Published on 8/15/2014 in the Prospect News Municipals Daily.
New Issue: Huntsville, Ala., prices $100.5 million of general obligation warrants
By Sheri Kasprzak
New York, Aug. 15 – The City of Huntsville, Ala., priced $100.5 million of series 2014 general obligation warrants, according to a pricing sheet.
The warrants (Aaa/AAA/) were sold through Raymond James/Morgan Keegan.
The deal included $54.11 million of series 2014A G.O. refunding warrants, $19,345,000 of series 2014B G.O. lease refunding and capital improvement warrants and $27,045,000 of series 2014C G.O. school refunding and capital improvement warrants.
The 2014A warrants are due 2015 to 2017 and 2019 to 2034 with a term bond due in 2037. The serial coupons range from 3% to 5% with 0.16% to 3.43% yields. The 2037 bonds have a 3.5% coupon priced at 96.925 to yield 3.7%.
The 2014B warrants are due 2015 to 2033 with coupons from 2% to 5% and yields from 0.22% to 3.43%.
The 2014C warrants are due 2015 to 2024, 2026 to 2027 and 2029 with coupons from 2% to 5% and yields from 0.16% to 2.81%.
Proceeds will be used to refund the city’s series 2005C, 2007A and 2009A-B G.O. warrants.
| Issuer: | City of Huntsville, Ala.
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| Issue: | Series 2014 general obligation warrants
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| Amount: | $100.5 million
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| Type: | Negotiated
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| Underwriters: | Raymond James/Morgan Keegan (lead), Morgan Stanley & Co. LLC, Joe Jolly & Co. Inc. and Securities Capital Corp. (co-managers)
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| Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
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| Pricing date: | Aug. 14
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| Settlement date: | Sept. 3
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| $54.11 million series 2014A G.O. refunding warrants
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $120,000 | 2015 | Serial | 3% | 102.584 | 0.16%
|
| $1,095,000 | 2016 | Serial | 5% | 108.748 | 0.40%
|
| $1,155,000 | 2017 | Serial | 5% | 112.554 | 0.64%
|
| $1.73 million | 2019 | Serial | 5% | 117.912 | 1.23%
|
| $2,035,000 | 2020 | Serial | 5% | 119.663 | 1.51%
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| $3,995,000 | 2021 | Serial | 5% | 120.85 | 1.78%
|
| $4,195,000 | 2022 | Serial | 5% | 121.603 | 2.03%
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| $2.09 million | 2023 | Serial | 5% | 122.271 | 2.23%
|
| $4,605,000 | 2024 | Serial | 5% | 123.605 | 2.32%
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| $2.31 million | 2025 | Serial | 5% | 122.217 | 2.46%
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| $5.07 million | 2026 | Serial | 5% | 121.335 | 2.55%
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| $6.02 million | 2027 | Serial | 5% | 120.46 | 2.64%
|
| $800,000 | 2028 | Serial | 3% | 98.43 | 3.14%
|
| $3.88 million | 2029 | Serial | 4% | 107.538 | 3.11%
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| $2.16 million | 2030 | Serial | 4% | 106.658 | 3.21%
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| $2,245,000 | 2031 | Serial | 4% | 105.961 | 3.29%
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| $2.33 million | 2032 | Serial | 4% | 105.441 | 3.35%
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| $1,535,000 | 2033 | Serial | 4% | 105.182 | 3.38%
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| $1,595,000 | 2034 | Serial | 4% | 104.752 | 3.43%
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| $5,145,000 | 2037 | Term | 3.5% | 96.925 | 3.70%
|
|
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| $19,345,000 series 2014B G.O. lease refunding and capital improvement warrants
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $140,000 | 2015 | Serial | 2% | 102.062 | 0.22%
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| $140,000 | 2016 | Serial | 2% | 103.351 | 0.44%
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| $145,000 | 2017 | Serial | 2% | 103.993 | 0.72%
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| $145,000 | 2018 | Serial | 2% | 103.982 | 1.02%
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| $1.01 million | 2019 | Serial | 3% | 108.354 | 1.32%
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| $1,045,000 | 2020 | Serial | 3% | 108.181 | 1.60%
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| $1.08 million | 2021 | Serial | 4% | 114.5 | 1.83%
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| $1.12 million | 2022 | Serial | 4% | 114.26 | 2.09%
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| $1,165,000 | 2023 | Serial | 3% | 106.175 | 2.25%
|
| $1,205,000 | 2024 | Serial | 4% | 113.905 | 2.38%
|
| $1,255,000 | 2025 | Serial | 5% | 121.336 | 2.50%
|
| $100,000 | 2026 | Serial | 4% | 111.347 | 2.66%
|
| $1.22 million | 2026 | Serial | 5% | 120.289 | 2.61%
|
| $1.39 million | 2027 | Serial | 5% | 119.534 | 2.69%
|
| $115,000 | 2028 | Serial | 3% | 98.182 | 3.16%
|
| $1.51 million | 2029 | Serial | 3% | 97.374 | 3.22%
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| $1.56 million | 2030 | Serial | 3.125% | 97.696 | 3.31%
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| $1.61 million | 2031 | Serial | 3.25% | 98.442 | 3.37%
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| $1,665,000 | 2032 | Serial | 3.25% | 97.578 | 3.43%
|
| $1,725,000 | 2033 | Serial | 4% | 105.07 | 3.38%
|
|
|
| $27,045,000 series 2014C G.O. school refunding and capital improvement warrants
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $30,000 | 2015 | Serial | 2% | 101.827 | 0.16%
|
| $20,000 | 2016 | Serial | 2% | 103.134 | 0.42%
|
| $20,000 | 2017 | Serial | 2% | 103.936 | 0.67%
|
| $25,000 | 2018 | Serial | 2% | 104.105 | 0.95%
|
| $25,000 | 2019 | Serial | 3% | 108.396 | 1.26%
|
| $2,775,000 | 2020 | Serial | 4% | 114.096 | 1.53%
|
| $2,885,000 | 2021 | Serial | 5% | 121.234 | 1.76%
|
| $3.03 million | 2022 | Serial | 5% | 121.815 | 2.03%
|
| $3.18 million | 2023 | Serial | 5% | 122.461 | 2.23%
|
| $3.34 million | 2024 | Serial | 5% | 123.482 | 2.35%
|
| $3.66 million | 2026 | Serial | 5% | 121.298 | 2.57%
|
| $3.84 million | 2027 | Serial | 5% | 120.515 | 2.65%
|
| $4,215,000 | 2029 | Serial | 5% | 118.967 | 2.81%
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