By Sheri Kasprzak
New York, May 26 - The City of Milwaukee sold $256.445 million of series 2011 general obligation notes and bonds Thursday, said Michael Daun, the city's deputy comptroller, in an interview.
The offering included $100 million of series 2011-R2 G.O. cash flow promissory notes, $93.625 million of series 2011-N3 G.O. promissory notes, $28.89 million of series 2011-B4 G.O. tax-exempt corporate purpose bonds and $33.93 million of series 2011-T5 taxable G.O. corporate purpose bonds.
The bonds and notes were sold competitively. Wells Fargo Securities LLC won the series 2011-B4 bonds. Bank of America Merrill Lynch won the series 2011-R2 and 2011-N3 notes, and R.W. Baird & Co. won the series 2011-T5 bonds.
Proceeds will be used to fund the city's operating budget on an interim basis in anticipation of shared revenue payments and to finance various capital improvements and fiscal requirements.
| Issuer: | City of Milwaukee
|
| Issue: | Series 2011 general obligation notes and bonds
|
| Amount: | $256.445 million
|
| Type: | Competitive
|
| Underwriters: | Wells Fargo Securities LLC (for 2011-B4 bonds); Bank of America Merrill Lynch (for 2011-R2 and 2011-N3 notes); R.W. Baird & Co. (for 2011-T5 bonds)
|
| Pricing date: | May 26
|
| Settlement date: | June 9
|
|
|
| $100 million series 2011-R2 G.O. cash flow promissory notes
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2011 | Term | 2% | 100.868
|
|
|
| $93.625 million series 2011-N3 G.O. promissory notes
|
| Amount | Maturity | Type | Coupon | Price
|
| $22.55 million | 2012 | Serial | 4% | 103.455
|
| $13.18 million | 2013 | Serial | 5% | 108.545
|
| $7.735 million | 2014 | Serial | 5% | 111.687
|
| $7.28 million | 2015 | Serial | 5% | 114.348
|
| $7.34 million | 2016 | Serial | 5% | 116.997
|
| $9.02 million | 2017 | Serial | 5% | 117.868
|
| $8.02 million | 2018 | Serial | 5% | 118.194
|
| $6.145 million | 2019 | Serial | 5% | 118.203
|
| $6.165 million | 2020 | Serial | 5% | 118.233
|
| $6.19 million | 2021 | Serial | 5% | 118.104
|
|
|
| $28.89 million series 2011-B4 corporate purpose bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.46 million | 2022 | Serial | 5% | 117.808
|
| $5.485 million | 2023 | Serial | 5% | 117.518
|
| $5.51 million | 2024 | Serial | 5% | 116.857
|
| $5.54 million | 2025 | Serial | 5% | 115.946
|
| $5.57 million | 2026 | Serial | 5% | 115.183
|
| $645,000 | 2027 | Serial | 5% | 114.629
|
| $680,000 | 2028 | Serial | 5% | 114.072
|
|
|
| $33.93 million series 2011-T5 G.O. taxable corporate purpose bonds
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 3% | 102.135
|
| 2013 | Serial | 3% | 103.526
|
| 2014 | Serial | 3% | 104.434
|
| 2015 | Serial | 3% | 105.511
|
| 2016 | Serial | 3% | 103.104
|
| 2017 | Serial | 4% | 106.685
|
| 2018 | Serial | 4% | 106.216
|
| 2019 | Serial | 4% | 103.857
|
| 2020 | Serial | 4% | 102.492
|
| 2021 | Serial | 4% | 100.896
|
| 2022 | Serial | 4% | 99.123
|
| 2023 | Serial | 4.25% | 100
|
| 2024 | Serial | 4.25% | 98.529
|
| 2025 | Serial | 4.5% | 100
|
| 2026 | Serial | 4.5% | 98.925
|
| 2027 | Serial | 4.625% | 99.162
|
| 2028 | Serial | 4.75% | 99.421
|
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