Published on 4/23/2013 in the Prospect News Municipals Daily.
New Issue: Milwaukee, Wis., brings $191.61 million G.O. notes, bonds
By Sheri Kasprzak
New York, April 23 - The City of Milwaukee, Wis., sold $191,605,000 of series 2013 general obligation promissory notes and G.O. corporate purpose bonds, said a pricing sheet.
The deal included $100 million series 2013-R1 G.O. cash flow promissory notes, $76,285,000 of series 2013-N2 G.O. promissory notes and $15.32 million series 2013-B3 G.O. corporate purpose bonds.
The 2013-R1 notes are due Dec. 5, 2013 and have a 1.75% coupon priced at 100.899. The 2013-N2 notes are due 2014 to 2023 with 5% coupons. The 2013-B3 bonds are due 2024 to 2030 with 3% to 5% coupons.
The notes and bonds (/AA/SP-1+/) were sold competitively.
Proceeds will be used to finance capital improvements in the city and refund existing G.O. debt.
| Issuer: | City of Milwaukee, Wis.
|
| Issue: | Series 2013 general obligation promissory notes and G.O. corporate purpose bonds
|
| Amount: | $191,605,000
|
| Type: | Competitive
|
| Ratings: | Standard & Poor's: AA/SP-1+
|
| Pricing date: | April 23
|
| Settlement date: | May 15
|
|
|
| $100 million series 2013-R1 G.O. cash flow promissory notes
|
| Maturity | Type | Coupon | Price
|
| Dec. 5, 2013 | Term | 1.75% | 100.899
|
|
|
| $76,285,000 series 2013-N2 G.O. promissory notes
|
| Amount | Maturity | Type | Coupon | Price
|
| $22,195,000 | 2014 | Serial | 5% | 104.792
|
| $16,815,000 | 2015 | Serial | 5% | 109.217
|
| $5,845,000 | 2016 | Serial | 5% | 113.254
|
| $5,385,000 | 2017 | Serial | 5% | 116.889
|
| $5,365,000 | 2018 | Serial | 5% | 119.784
|
| $5.25 million | 2019 | Serial | 5% | 122.259
|
| $4.15 million | 2020 | Serial | 5% | 124.301
|
| $4.19 million | 2021 | Serial | 5% | 125.692
|
| $3,535,000 | 2022 | Serial | 5% | 126.954
|
| $3,555,000 | 2023 | Serial | 5% | 127.588
|
|
|
| $15.32 million series 2013-B3 G.O. corporate purpose bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,845,000 | 2024 | Serial | 3% | 108.079
|
| $2,855,000 | 2025 | Serial | 4% | 115.496
|
| $2,875,000 | 2026 | Serial | 5% | 122.993
|
| $2,895,000 | 2027 | Serial | 5% | 121.702
|
| $2,905,000 | 2028 | Serial | 3% | 100
|
| $460,000 | 2029 | Serial | 3.125% | 100
|
| $485,000 | 2030 | Serial | 3.25% | 100
|
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