By Sheri Kasprzak
New York, Sept. 1 - The City of Huntsville, Ala., priced $170.515 million in series 2010 general obligation refunding and capital improvement warrants (Aaa) on Wednesday, according to a pricing sheet.
The offering included $81.29 million in series 2010A warrants, $70.01 million in series 2010B warrants, $7.52 million in series 2010C recovery zone economic development bonds and $11.695 million in series 2010D refunding warrants.
Morgan Keegan & Co. Inc. was the senior manager.
The 2010A warrants are due 2011 to 2027 with term bonds due 2029, 2031 and 2037. The coupons range from 3% to 5%, and none were formally reoffered.
The 2010B bonds are due 2011 to 2027 with a term bond due 2030. Coupons range from 0.61% to 4.759%. The 2011 bonds were not reoffered. The rest were priced at par.
The 2010C bonds are due 2032 and have a 5.209% coupon priced at par.
The 2010D bonds are due 2011 to 2021 with a term bond due 2027. The coupons range from 0.61% to 3.786%, all priced at par. The 2027 bonds have a 4.35% coupon, also priced at par.
Proceeds will be used to refund existing debt and improve public facilities.
| Issuer: | City of Huntsville, Ala.
|
| Issue: | Series 2010 general obligation refunding and capital improvement warrants
|
| Amount: | $170.515 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Keegan & Co. Inc. (lead)
|
| Rating: | Moody's: Aaa
|
| Pricing date: | Sept. 1
|
| Settlement date: | Sept. 14
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 3% | NRO
|
| 2012 | Serial | 3% | NRO
|
| 2013 | Serial | 3% | NRO
|
| 2014 | Serial | 4% | NRO
|
| 2015 | Serial | 4% | NRO
|
| 2016 | Serial | 4% | NRO
|
| 2017 | Serial | 4% | NRO
|
| 2018 | Serial | 4% | NRO
|
| 2019 | Serial | 5% | NRO
|
| 2020 | Serial | 4% | NRO
|
| 2021 | Serial | 4% | NRO
|
| 2022 | Serial | 5% | NRO
|
| 2023 | Serial | 5% | NRO
|
| 2024 | Serial | 3% | NRO
|
| 2025 | Serial | 3.125% | NRO
|
| 2026 | Serial | 3.25% | NRO
|
| 2027 | Serial | 3.375% | NRO
|
| 2029 | Term | 5% | NRO
|
| 2031 | Term | 4% | NRO
|
| 2031 | Term | 5% | NRO
|
| 2037 | Term | 4.125% | NRO
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 0.61% | NRO
|
| 2012 | Serial | 1.055% | 100
|
| 2013 | Serial | 1.297% | 100
|
| 2014 | Serial | 1.747% | 100
|
| 2015 | Serial | 2.114% | 100
|
| 2016 | Serial | 2.414% | 100
|
| 2017 | Serial | 2.731% | 100
|
| 2018 | Serial | 3.031% | 100
|
| 2019 | Serial | 3.386% | 100
|
| 2020 | Serial | 3.486% | 100
|
| 2021 | Serial | 3.786% | 100
|
| 2022 | Serial | 3.936% | 100
|
| 2025 | Serial | 4.1% | 100
|
| 2026 | Serial | 4.586% | 100
|
| 2027 | Serial | 4.759% | 100
|
| 2030 | Term | 5.059% | 100
|
|
|
| Series 2010C
|
| Maturity | Type | Coupon | Price
|
| 2032 | Term | 5.209% | 100
|
|
|
| Series 2010D
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 0.61% | 100
|
| 2012 | Serial | 1.055% | 100
|
| 2013 | Serial | 1.297% | 100
|
| 2014 | Serial | 1.747% | 100
|
| 2015 | Serial | 2.114% | 100
|
| 2016 | Serial | 2.414% | 100
|
| 2017 | Serial | 2.731% | 100
|
| 2018 | Serial | 3.031% | 100
|
| 2019 | Serial | 3.386% | 100
|
| 2020 | Serial | 3.486% | 100
|
| 2021 | Serial | 3.786% | 100
|
| 2027 | Serial | 4.35% | 100
|
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