By Sheri Kasprzak
New York, June 2 - The City of Memphis, Tenn., brought to market $86.26 million of series 2011A general improvement and refunding general obligation bonds, said a pricing sheet.
The bonds (Aa2/AA/) were sold through J.P. Morgan Securities LLC.
The bonds are due 2014 to 2016 and 2019 to 2033 with a term bond due in 2036. The serial coupons range from 2% to 5%. The 2036 bonds have a split maturity with a 4.5% coupon priced at 98.522 and a 5% coupon priced at 103.142.
Proceeds will be used to fund certain public works projects and refund the city's series 2003 general improvement bonds.
Issuer: | City of Memphis
|
Issue: | Series 2011A general improvement and refunding general obligation bonds
|
Amount: | $86.26 million
|
Type: | Negotiated
|
Underwriter: | J.P. Morgan Securities LLC (lead)
|
Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
Pricing date: | June 2
|
Settlement date: | June 14
|
|
Amount | Maturity | Type | Coupon | Price
|
$2.79 million | 2014 | Serial | 4% | 108.318
|
$2.47 million | 2015 | Serial | 4% | 106.666
|
$1 million | 2016 | Serial | 2% | 101.728
|
$1.57 million | 2016 | Serial | 5% | 115.746
|
$1.23 million | 2019 | Serial | 4% | 109.393
|
$480,000 | 2019 | Serial | 5% | 116.457
|
$1.35 million | 2020 | Serial | 3% | 100.776
|
$5 million | 2020 | Serial | 5% | 116.334
|
$1.645 million | 2021 | Serial | 3% | 99.152
|
$9.26 million | 2021 | Serial | 5% | 116.06
|
$1.275 million | 2022 | Serial | 3.25% | 99.724
|
$10.145 million | 2022 | Serial | 5% | 114.412
|
$2.475 million | 2023 | Serial | 5% | 112.612
|
$2.595 million | 2024 | Serial | 5% | 111.197
|
$2.725 million | 2025 | Serial | 5% | 109.804
|
$2.865 million | 2026 | Serial | 5% | 108.687
|
$800,000 | 2027 | Serial | 4% | 99.646
|
$2.205 million | 2027 | Serial | 5% | 117.837
|
$3.15 million | 2028 | Serial | 5% | 107.079
|
$3.305 million | 2029 | Serial | 5% | 106.493
|
$3.47 million | 2030 | Serial | 5% | 105.829
|
$3.645 million | 2031 | Serial | 4.25% | 98.674
|
$3.4 million | 2032 | Serial | 4.375% | 99.116
|
$3.57 million | 2033 | Serial | 4.375% | 97.857
|
$1.98 million | 2036 | Term | 4.5% | 98.522
|
$11.86 million | 2036 | Term | 5% | 103.142
|
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