Published on 9/30/2015 in the Prospect News Municipals Daily.
New Issue: WBRP 3.2, Wash., brings to market $132.07 million lease revenue bonds
By Sheri Kasprzak
New York, Sept. 30 – WBRP 3.2 of Washington, also known as Washington Biomedical Research Properties, sold $132.07 million of series 2015 lease revenue bonds, according to a pricing sheet.
The offering included $107,615,000 of series 2015A bonds and $24,455,000 of series 2015B taxable bonds.
The 2015A bonds are due 2019 to 2040 with a term bond due in 2048. The serial bonds have 5% coupons with yields from 1.06% to 3.52%. The 2048 bonds have a 4% coupon priced at 98 to yield 4.112%.
The 2015B bonds are due March 1, 2018 and have a 1.485% coupon priced at par.
The bonds (Aa1) were sold through senior manager Barclays.
Proceeds will be used to construct, equip and furnish a biomedical research facility in the South Lake Union area of Seattle to be leased by the University of Washington.
| Issuer: | WBRP 3.2, Wash., Washington Biomedical Research Properties
|
| Issue: | Series 2015 lease revenue bonds
|
| Amount: | $132.07 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead), Citigroup Global Markets Inc., Backstrom McCarley Berry & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Moody’s: Aa1
|
| Pricing date: | Sept. 25
|
| Settlement date: | Oct. 7
|
|
|
| $107,615,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.42 million | 2019 | Serial | 5% | 112.489 | 1.06%
|
| $2.54 million | 2020 | Serial | 5% | 114.967 | 1.35%
|
| $2.67 million | 2021 | Serial | 5% | 116.946 | 1.61%
|
| $2.8 million | 2022 | Serial | 5% | 118.461 | 1.85%
|
| $2,945,000 | 2023 | Serial | 5% | 119.142 | 2.13%
|
| $3.09 million | 2024 | Serial | 5% | 120.392 | 2.27%
|
| $3.24 million | 2025 | Serial | 5% | 121.414 | 2.40%
|
| $3.4 million | 2026 | Serial | 5% | 120.9 | 2.56%
|
| $3,575,000 | 2027 | Serial | 5% | 119.283 | 2.73%
|
| $3,755,000 | 2028 | Serial | 5% | 118.251 | 2.84%
|
| $3.94 million | 2029 | Serial | 5% | 117.045 | 2.97%
|
| $4.14 million | 2030 | Serial | 5% | 116.219 | 3.06%
|
| $3.94 million | 2031 | Serial | 5% | 115.581 | 3.13%
|
| $4.14 million | 2032 | Serial | 5% | 114.857 | 3.21%
|
| $4,345,000 | 2033 | Serial | 5% | 114.228 | 3.28%
|
| $2,685,000 | 2034 | Serial | 5% | 113.781 | 3.33%
|
| $2.82 million | 2035 | Serial | 5% | 113.425 | 3.37%
|
| $2.96 million | 2036 | Serial | 5% | 113.247 | 3.39%
|
| $3.11 million | 2037 | Serial | 5% | 112.893 | 3.43%
|
| $3,265,000 | 2038 | Serial | 5% | 112.541 | 3.47%
|
| $3,425,000 | 2039 | Serial | 5% | 112.277 | 3.50%
|
| $3.6 million | 2040 | Serial | 5% | 112.102 | 3.52%
|
| $34.81 million | 2048 | Term | 4% | 98 | 4.112%
|
|
|
| $24,455,000 series 2015B taxable bonds
|
| Maturity | Type | Coupon | Price
|
| March 1, 2018 | Term | 1.485% | 100
|
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