Published on 6/8/2016 in the Prospect News Municipals Daily.
New Issue: Seattle prices $160.91 million of drainage and wastewater revenue bonds
By Sheri Kasprzak
New York, June 8 – The City of Seattle priced $160.91 million of series 2016 drainage and wastewater system improvement and refunding revenue bonds, according to a pricing sheet. The deal was downsized from $164,945,000.
The bonds (Aa1/AA+) were sold competitively.
The bonds are due 2016 to 2039 with term bonds due in 2041 and 2046. The serial coupons range from 4% to 5% with yields from 0.4% to 2.63%. The 2041 bonds have a 4% coupon priced at 111.555 to yield 2.65% and the 2046 bonds have a 4% coupon priced at 111.1 to yield 2.7%.
Proceeds will be used to finance capital improvements to the city’s drainage and wastewater systems, as well as to refund existing debt, subject to market conditions.
| Issuer: | City of Seattle
|
| Issue: | Series 2016 drainage and wastewater system improvement and refunding revenue bonds
|
| Amount: | $160.91 million
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa1
|
| S&P: AA+
|
| Pricing date: | June 8
|
| Settlement date: | June 22
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $210,000 | 2016 | Serial | 5% | 101.262 | 0.40%
|
| $1.57 million | 2017 | Serial | 5% | 103.404 | 0.59%
|
| $1.65 million | 2018 | Serial | 5% | 107.552 | 0.71%
|
| $3,725,000 | 2019 | Serial | 5% | 111.356 | 0.85%
|
| $3.91 million | 2020 | Serial | 5% | 114.7 | 1.02%
|
| $4,115,000 | 2021 | Serial | 5% | 117.887 | 1.14%
|
| $4,325,000 | 2022 | Serial | 5% | 120.58 | 1.29%
|
| $4,545,000 | 2023 | Serial | 5% | 123.335 | 1.38%
|
| $4,775,000 | 2024 | Serial | 5% | 125.676 | 1.49%
|
| $5,025,000 | 2025 | Serial | 5% | 127.823 | 1.59%
|
| $5.25 million | 2026 | Serial | 4% | 120.531 | 1.71%
|
| $5.5 million | 2027 | Serial | 5% | 128.252 | 1.83%
|
| $5,755,000 | 2028 | Serial | 4% | 116.708 | 2.10%
|
| $5,985,000 | 2029 | Serial | 4% | 115.751 | 2.20%
|
| $6.23 million | 2030 | Serial | 4% | 115.181 | 2.26%
|
| $6,485,000 | 2031 | Serial | 4% | 114.709 | 2.31%
|
| $6,745,000 | 2032 | Serial | 4% | 114.238 | 2.36%
|
| $7.02 million | 2033 | Serial | 4% | 113.77 | 2.41%
|
| $7.31 million | 2034 | Serial | 4% | 113.305 | 2.46%
|
| $7.61 million | 2035 | Serial | 4% | 112.841 | 2.51%
|
| $7.92 million | 2036 | Serial | 4% | 112.38 | 2.56%
|
| $8,245,000 | 2037 | Serial | 4% | 112.012 | 2.60%
|
| $8,575,000 | 2038 | Serial | 4% | 111.921 | 2.61%
|
| $4.16 million | 2039 | Serial | 4% | 111.738 | 2.63%
|
| $8,835,000 | 2041 | Term | 4% | 111.555 | 2.65%
|
| $25,435,000 | 2046 | Term | 4% | 111.1 | 2.70%
|
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