Published on 5/2/2012 in the Prospect News Municipals Daily.
New Issue: Seattle sells $126.54 million G.O. bonds via JPMorgan, Morgan Stanley
By Sheri Kasprzak
New York, May 2 - The City of Seattle priced $126.54 million of series 2012 general obligation bonds, according to a pricing sheet.
The deal included $76.67 million of series 2012 limited tax general obligation improvement and refunding bonds and $49.87 million of series 2012 unlimited tax G.O. refunding bonds.
The bonds were sold competitively. J.P. Morgan Securities LLC won the bid for the limited tax G.O. improvement and refunding bonds and Morgan Stanley & Co. LLC won the bid for the unlimited tax G.O. refunding bonds.
The limited tax G.O. improvement and refunding bonds (Aa1/AAA/AA+) are due 2012 to 2032 with 2% to 5% coupons. The unlimited tax G.O. refunding bonds (Aaa/AAA/AAA) are due 2012 to 2021 with 3% to 5% coupons.
Proceeds will be used to fund certain capital projects and refund existing G.O. debt.
Issuer: | City of Seattle, Wash.
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Issue: | Series 2012 general obligation bonds
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Amount: | $126.54 million
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Type: | Competitive
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Underwriters: | J.P. Morgan Securities LLC (winner for limited tax G.O. improvement and refunding bonds) and Morgan Stanley & Co. LLC (winner for unlimited tax G.O. refunding bonds)
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Ratings: | Moody's: Aa1 (for limited tax G.O.s), Aaa (for unlimited tax G.O.s)
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Standard & Poor's: AAA
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Fitch: AA+ (for limited tax G.O.s), AAA (for unlimited tax G.O.s)
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Pricing date: | May 2
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Settlement date: | May 16
|
|
$76.67 million series 2012 limited tax general obligation improvement and refunding bonds
|
Maturity | Type | Coupon | Price
|
2012 | Serial | 2% | 100.515
|
2013 | Serial | 3% | 103.477
|
2014 | Serial | 4% | 108.203
|
2015 | Serial | 5% | 114.389
|
2016 | Serial | 5% | 117.868
|
2017 | Serial | 5% | 120.851
|
2018 | Serial | 5% | 123.164
|
2019 | Serial | 5% | 124.791
|
2020 | Serial | 5% | 125.858
|
2021 | Serial | 5% | 126.482
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2022 | Serial | 5% | 127.136
|
2023 | Serial | 5% | 127.857
|
2024 | Serial | 5% | 128.267
|
2025 | Serial | 5% | 128.382
|
2026 | Serial | 5% | 128.491
|
2027 | Serial | 3% | 99
|
2028 | Serial | 4% | 110.898
|
2029 | Serial | 4% | 110.276
|
2030 | Serial | 4% | 109.841
|
2031 | Serial | 4% | 109.326
|
2032 | Serial | 4% | 108.739
|
|
$49.87 million series 2012 unlimited tax G.O. refunding bonds
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Amount | Maturity | Type | Coupon | Price
|
$695,000 | 2012 | Serial | 3% | NRO
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$4,725,000 | 2013 | Serial | 3% | 104.181
|
$4,865,000 | 2014 | Serial | 3% | 106.568
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$5.01 million | 2015 | Serial | 4% | 112.046
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$5,215,000 | 2016 | Serial | 5% | 119.04
|
$5.42 million | 2017 | Serial | 5% | 121.872
|
$5,635,000 | 2018 | Serial | 5% | 124.265
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$5,865,000 | 2019 | Serial | 5% | 126.169
|
$6,095,000 | 2020 | Serial | 5% | 127.134
|
$6,345,000 | 2021 | Serial | 5% | 128.141
|
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