Published on 7/15/2015 in the Prospect News Municipals Daily.
New Issue: Frisco, Texas, prices $107.71 million G.O. refunding, improvement bonds
By Sheri Kasprzak
New York, July 15 – The City of Frisco, Texas, sold $107.71 million of series 2015A general obligation refunding and improvement bonds, according to a pricing sheet.
The bonds (Aa1/AA+/) were sold through Stifel, Nicolaus & Co. Inc. and Piper Jaffray & Co.
The bonds are due 2016 to 2035 with 2% to 5% coupons and yields from 0.35% to 3.42%.
Proceeds will be used to construct and improve streets, roads, bridges and intersections; construct and improve fire department facilities and acquire firefighting equipment; construct and improve police facilities; improve, expand and equip the city’s municipal center; improve, expand and equip the city’s fleet center facility; construct and equip a senior center; construct, improve and equip municipal parks, hike and bike trails; and refund the city’s series 2005 combination tax and revenue certificates of obligation, 2005 G.O. refunding and improvement bonds, 2007 combination tax and revenue certificates of obligation and 2007 G.O. refunding and improvement bonds.
| Issuer: | City of Frisco, Texas
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| Issue: | Series 2015A general obligation refunding and improvement bonds
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| Amount: | $107.71 million
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| Type: | Negotiated
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| Underwriters: | Stifel, Nicolaus & Co. Inc. and Piper Jaffray & Co. (lead), RBC Capital Markets LLC and Baird & Co. (co-managers)
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| Ratings: | Moody’s: Aa1
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| Standard & Poor’s: AA+
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| Pricing date: | July 15
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.9 million | 2016 | Serial | 2% | 100.809 | 0.35%
|
| $1.93 million | 2017 | Serial | 3% | 103.437 | 0.68%
|
| $6.26 million | 2018 | Serial | 4% | 107.492 | 0.95%
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| $6.49 million | 2019 | Serial | 5% | 112.882 | 1.22%
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| $6.82 million | 2020 | Serial | 5% | 115.289 | 1.47%
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| $7,175,000 | 2021 | Serial | 5% | 116.775 | 1.78%
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| $7.54 million | 2022 | Serial | 5% | 117.778 | 2.06%
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| $7,915,000 | 2023 | Serial | 5% | 118.483 | 2.30%
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| $8.3 million | 2024 | Serial | 5% | 119.357 | 2.46%
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| $1 million | 2025 | Serial | 3.5% | 107.352 | 2.62%
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| $7,685,000 | 2025 | Serial | 5% | 119.885 | 2.62%
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| $8.45 million | 2026 | Serial | 5% | 118.408 | 2.78%
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| $8,855,000 | 2027 | Serial | 5% | 117.406 | 2.89%
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| $2,855,000 | 2028 | Serial | 5% | 116.503 | 2.99%
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| $3 million | 2029 | Serial | 5% | 115.608 | 3.09%
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| $3,155,000 | 2030 | Serial | 5% | 114.898 | 3.17%
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| $3.32 million | 2031 | Serial | 5% | 114.282 | 3.24%
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| $3.49 million | 2032 | Serial | 5% | 113.756 | 3.30%
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| $3,665,000 | 2033 | Serial | 5% | 113.407 | 3.34%
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| $3,855,000 | 2034 | Serial | 5% | 113.06 | 3.38%
|
| $4.05 million | 2035 | Serial | 5% | 112.713 | 3.42%
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