Published on 4/16/2015 in the Prospect News Municipals Daily.
New Issue: Memphis, Tenn., offers up $131.21 million of general improvement bonds
By Sheri Kasprzak
New York, April 16 – The City of Memphis, Tenn., priced $131.21 million of series 2015 general improvement refunding bonds, according to a pricing sheet.
The bonds (Aa2) were sold through Raymond James/Morgan Keegan.
The deal included $76.82 million of series 2015A bonds and $54.39 million of series 2015B taxable bonds.
The 2015A bonds are due 2025 to 2026 with 5% coupons.
The 2015B bonds are due 2023 to 2025 with 2.698% to 2.948% coupons, all priced at par.
Proceeds will be used to refund city’s series 2006A, 2008, 2009, 2010A, 2011 and 2014B general improvement bonds.
| Issuer: | City of Memphis
|
| Issue: | Series 2015 general improvement refunding bonds
|
| Amount: | $131.21 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), Duncan-Williams Inc., Piper Jaffray & Co., SunTrust Robinson Humphrey Inc., FTN Financial Capital Markets and Harvestons Securities Inc. (co-managers)
|
| Rating: | Moody’s: Aa2
|
| Pricing date: | April 15
|
| Settlement date: | May 19
|
|
|
| $76.82 million series 2015A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $23,915,000 | 2025 | Serial | 5% | 122.916
|
| $52,905,000 | 2026 | Serial | 5% | 121.737
|
|
|
| $54.39 million series 2015B taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.3 million | 2023 | Serial | 2.698% | 100
|
| $13,435,000 | 2024 | Serial | 2.848% | 100
|
| $31,655,000 | 2025 | Serial | 2.948% | 100
|
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