Published on 9/10/2015 in the Prospect News Municipals Daily.
New Issue: Tri-County Metropolitan Transportation, Ore., sells $134.59 million bonds
By Sheri Kasprzak
New York, Sept. 10 – The Tri-County Metropolitan Transportation District of Oregon sold $134.59 million of series 2015 senior lien payroll tax revenue bonds, according to a pricing sheet.
The offering included $71,885,000 of series 2015A bonds and $62,705,000 of series 2015B refunding bonds.
The 2015A bonds are due 2016 to 2034 with a term bond due in 2040. The serial coupons range from 2.25% to 5% with yields from 0.2% to 3.1%, and the 2040 bonds have a 4% coupon priced at 101.886 to yield 3.77% and a 5% coupon priced at 114.37 to yield 3.29%.
The 2015B bonds are due 2016 to 2031 with 2% to 5% coupons and yields from 0.2% to 3.46%.
The bonds (Aaa/AAA/) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to finance capital projects, including the replacement of fixed-route buses and an electronic fare system, as well as to refund existing bonds.
| Issuer: | Tri-County Metropolitan Transportation District
|
| Issue: | Series 2015 senior lien payroll tax revenue bonds
|
| Amount: | $134.59 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 30
|
|
|
| $71,885,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,635,000 | 2016 | Serial | 3% | 102.57 | 0.20%
|
| $1.68 million | 2017 | Serial | 3% | 104.455 | 0.66%
|
| $1.74 million | 2018 | Serial | 4% | 108.76 | 0.95%
|
| $1,825,000 | 2019 | Serial | 5% | 114.381 | 1.23%
|
| $1,895,000 | 2020 | Serial | 3% | 107.136 | 1.49%
|
| $1,965,000 | 2021 | Serial | 4% | 112.419 | 1.78%
|
| $510,000 | 2022 | Serial | 4% | 113.069 | 1.97%
|
| $1.54 million | 2022 | Serial | 5% | 119.508 | 1.97%
|
| $2.17 million | 2023 | Serial | 2.25% | 100.796 | 2.14%
|
| $400,000 | 2024 | Serial | 4% | 113.809 | 2.28%
|
| $1,805,000 | 2024 | Serial | 5% | 121.839 | 2.28%
|
| $2,315,000 | 2025 | Serial | 5% | 122.827 | 2.40%
|
| $2,435,000 | 2026 | Serial | 5% | 121.546 | 2.53%
|
| $2.56 million | 2027 | Serial | 5% | 120.572 | 2.63%
|
| $2.69 million | 2028 | Serial | 5% | 119.703 | 2.72%
|
| $2,825,000 | 2029 | Serial | 5% | 118.841 | 2.81%
|
| $2.97 million | 2030 | Serial | 5% | 118.082 | 2.89%
|
| $3,125,000 | 2031 | Serial | 5% | 117.422 | 2.96%
|
| $3,285,000 | 2032 | Serial | 5% | 116.953 | 3.01%
|
| $3,455,000 | 2033 | Serial | 5% | 116.487 | 3.06%
|
| $3.63 million | 2034 | Serial | 5% | 116.115 | 3.10%
|
| $19.43 million | 2040 | Term | 4% | 101.886 | 3.77%
|
| $6 million | 2040 | Term | 5% | 114.37 | 3.29%
|
|
|
| $62,705,000 series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,015,000 | 2016 | Serial | 3% | 102.57 | 0.20%
|
| $5,575,000 | 2017 | Serial | 4% | 106.359 | 0.66%
|
| $5,825,000 | 2018 | Serial | 5% | 111.633 | 0.95%
|
| $1.52 million | 2019 | Serial | 2% | 102.937 | 1.23%
|
| $225,000 | 2020 | Serial | 4% | 111.862 | 1.49%
|
| $2,995,000 | 2020 | Serial | 5% | 116.588 | 1.49%
|
| $3.39 million | 2021 | Serial | 5% | 118.013 | 1.78%
|
| $3.55 million | 2022 | Serial | 5% | 119.508 | 1.97%
|
| $3.73 million | 2023 | Serial | 5% | 120.73 | 2.14%
|
| $3.92 million | 2024 | Serial | 5% | 121.839 | 2.28%
|
| $4,115,000 | 2025 | Serial | 5% | 122.827 | 2.40%
|
| $4,325,000 | 2026 | Serial | 5% | 121.546 | 2.53%
|
| $4.54 million | 2027 | Serial | 5% | 120.572 | 2.63%
|
| $4.77 million | 2028 | Serial | 5% | 119.703 | 2.72%
|
| $5.01 million | 2029 | Serial | 5% | 118.841 | 2.81%
|
| $2,545,000 | 2030 | Serial | 5% | 118.082 | 2.89%
|
| $1.62 million | 2031 | Serial | 3.125% | 95.924 | 3.46%
|
| $1,035,000 | 2031 | Serial | 5% | 117.422 | 2.96%
|
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