Published on 6/21/2011 in the Prospect News Municipals Daily.
New Issue: Tri-County Metropolitan Transportation, Ore., issues $142.38 million
By Sheri Kasprzak
New York, June 21 - The Tri-County Metropolitan Transportation District of Oregon sold $142.38 million of series 2011 capital grant receipt revenue bonds, according to a pricing sheet.
The offering included $136.04 million of series 2011A tax-exempt bonds and $6.34 million of series 2011B taxable bonds.
The 2011A bonds are due 2016 to 2027 with coupons from 2.5% to 5%. The 2011B bonds are due Oct. 1, 2016 with a 3.08% coupon priced at par.
Morgan Stanley & Co. Inc. was the senior manager for the bonds (A1/A/). The co-managers were J.P. Morgan Securities LLC, Siebert Brandford Shank & Co. LLC and Wedbush Securities Inc.
Proceeds will be used to fund the Portland-Lake Oswego Transit Project, the Southwest Corridor Project and other transit projects.
Issuer: | Tri-County Metropolitan Transportation District
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Issue: | Series 2011 capital grant receipt revenue bonds
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Amount: | $142.38 million
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Type: | Negotiated
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Underwriters: | Morgan Stanley & Co. Inc. (lead), J.P. Morgan Securities LLC, Siebert Brandford Shank & Co. LLC and Wedbush Securities Inc. (co-managers)
|
Ratings: | Moody's: A1
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| Standard & Poor's: A
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Pricing date: | June 21
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Settlement date: | June 30
|
|
$136.04 million series 2011A tax-exempt bonds
|
Amount | Maturity | Type | Coupon | Price
|
$2.83 million | 2016 | Serial | 3% | 105.729
|
$870,000 | 2017 | Serial | 2.5% | 101.215
|
$8.58 million | 2017 | Serial | 5% | 115.7
|
$900,000 | 2018 | Serial | 3% | 102.094
|
$9 million | 2018 | Serial | 5% | 115.195
|
$2.38 million | 2019 | Serial | 3% | 99.562
|
$8 million | 2019 | Serial | 5% | 114.049
|
$450,000 | 2020 | Serial | 4% | 105.702
|
$10.4 million | 2020 | Serial | 5% | 113.626
|
$850,000 | 2021 | Serial | 4% | 104.447
|
$10.54 million | 2021 | Serial | 5% | 113.007
|
$150,000 | 2022 | Serial | 3.625% | 99.675
|
$11.8 million | 2022 | Serial | 5% | 111.364
|
$12.545 million | 2023 | Serial | 5% | 109.927
|
$13.17 million | 2024 | Serial | 5% | 108.6
|
$1.03 million | 2025 | Serial | 4% | 98.817
|
$12.8 million | 2025 | Serial | 5% | 107.379
|
$14.51 million | 2026 | Serial | 5% | 106.345
|
$250,000 | 2027 | Serial | 4.25% | 99.182
|
$14.985 million | 2027 | Serial | 5% | 105.578
|
|
$6.34 million series 2011B taxable bonds
|
Maturity | Type | Coupon | Price
|
Oct. 1, 2016 | Term | 3.08% | 100
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