Published on 7/7/2015 in the Prospect News Municipals Daily.
New Issue: Hartford, Conn., sells $78.57 million G.O. refunding bonds
By Sheri Kasprzak
New York, July 7 – The City of Hartford, Conn., sold $78,565,000 of series 2015 general obligation refunding bonds, according to a pricing sheet.
The deal included $57,715,000 of series 2015A bonds and $20.85 million of series 2015B taxable bonds.
The 2015A bonds are due 2018 to 2034 with 4% to 5% coupons. The 2015B bonds are due 2020 to 2024 with a term bond due in 2030. The serial coupons range from 3.117% to 3.95%, all priced at par. The 2030 bonds have a 4.83% coupon priced at par.
The bonds (A3/AA-/) were sold through senior manager Siebert Brandford Shank & Co. LLC.
Proceeds will be used to refund the city’s series 2005, 2009, 2009A, 2010A, 2011A, 2012A-B, 2013A-B and 2014B-C G.O. bonds.
| Issuer: | Hartford, Conn.
|
| Issue: | Series 2015 general obligation refunding bonds
|
| Amount: | $78,565,000
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC (lead), Roosevelt & Cross Inc. and William Blair & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: AA-
|
| Pricing date: | July 7
|
| Settlement date: | July 14
|
|
|
| $57,715,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,165,000 | 2018 | Serial | 5% | 114.018
|
| $3,325,000 | 2019 | Serial | 5% | 118.724
|
| $205,000 | 2020 | Serial | 3% | 118.027
|
| $3,035,000 | 2024 | Serial | 5% | 140.731
|
| $4,235,000 | 2025 | Serial | 5% | 145.191
|
| $4.45 million | 2026 | Serial | 5% | 114.517
|
| $4.68 million | 2027 | Serial | 5% | 113.516
|
| $4.92 million | 2028 | Serial | 5% | 112.614
|
| $5.17 million | 2029 | Serial | 5% | 111.9
|
| $5.71 million | 2031 | Serial | 5% | 110.75
|
| $6,005,000 | 2032 | Serial | 5% | 110.311
|
| $6.28 million | 2033 | Serial | 4% | 160.627
|
| $6,535,000 | 2034 | Serial | 4% | 163.853
|
|
|
| $20.85 million series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,465,000 | 2020 | Serial | 3.117% | 100
|
| $3.58 million | 2021 | Serial | 3.433% | 100
|
| $3.51 million | 2022 | Serial | 3.663% | 100
|
| $3.86 million | 2023 | Serial | 3.81% | 100
|
| $1 million | 2024 | Serial | 3.95% | 100
|
| $5,435,000 | 2030 | Term | 4.83% | 100
|
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