Published on 8/12/2014 in the Prospect News Municipals Daily.
New Issue: Frisco, Texas, prices $54.23 million of G.O. bonds and certificates
By Sheri Kasprzak
New York, Aug. 12 – The City of Frisco, Texas, sold $54,225,000 of series 2014 general obligation bonds and certificates of obligation, according to a pricing sheet.
The offering included $40.22 million of series 2014 G.O. improvement and refunding bonds and $14,005,000 of series 2014 combination tax and surplus revenue certificates of obligation.
The G.O.s are due 2015 to 2034 with 2% to 5% coupons. The certificates are due 2015 to 2034 with 2% to 5% coupons.
The bonds (Aa1/AA+/) were sold through Wells Fargo Securities LLC.
Proceeds will be used to construct and improve streets, bridges and intersections, construct and improve municipal parks, hiking and biking trails and acquiring land for parks, to improve the water and sewer system, as well as to refund the city’s series 2004, 2005 and 2006 certificates and G.O. bonds.
| Issuer: | City of Frisco, Texas
|
| Issue: | Series 2014 general obligation bonds and certificates of obligation
|
| Amount: | $54,225,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead), Raymond James/Morgan Keegan and Baird & Co. (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Pricing date: | Aug. 12
|
|
|
| $40.22 million series 2014 G.O. improvement and refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.27 million | 2015 | Serial | 2% | 100.76
|
| $4,795,000 | 2016 | Serial | 4% | 105.274
|
| $5,615,000 | 2017 | Serial | 5% | 110.757
|
| $5.16 million | 2018 | Serial | 5% | 114.115
|
| $5.42 million | 2019 | Serial | 5% | 116.522
|
| $1.06 million | 2020 | Serial | 5% | 118.247
|
| $1.11 million | 2021 | Serial | 5% | 119.635
|
| $1,175,000 | 2022 | Serial | 5% | 120.574
|
| $1.23 million | 2023 | Serial | 5% | 121.483
|
| $1,295,000 | 2024 | Serial | 5% | 122.45
|
| $980,000 | 2025 | Serial | 5% | 120.946
|
| $1.03 million | 2026 | Serial | 5% | 119.739
|
| $1.08 million | 2027 | Serial | 5% | 118.73
|
| $1,125,000 | 2028 | Serial | 3% | 98.259
|
| $1.17 million | 2029 | Serial | 5% | 116.83
|
| $1.23 million | 2030 | Serial | 5% | 116.116
|
| $1,285,000 | 2031 | Serial | 3.25% | 97.018
|
| $1.34 million | 2032 | Serial | 5% | 114.879
|
| $1,395,000 | 2033 | Serial | 3.5% | 98.131
|
| $1,455,000 | 2034 | Serial | 3.5% | 97.11
|
|
|
| $14,005,000 series 2014 certificates of obligation
|
| Amount | Maturity | Type | Coupon | Price
|
| $510,000 | 2015 | Serial | 2% | 100.735
|
| $475,000 | 2016 | Serial | 4% | 105.274
|
| $500,000 | 2017 | Serial | 5% | 110.757
|
| $520,000 | 2018 | Serial | 5% | 114.115
|
| $535,000 | 2019 | Serial | 5% | 116.522
|
| $555,000 | 2020 | Serial | 5% | 118.247
|
| $580,000 | 2021 | Serial | 5% | 119.635
|
| $610,000 | 2022 | Serial | 5% | 120.574
|
| $635,000 | 2023 | Serial | 5% | 121.483
|
| $665,000 | 2024 | Serial | 5% | 122.45
|
| $700,000 | 2025 | Serial | 5% | 120.946
|
| $735,000 | 2026 | Serial | 5% | 119.739
|
| $770,000 | 2027 | Serial | 5% | 118.73
|
| $800,000 | 2028 | Serial | 3% | 98.259
|
| $825,000 | 2029 | Serial | 5% | 116.83
|
| $855,000 | 2030 | Serial | 4% | 105.871
|
| $885,000 | 2031 | Serial | 3.25% | 97.018
|
| $915,000 | 2032 | Serial | 3.5% | 98.584
|
| $945,000 | 2033 | Serial | 3.5% | 98.131
|
| $990,000 | 2034 | Serial | 3.5% | 97.11
|
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