Published on 10/27/2015 in the Prospect News Municipals Daily.
New Issue: King County, Wash., prices $93.35 million of sewer improvement bonds
By Sheri Kasprzak
New York, Oct. 27 – King County, Wash., sold $93,345,000 of series 2015B sewer improvement and refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA+/) were sold competitively.
The bonds are due 2016 to 2038 with term bonds due in 2040 and 2046. The serial coupons range from 4% to 5% with yields from 0.24% to 3.58%. The 2040 bonds have a 4% coupon priced at 102.815 to yield 3.65%, and the 2046 bonds have a 4% coupon priced at 102 to yield 3.75%.
Proceeds will be used to finance capital improvements to the county’s sewer system and to refund the county’s series 2006 sewer revenue and refunding bonds.
| Issuer: | King County, Wash.
|
| Issue: | Series 2015B sewer improvement and refunding bonds
|
| Amount: | $93,345,000
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Pricing date: | Oct. 27
|
| Settlement date: | Nov. 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,965,000 | 2016 | Serial | 5% | 102.957 | 0.24%
|
| $4.16 million | 2017 | Serial | 5% | 107.159 | 0.56%
|
| $4.49 million | 2018 | Serial | 5% | 110.848 | 0.81%
|
| $4,745,000 | 2019 | Serial | 5% | 114.155 | 1.01%
|
| $5.09 million | 2020 | Serial | 5% | 116.74 | 1.26%
|
| $5,215,000 | 2021 | Serial | 5% | 118.861 | 1.49%
|
| $5.64 million | 2022 | Serial | 5% | 120.444 | 1.72%
|
| $1.66 million | 2023 | Serial | 5% | 121.424 | 1.96%
|
| $1.74 million | 2024 | Serial | 5% | 122.76 | 2.10%
|
| $1.83 million | 2025 | Serial | 5% | 123.866 | 2.23%
|
| $1,875,000 | 2027 | Serial | 5% | 121.834 | 2.44%
|
| $1.98 million | 2028 | Serial | 4% | 109.969 | 2.81%
|
| $2,165,000 | 2029 | Serial | 4% | 108.65 | 2.96%
|
| $2.25 million | 2030 | Serial | 4% | 107.435 | 3.10%
|
| $2.08 million | 2031 | Serial | 4% | 106.407 | 3.22%
|
| $2.16 million | 2032 | Serial | 4% | 105.897 | 3.28%
|
| $2.57 million | 2033 | Serial | 4% | 105.474 | 3.33%
|
| $2.57 million | 2034 | Serial | 4% | 105.053 | 3.38%
|
| $2,675,000 | 2035 | Serial | 4% | 104.634 | 3.43%
|
| $2.56 million | 2036 | Serial | 4% | 104.217 | 3.48%
|
| $2.66 million | 2037 | Serial | 4% | 103.803 | 3.53%
|
| $2,765,000 | 2038 | Serial | 4% | 103.39 | 3.58%
|
| $5,865,000 | 2040 | Term | 4% | 102.815 | 3.65%
|
| $20,635,000 | 2046 | Term | 4% | 102 | 3.75%
|
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