Published on 6/26/2012 in the Prospect News Municipals Daily.
New Issue: Seattle brings $345.67 million of municipal light and power bonds
By Sheri Kasprzak
New York, June 26 - The City of Seattle came to market Tuesday with $345.67 million of series 2012 municipal light and power improvement and revenue refunding bonds, according to a pricing sheet.
The deal included $293.28 million of series 2012A improvement and revenue refunding bonds, $9.39 million of series 2012B taxable refunding revenue bonds and $43 million of series 2012C clean renewable energy revenue bonds.
The bonds (Aa2/AA-/) were sold competitively with Citigroup Global Markets Inc. winning the 2012A bonds, J.P. Morgan Securities LLC winning the 2012B bonds and Wells Fargo Securities LLC winning the 2012C bonds, said Michael Van Dyck, the city's debt manager.
The 2012A bonds are due 2013 to 2028 with term bonds due in 2034, 2035, 2036 and 2041. The serial coupons range from 2% to 5%. The 2034 bonds have a 4% coupon priced at 101.96, and the 2035 bonds have a 4% coupon priced at 101.465. The 2036 bonds have a 4% coupon priced at 101.054, and the 2041 bonds have a 4% coupon priced at par.
Proceeds will be used to finance capital improvements to and conservation programs for the city's light system, finance capacity and efficiency improvements to the city's Boundary Hydroelectric Project and to refund the city's series 2002, 2003 and 2004 municipal light and power improvement and revenue refunding bonds.
| Issuer: | City of Seattle
|
| Issue: | Series 2012 municipal light and power improvement and revenue refunding bonds
|
| Amount: | $345.67 million
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets Inc. (winner for 2012A), J.P. Morgan Securities LLC (winner for 2012B), Wells Fargo Securities LLC (winner for 2012C)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | June 26
|
| Settlement date: | July 17
|
|
|
| $293.28 million series 2012A improvement and revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.77 million | 2013 | Serial | 2% | NRO
|
| $4,755,000 | 2014 | Serial | 3% | NRO
|
| $12,205,000 | 2015 | Serial | 5% | 112.449
|
| $11.41 million | 2016 | Serial | 5% | 115.981
|
| $17,245,000 | 2017 | Serial | 5% | 118.712
|
| $18,125,000 | 2018 | Serial | 5% | 120.851
|
| $13.18 million | 2019 | Serial | 5% | 122.333
|
| $13.85 million | 2020 | Serial | 5% | 123.222
|
| $14.57 million | 2021 | Serial | 5% | 123.817
|
| $15.31 million | 2022 | Serial | 5% | 124.621
|
| $16.1 million | 2023 | Serial | 5% | 122.73
|
| $16.92 million | 2024 | Serial | 5% | 121.066
|
| $17.79 million | 2025 | Serial | 5% | 119.812
|
| $15,315,000 | 2026 | Serial | 5% | 118.952
|
| $16.1 million | 2027 | Serial | 5% | 118.195
|
| $12.42 million | 2028 | Serial | 3.25% | 99.5
|
| $8.03 million | 2034 | Term | 4% | 101.96
|
| $8.36 million | 2035 | Term | 4% | 101.465
|
| $8.7 million | 2036 | Term | 4% | 101.054
|
| $49,125,000 | 2041 | Term | 4% | 100
|
|
|
| $9.39 million series 2012B taxable refunding bonds
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 0.35% | 100
|
| 2013 | Serial | 0.5% | 100
|
| 2014 | Serial | 0.7% | 100
|
|
|
| $43 million series 2012C clean renewal energy revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.13 million | 2028 | Serial | 3.4% | 103.735
|
| $7.42 million | 2029 | Serial | 3.5% | 103.885
|
| $7,495,000 | 2030 | Serial | 3.5% | 102.681
|
| $22,955,000 | 2033 | Term | 3.75% | 101.448
|
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