Published on 3/20/2014 in the Prospect News Municipals Daily.
New Issue: Holland, Mich., prices $160 million of electric system revenue bonds
By Sheri Kasprzak
New York, March 20 - The City of Holland, Mich., sold $160 million of series 2014A electric utility system revenue bonds, according to a pricing sheet.
The bonds (Aa3/AA/) were sold through Jefferies & Co.
The bonds are due 2017 to 2034 with a term bond due in 2039. The serial coupons range from 1.25% to 5% with 0.73% to 4.11% yields. The 2039 bonds have a 4.125% coupon priced at 98.25 to yield 4.238% and a 5% coupon priced at 106.512 to yield 3.95%.
Proceeds will be used to acquire, construct, equip, improve and install a gas-fired combined cycle power plant and associated facilities.
| Issuer: | City of Holland, Mich.
|
| Issue: | Series 2014A electric utility system revenue bonds
|
| Amount: | $160 million
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. (lead), BofA Merrill Lynch, Comerica Securities Inc., Edward D. Jones & Co. LP, Fifth Third Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Pricing date: | March 20
|
| Settlement date: | April 22
|
|
|
| Maturity | Type | Coupon | Price | Yield
|
| 2017 | Serial | 2% | 103.378 | 0.73%
|
| 2018 | Serial | 1.25% | 100 | 1.25%
|
| 2018 | Serial | 2% | 102.379 | 1.10%
|
| 2019 | Serial | 2.5% | 102.76 | 1.45%
|
| 2020 | Serial | 2% | 100 | 2.00%
|
| 2021 | Serial | 4% | 112.263 | 2.15%
|
| 2022 | Serial | 2.5% | 98.9 | 2.65%
|
| 2022 | Serial | 4% | 109.469 | 2.55%
|
| 2023 | Serial | 2.75% | 98.397 | 2.95%
|
| 2023 | Serial | 4% | 108.102 | 2.75%
|
| 2024 | Serial | 3% | 98.44 | 3.18%
|
| 2025 | Serial | 3.25% | 99.069 | 3.35%
|
| 2026 | Serial | 3.375% | 99.058 | 3.47%
|
| 2026 | Serial | 5% | 112.296 | 3.08%
|
| 2027 | Serial | 3.5% | 99.369 | 3.56%
|
| 2027 | Serial | 5% | 111.613 | 3.18%
|
| 2028 | Serial | 3.5% | 98.237 | 3.66%
|
| 2028 | Serial | 5% | 110.934 | 3.28%
|
| 2029 | Serial | 3.625% | 98.33 | 3.77%
|
| 2029 | Serial | 5% | 110.194 | 3.39%
|
| 2030 | Serial | 3.75% | 98.561 | 3.87%
|
| 2030 | Serial | 5% | 109.525 | 3.49%
|
| 2031 | Serial | 3.75% | 97.395 | 3.96%
|
| 2031 | Serial | 5% | 108.928 | 3.58%
|
| 2032 | Serial | 4% | 99.738 | 4.02%
|
| 2032 | Serial | 5% | 108.4 | 3.66%
|
| 2033 | Serial | 4% | 99.069 | 4.07%
|
| 2033 | Serial | 5% | 108.006 | 3.72%
|
| 2034 | Serial | 4% | 98.495 | 4.11%
|
| 2039 | Term | 4.125% | 98.25 | 4.238%
|
| 2039 | Term | 5% | 106.512 | 3.95%
|
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