By Sheri Kasprzak
New York, Sept. 28 - The City of Fort Worth, Texas, priced $78.325 million of series 2011 drainage utility system revenue bonds, according to a pricing sheet.
The bonds (/AA+/AA+) were sold competitively with Robert W. Baird & Co. Inc. winning the bid. The true interest cost came in at 3.69%, said James Mauldin in an interview Wednesday.
The bonds are due 2012 to 2029 with term bonds due in 2031 and 2036. The serial coupons range from 3% to 5%. The 2031 bonds have a 4% coupon priced at par, and the 2036 bonds have a 4% coupon priced at 99.379.
Proceeds will be used to fund drainage and erosion projects.
| Issuer: | City of Fort Worth
|
| Issue: | Series 2011 drainage utility system revenue bonds
|
| Amount: | $78.325 million
|
| Type: | Competitive
|
| Underwriter: | Robert W. Baird & Co. Inc. (winner)
|
| True interest cost: | 3.69%
|
| Ratings: | Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Sept. 27
|
| Settlement date: | Nov. 1
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.27 million | 2012 | Serial | 4% | 101.081
|
| $2.05 million | 2013 | Serial | 4% | 104.49
|
| $2.08 million | 2014 | Serial | 4% | 107.597
|
| $2.13 million | 2015 | Serial | 4% | 110.537
|
| $2.21 million | 2016 | Serial | 4% | 112.249
|
| $2.285 million | 2017 | Serial | 2% | 103.358
|
| $2.345 million | 2018 | Serial | 3% | 108.53
|
| $2.42 million | 2019 | Serial | 4% | 114.595
|
| $2.54 million | 2020 | Serial | 5% | 121.953
|
| $2.665 million | 2021 | Serial | 5% | 122.932
|
| $2.785 million | 2022 | Serial | 5% | 122.553
|
| $2.885 million | 2023 | Serial | 3% | 100
|
| $2.995 million | 2024 | Serial | 3% | 98.478
|
| $3.11 million | 2025 | Serial | 3.25% | 99.462
|
| $3.225 million | 2026 | Serial | 3.375% | 99.715
|
| $3.34 million | 2027 | Serial | 4.5% | 111.757
|
| $3.465 million | 2028 | Serial | 4% | 104.264
|
| $3.59 million | 2029 | Serial | 4% | 103.155
|
| $7.575 million | 2031 | Term | 4% | 100
|
| $22.36 million | 2036 | Term | 4% | 99.379
|
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