By Sheri Kasprzak
New York, March 1 - The City of Seattle sold $80.405 million of series 2011 limited tax general obligation improvement bonds, said a term sheet.
The bonds (Aa1/AAA/AA+) were sold competitively with J.P. Morgan Securities LLC winning the bid with a 3.65% true interest cost.
The bonds are due 2012 to 2031 with coupons from 2.5% to 5%.
Proceeds will be used to finance capital expenditures.
| Issuer: | City of Seattle
|
| Issue: | Series 2011 limited tax general obligation improvement bonds
|
| Amount: | $80.405 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| TIC: | 3.65%
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | March 1
|
| Settlement date: | March 16
|
|
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 3% | NRO
|
| 2013 | Serial | 2.5% | NRO
|
| 2014 | Serial | 5% | 111.135
|
| 2015 | Serial | 5% | NRO
|
| 2016 | Serial | 5% | NRO
|
| 2017 | Serial | 4% | NRO
|
| 2018 | Serial | 5% | 116.569
|
| 2019 | Serial | 5% | 116.76
|
| 2020 | Serial | 4.5% | 112.626
|
| 2021 | Serial | 4.5% | NRO
|
| 2022 | Serial | 5% | NRO
|
| 2023 | Serial | 5% | NRO
|
| 2024 | Serial | 5% | NRO
|
| 2025 | Serial | 4% | 99.469
|
| 2026 | Serial | 4% | 98.5
|
| 2027 | Serial | 4.125% | 98.56
|
| 2028 | Serial | 4.25% | 98.807
|
| 2029 | Serial | 4.25% | 98.149
|
| 2030 | Serial | 4.375% | 98.666
|
| 2031 | Serial | 4.5% | 99
|
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