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Port of Seattle Sells $256 Mln in Bonds

By Munichain News Desk
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The Port of Seattle, Washington, issued $256.2 million in bonds to finance its costs and refund previously issued securities.

The port sold $161.5 million in taxable bonds and $94.7 million in tax-exempt bonds. The taxable bonds mature between 2025 and 2049, yielding between 3.95% and 5.2%. The tax-exempt bonds mature between 2025 and 2040, yielding between 3.01% and 3.8%. The bonds have a par call date in 2034. 

The securities received a rating of AA- from Fitch Ratings, Aaa from Moody’s Investors Service, and AA from S&P Global Ratings.

The rating reflects the port’s “strong position in the Seattle market for both air service at Seattle-Tacoma International Airport (Sea-TAC) and maritime activity at the seaport,” Fitch analysts wrote.

The Port of Seattle is a government agency that runs the Seattle airport and seaport. The port says it will use the bond proceeds to fund “eligible costs” and refund bonds that it sold in 2015.

The bonds are general obligations of the port, backed by its full faith and credit and payable by property taxes.

BofA Securities, Inc served as lead underwriter on the issuance of the tax-exempt bonds, purchasing them for $103.8 million. The price reflected a premium of more than $9 million. Truist Securities, Inc served as lead underwriter on the issuance of the taxable bonds, purchasing them for $165.4 million. The price reflected a premium of $4.8 million and a discount of almost $1 million. Piper Sandler & Co acted as municipal advisor.


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