By Sheri Kasprzak
New York, April 6 - The City of Memphis brought $69.07 million of series 2010 general improvement bonds (A1/AA/A+), said a pricing sheet.
The deal included $28.995 million of series 2010A bonds and $40.075 million of series 2010B Build America Bonds.
The 2010A bonds are due 2013 to 2022 with coupons from 3% to 5%. The 2010B bonds are due 2022 to 2030 with coupons from 5.315% to 6.145% coupons, all priced at par.
Loop Capital Markets LLC was the senior manager. The co-managers were Duncan-Williams Inc. and Rice Financial Products Co.
Proceeds will be used to fund capital improvements throughout the city.
| Issuer: | City of Memphis
|
| Issue: | Series 2010 general improvement bonds
|
| Amount: | $69.07 million
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC (lead), Duncan-Williams Inc. and Rice Financial Products Co. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA
|
| Fitch: A+
|
| Pricing date: | April 6
|
| Settlement date: | May 4
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon
|
| 2013 | Serial | 5%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 4.375%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 3%
|
| 2018 | Serial | 3.125%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 5%
|
| 2021 | Serial | 5%
|
| 2022 | Serial | 4%
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2022 | Serial | 5.315% | 100
|
| 2023 | Serial | 5.415% | 100
|
| 2024 | Serial | 5.515% | 100
|
| 2025 | Serial | 5.665% | 100
|
| 2026 | Serial | 5.795% | 100
|
| 2027 | Serial | 5.895% | 100
|
| 2028 | Serial | 5.995% | 100
|
| 2029 | Serial | 6.045% | 100
|
| 2030 | Serial | 6.145% | 100
|
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