Published on 9/26/2012 in the Prospect News Municipals Daily.
New Issue: Allentown Neighborhood Improvement, Pa., sells $224.38 million tax revenue bonds
By Sheri Kasprzak
New York, Sept. 26 - The Allentown Neighborhood Improvement Zone Development Authority of Pennsylvania priced $224.38 million of series 2012 tax revenue bonds, according to a pricing sheet.
The bonds (Baa2) were sold through Citigroup Global Markets Inc.
The deal included $183,955,000 of series 2012A bonds and $40,425,000 of series 2012B bonds.
The 2012A bonds are due 2024 to 2032 with term bonds due in 2035 and 2042. The serial bonds have 5% coupons. The 2035 bonds have a 5% coupon priced at 104.248 and the 2042 bonds have a 5% coupon priced at 103.067.
The 2012B bonds are due 2016 to 2024 with 4.12% to 5.67% coupons, all priced at par.
Proceeds will be used to fund capital improvements to the Allentown Neighborhood Improvement Zone, including the construction of a multipurpose sports and entertainment complex, parking facilities, office and hotel pad sites and a restaurant pad site. Proceeds will also be used to refund a previous note.
| Issuer: | Allentown Neighborhood Improvement Zone Development Authority
|
| Issue: | Series 2012 sales tax revenue bonds
|
| Amount: | $224.38 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Rating: | Moody's: Baa2
|
| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 2
|
|
|
| $183,955,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,795,000 | 2024 | Serial | 5% | 109.558
|
| $6,335,000 | 2025 | Serial | 5% | 108.97
|
| $6,655,000 | 2026 | Serial | 5% | 108.304
|
| $7 million | 2027 | Serial | 5% | 107.807
|
| $7.36 million | 2028 | Serial | 5% | 107.314
|
| $7,735,000 | 2029 | Serial | 5% | 106.822
|
| $8.13 million | 2030 | Serial | 5% | 106.578
|
| $8.55 million | 2031 | Serial | 5% | 106.091
|
| $8,985,000 | 2032 | Serial | 5% | 105.687
|
| $29.82 million | 2035 | Term | 5% | 104.248
|
| $89.59 million | 2042 | Term | 5% | 103.067
|
|
|
| $40,425,000 series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.02 million | 2016 | Serial | 4.12% | 100
|
| $4,195,000 | 2017 | Serial | 4.32% | 100
|
| $4,385,000 | 2018 | Serial | 4.56% | 100
|
| $4,595,000 | 2019 | Serial | 4.76% | 100
|
| $4.83 million | 2020 | Serial | 5.22% | 100
|
| $5,095,000 | 2021 | Serial | 5.42% | 100
|
| $5,385,000 | 2022 | Serial | 5.62% | 100
|
| $7.92 million | 2024 | Serial | 5.67% | 100
|
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