Published on 8/27/2014 in the Prospect News Municipals Daily.
New Issue: Fayetteville, N.C., prices $111.46 million public works revenue bonds
By Sheri Kasprzak
New York, Aug. 27 – The City of Fayetteville, N.C., sold $111,455,000 of series 2014 public works commission revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA/AA) were sold competitively with Piper Jaffray & Co. winning the bid at a 3.307106% true interest cost.
The bonds are due 2016 to 2037 with a term bond due in 2039. The serial coupons range from 3% to 5% with 0.28% to 3.64% yields. The 2039 bonds have a 4% coupon priced at 103.429 to yield 3.57%.
Proceeds will be used to acquire, construct and equip certain improvements to the public works system.
| Issuer: | Fayetteville, N.C.
|
| Issue: | Series 2014 public works commission revenue bonds
|
| Amount: | $111,455,000
|
| Type: | Competitive
|
| Underwriter: | Piper Jaffray & Co. (winner)
|
| True interest cost: | 3.307106%
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | Aug. 27
|
| Settlement date: | Sept. 11
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $555,000 | 2016 | Serial | 3% | 103.993 | 0.28%
|
| $570,000 | 2017 | Serial | 3% | 106.185 | 0.48%
|
| $590,000 | 2018 | Serial | 3% | 107.733 | 0.74%
|
| $3,355,000 | 2019 | Serial | 5% | 117.26 | 1.04%
|
| $3.52 million | 2020 | Serial | 5% | 119.074 | 1.37%
|
| $3.7 million | 2021 | Serial | 5% | 120.551 | 1.64%
|
| $3,885,000 | 2022 | Serial | 5% | 121.732 | 1.87%
|
| $4.07 million | 2023 | Serial | 5% | 122.313 | 2.11%
|
| $4.28 million | 2024 | Serial | 5% | 123.533 | 2.23%
|
| $4,495,000 | 2025 | Serial | 3% | 105.403 | 2.36%
|
| $4,635,000 | 2026 | Serial | 3% | 104.021 | 2.52%
|
| $4.77 million | 2027 | Serial | 4% | 111.865 | 2.58%
|
| $4.96 million | 2028 | Serial | 3.5% | 103.51 | 3.07%
|
| $5,135,000 | 2029 | Serial | 3.5% | 102.846 | 3.15%
|
| $5.31 million | 2030 | Serial | 3.5% | 102.351 | 3.21%
|
| $5,495,000 | 2031 | Serial | 3.5% | 101.859 | 3.27%
|
| $5,695,000 | 2032 | Serial | 3.5% | 101.37 | 3.33%
|
| $5.89 million | 2033 | Serial | 4% | 106.239 | 3.23%
|
| $6,125,000 | 2034 | Serial | 4% | 105.82 | 3.28%
|
| $6.37 million | 2035 | Serial | 4% | 105.403 | 3.33%
|
| $6,625,000 | 2036 | Serial | 4% | 104.988 | 3.38%
|
| $6,885,000 | 2037 | Serial | 3.5% | 97.862 | 3.64%
|
| $14.54 million | 2039 | Term | 4% | 103.429 | 3.57%
|
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