacity and efficiency improvements at the city's Boundary Hydroelectric Project, as well as to refund existing debt, subject to market conditions.
Issuer: | City of Seattle
|
Issue: | Series 2011 municipal light and power improvement revenue bonds
|
Amount: | $306.315 million
|
Type: | Competitive
|
Underwriters: | Citigroup Global Markets Inc. (series 2011A); Robert W. Baird & Co. Inc. (series 2011B)
|
Pricing date: | Jan. 12
|
Settlement date: | Feb. 8
|
|
$296.315 million series 2011A
|
Amount | Maturity | Type | Coupon | Price
|
$2.965 million | 2011 | Serial | 1% | NRO
|
$10.77 million | 2012 | Serial | 1% | NRO
|
$4.555 million | 2013 | Serial | 5% | NRO
|
$11.99 million | 2014 | Serial | 5% | NRO
|
$13.01 million | 2015 | Serial | 5% | 112.279
|
$13.255 million | 2016 | Serial | 5% | 113.493
|
$13.93 million | 2017 | Serial | 5% | 114.164
|
$11.42 million | 2018 | Serial | 5% | 113.522
|
$11.355 million | 2019 | Serial | 5% | 112.513
|
$11.935 million | 2020 | Serial | 5% | 111.554
|
$12.55 million | 2021 | Serial | 5% | 110.414
|
$13.19 million | 2022 | Serial | 5% | 108.333
|
$13.87 million | 2023 | Serial | 5% | NRO
|
$14.58 million | 2024 | Serial | 5% | NRO
|
$15.325 million | 2025 | Serial | 5% | NRO
|
$16.115 million | 2026 | Serial | 5% | 102.929
|
$9.375 million | 2028 | Serial | 5.25% | 103.614
|
$9.895 million | 2029 | Serial | 5.5% | NRO
|
$10.455 million | 2030 | Serial | 5.5% | NRO
|
$11.03 million | 2031 | Serial | 5.25% | NRO
|
$11.625 million | 2032 | Serial | 5.25% | NRO
|
$12.25 million | 2033 | Serial | 5.25% | 100.849
|
$40.87 million | 2036 | Term | 5.25% | NRO
|
|
$10 million series 2011B
|
Maturity | Type | Coupon | Price
|
Feb. 1, 2027 | Term | 5.75% | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.