Published on 7/6/2016 in the Prospect News Municipals Daily.
New Issue: Dallas prices $540.35 million waterworks, sewer refunding bonds
By Sheri Kasprzak
New York, July 6 – The City of Dallas priced $540,345,000 of series 2016 waterworks and sewer revenue refunding bonds, according to a pricing sheet. The deal was downsized from $578,135,000.
The offering included $370.1 million of series 2016A bonds and $170,245,000 of series 2016B taxable bonds.
The 2016A bonds are due 2017 to 2036 with term bonds due in 2041 and 2045. The serial coupons range from 3% to 5% with yields from 0.67% to 2.54%. The 2041 bonds have a 4% coupon priced at 112.123 to yield 2.64% and a 5% coupon priced at 123.565 to yield 2.39%. The 2045 bonds have a 4% coupon priced at 111.742 to yield 2.68%.
The 2016B bonds are due 2016 to 2028 with coupons from 0.6% to 2.689%, all priced at par.
The bonds (/AAA/AA+) were sold through senior managers Goldman Sachs & Co. and Loop Capital Markets LLC.
Proceeds will be used to refund the city’s series 2006, 2007, 2008, 2010, 2011, 2012 and 2013A revenue bonds.
| Issuer: | City of Dallas
|
| Issue: | Series 2016 waterworks and sewer revenue refunding bonds
|
| Amount: | $540,345,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. and Loop Capital Markets Inc. (lead), Citigroup Global Markets Inc., Frost Bank, Piper Jaffray & Co., Ramirez & Co. Inc., Stern Brothers & Co. and Stifel, Nicolaus & Co. (co-managers)
|
| Ratings: | S&P: AAA
|
| Fitch: AA+
|
| Pricing date: | June 23
|
| Settlement date: | July 7
|
|
|
| $370.1 million series 2016A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,995,000 | 2017 | Serial | 3% | 102.856 | 0.67%
|
| $3.12 million | 2018 | Serial | 5% | 109.3 | 0.79%
|
| $3.28 million | 2019 | Serial | 5% | 113.001 | 0.91%
|
| $3.45 million | 2020 | Serial | 5% | 116.492 | 1.01%
|
| $3,625,000 | 2021 | Serial | 5% | 119.441 | 1.16%
|
| $3.81 million | 2022 | Serial | 5% | 122.216 | 1.28%
|
| $4,005,000 | 2023 | Serial | 5% | 124.68 | 1.40%
|
| $4.21 million | 2024 | Serial | 5% | 127.01 | 1.50%
|
| $4,425,000 | 2025 | Serial | 5% | 129.074 | 1.60%
|
| $4.66 million | 2026 | Serial | 5% | 130.873 | 1.70%
|
| $4,895,000 | 2027 | Serial | 5% | 129.674 | 1.81%
|
| $10.99 million | 2028 | Serial | 5% | 129.026 | 1.87%
|
| $44.37 million | 2029 | Serial | 5% | 128.274 | 1.94%
|
| $26,815,000 | 2030 | Serial | 5% | 127.634 | 2.00%
|
| $25.1 million | 2031 | Serial | 5% | 126.998 | 2.06%
|
| $15.51 million | 2032 | Serial | 5% | 126.471 | 2.11%
|
| $16,305,000 | 2033 | Serial | 5% | 125.946 | 2.16%
|
| $28,985,000 | 2034 | Serial | 5% | 125.424 | 2.21%
|
| $10 million | 2035 | Serial | 4% | 113.466 | 2.50%
|
| $16.64 million | 2035 | Serial | 5% | 125.008 | 2.25%
|
| $15 million | 2036 | Serial | 4% | 113.081 | 2.54%
|
| $22.21 million | 2036 | Serial | 5% | 124.594 | 2.29%
|
| $25 million | 2041 | Term | 4% | 112.123 | 2.64%
|
| $28,115,000 | 2041 | Term | 5% | 123.565 | 2.39%
|
| $42,585,000 | 2045 | Term | 4% | 111.742 | 2.68%
|
|
|
| $170,245,000 series 2016B taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.53 million | 2016 | Serial | 0.60% | 100 | 0.60%
|
| $5.11 million | 2017 | Serial | 1.00% | 100 | 1.00%
|
| $39,975,000 | 2018 | Serial | 0.985% | 100 | 0.985%
|
| $28.28 million | 2019 | Serial | 1.217% | 100 | 1.217%
|
| $1.41 million | 2020 | Serial | 1.526% | 100 | 1.526%
|
| $8,105,000 | 2021 | Serial | 1.726% | 100 | 1.726%
|
| $16.64 million | 2022 | Serial | 1.868% | 100 | 1.868%
|
| $9.61 million | 2023 | Serial | 2.068% | 100 | 2.068%
|
| $2.77 million | 2024 | Serial | 2.289% | 100 | 2.289%
|
| $2,835,000 | 2025 | Serial | 2.389% | 100 | 2.389%
|
| $5.65 million | 2026 | Serial | 2.439% | 100 | 2.439%
|
| $17.56 million | 2027 | Serial | 2.589% | 100 | 2.589%
|
| $29.77 million | 2028 | Serial | 2.689% | 100 | 2.689%
|
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