Published on 1/29/2014 in the Prospect News Municipals Daily.
New Issue: Irving, Texas, prices $64.32 million of hotel occupancy revenue bonds
By Sheri Kasprzak
New York, Jan. 29 - The City of Irving, Texas, sold $64,315,000 of series 2014 hotel occupancy revenue bonds, according to a pricing sheet.
The deal included $24.66 million of series 2014A taxable refunding bonds and $39,655,000 of series 2014B revenue bonds.
The 2014A bonds are due 2019 to 2023 with term bonds due in 2034, 2044 and 2053. The serial coupons range from 4.606% to 5.657%, all priced at par. The 2034 bonds have a 6.686% coupon priced at par. The 2044 bonds have a 7% coupon priced at 98.317 to yield 7.136% and a 7.375% coupon priced at 103.012 to yield 6.936%. The 2053 bonds have a 7.25% coupon priced at 96.407 to yield 7.536%.
The 2014B bonds are due 2014 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 0.65% to 4.75% with yields from 0.65% to 4.93%. The 2038 bonds have a 5.5% coupon priced at 101.653 to yield 5.15%. The 2043 bonds have a 5% coupon priced at 94.836 to yield 5.35%.
The bonds (/BBB+/) were sold through Citigroup Global Markets Inc., Loop Capital Markets LLC and RBC Capital Markets LLC.
Proceeds will be used to refund the city's series 2011 hotel occupancy revenue refunding bonds.
| Issuer: | Irving, Texas
|
| Issue: | Series 2014 hotel occupancy revenue bonds
|
| Amount: | $64,315,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc., Loop Capital Markets LLC and RBC Capital Markets LLC (lead)
|
| Rating: | Standard & Poor's: BBB+
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 20
|
|
|
| $24.66 million series 2014A taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $195,000 | 2019 | Serial | 4.606% | 100 | 4.606%
|
| $205,000 | 2020 | Serial | 4.856% | 100 | 4.856%
|
| $215,000 | 2021 | Serial | 5.207% | 100 | 5.207%
|
| $225,000 | 2022 | Serial | 5.457% | 100 | 5.457%
|
| $240,000 | 2023 | Serial | 5.657% | 100 | 5.657%
|
| $3,935,000 | 2034 | Term | 6.686% | 100 | 6.686%
|
| $3,675,000 | 2044 | Term | 7% | 98.317 | 7.136%
|
| $3.5 million | 2044 | Term | 7.375% | 103.012 | 6.936%
|
| $12.47 million | 2053 | Term | 7.25% | 96.407 | 7.536%
|
|
|
| $39,655,000 series 2014B revenue bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,675,000 | 2014 | Serial | 0.65% | 100 | 0.65%
|
| $190,000 | 2015 | Serial | 2% | 101.516 | 0.97%
|
| $240,000 | 2016 | Serial | 2% | 101.953 | 1.20%
|
| $295,000 | 2017 | Serial | 2% | 101.794 | 1.47%
|
| $350,000 | 2018 | Serial | 3% | 104.796 | 1.88%
|
| $280,000 | 2019 | Serial | 3% | 103.797 | 2.26%
|
| $340,000 | 2020 | Serial | 3% | 101.162 | 2.77%
|
| $400,000 | 2021 | Serial | 3% | 98.546 | 3.22%
|
| $465,000 | 2022 | Serial | 4% | 101.974 | 3.60%
|
| $535,000 | 2023 | Serial | 4% | 100.882 | 3.82%
|
| $610,000 | 2024 | Serial | 4% | 100.146 | 3.97%
|
| $690,000 | 2025 | Serial | 4% | 98.91 | 4.12%
|
| $770,000 | 2026 | Serial | 4.125% | 98.797 | 4.25%
|
| $860,000 | 2027 | Serial | 4.255 | 98.585 | 4.39%
|
| $955,000 | 2028 | Serial | 4.375% | 98.574 | 4.51%
|
| $1,055,000 | 2029 | Serial | 4.5% | 98.9 | 4.60%
|
| $1.16 million | 2030 | Serial | 4.5% | 97.834 | 4.69%
|
| $1.27 million | 2031 | Serial | 4.625% | 98.176 | 4.78%
|
| $1.39 million | 2032 | Serial | 4.75% | 98.667 | 4.86%
|
| $1.52 million | 2033 | Serial | 4.75% | 97.761 | 4.93%
|
| $9,915,000 | 2038 | Term | 5.5% | 101.653 | 5.15%
|
| $14.69 million | 2043 | Term | 5% | 94.836 | 5.35%
|
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