New Issue: Wake County, N.C., brings $191.84 million of limited obligation bonds

By Sheri Kasprzak

New York, May 10 – Wake County, N.C., sold $191,835,000 of series 2016A limited obligation refunding bonds, according to a pricing sheet.

The bonds (Aa1/AA+/AA+) were sold through senior manager BofA Merrill Lynch.

The bonds are due 2019 to 2036 with 3% to 5% coupons and yields from 0.9% to 3%.

Proceeds will be used to refund the county’s series 2009 and 2010 limited obligation bonds.

Issuer:	Wake County, N.C.
Issue:	Series 2016A limited obligation refunding bonds
Amount:	$191,835,000
Type:	Negotiated
Underwriters:	BofA Merrill Lynch (lead), Baird & Co. and J.P. Morgan Securities LLC (co-managers)
Ratings:	Moody’s: Aa1
	S&P: AA+
	Fitch: AA+
Pricing date:	May 10
Settlement date:	June 16
Amount	Maturity	Type	Coupon	Price	Yield
$5,875,000	2019	Serial	4%	110.532	0.90%
$11,585,000	2020	Serial	5%	117.255	1.03%
$11,555,000	2021	Serial	5%	120.194	1.17%
$11.54 million	2022	Serial	5%	122.778	1.31%
$11,525,000	2023	Serial	5%	125.089	1.44%
$11.52 million	2024	Serial	5%	126.887	1.59%
$11.49 million	2025	Serial	5%	128.618	1.71%
$11,455,000	2026	Serial	5%	129.937	1.84%
$11.42 million	2027	Serial	5%	128.728	1.95%
$11,385,000	2028	Serial	5%	127.749	2.04%
$11.39 million	2029	Serial	5%	127.101	2.10%
$5 million	2030	Serial	4%	115.52	2.32%
$6.32 million	2030	Serial	5%	126.779	2.13%
$11,195,000	2031	Serial	4%	114.919	2.38%
$11.04 million	2032	Serial	4%	114.222	2.45%
$10.87 million	2033	Serial	4%	113.629	2.51%
$10.75 million	2034	Serial	5%	124.234	2.37%
$10,675,000	2035	Serial	5%	123.607	2.43%
$5,245,000	2036	Serial	3%	100	3.00%

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