Published on 4/12/2013 in the Prospect News Municipals Daily.
New Issue: Mississippi Development Bank sells $173.81 million bonds
By Sheri Kasprzak
New York, April 12 - Mississippi Development Bank sold $173.81 million of series 2013 special obligation highway refunding bonds, said a pricing sheet.
The bonds (Aa3/AA-/) were sold on a negotiated basis through Morgan Stanley & Co. LLC.
The deal included $64,125,000 of series 2013A Harrison County highway refunding bonds, $20.82 million of series 2013B Laurel highway refunding bonds and $88,865,000 of series 2013C Madison County highway refunding bonds.
The 2013A bonds are due 2017 to 2026 with 5% coupons. The 2013B bonds are due 2017 to 2026 with 4% to 5% coupons. The 2013C bonds are due 2018 to 2027 with 5% coupons.
Proceeds will be used to advance refund the bank's series 2005 highway revenue bonds.
| Issuer: | Mississippi Development Bank
|
| Issue: | Series 2013 special obligation highway refunding bonds
|
| Amount: | $173.81 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, Raymond James/Morgan Keegan and Duncan-Williams Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | April 11
|
| Settlement date: | May 8
|
|
|
| $64,125,000 series 2013A Harrison County highway refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,065,000 | 2017 | Serial | 5% | 115.066
|
| $5.33 million | 2018 | Serial | 5% | 118.118
|
| $5.6 million | 2019 | Serial | 5% | 119.840
|
| $5.89 million | 2020 | Serial | 5% | 121.638
|
| $6.19 million | 2021 | Serial | 5% | 122.523
|
| $6.51 million | 2022 | Serial | 5% | 123.086
|
| $6.84 million | 2023 | Serial | 5% | 123.530
|
| $7.19 million | 2024 | Serial | 5% | 122.924
|
| $7.56 million | 2025 | Serial | 5% | 122.626
|
| $7.95 million | 2026 | Serial | 5% | 122.097
|
|
|
| $20.82 million series 2013B Laurel highway refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.72 million | 2017 | Serial | 4% | 111.479
|
| $1,785,000 | 2018 | Serial | 4% | 113.588
|
| $1.86 million | 2019 | Serial | 4% | 114.419
|
| $1,935,000 | 2020 | Serial | 4% | 115.348
|
| $2,015,000 | 2021 | Serial | 4% | 115.418
|
| $2,095,000 | 2022 | Serial | 4% | 115.206
|
| $2,185,000 | 2023 | Serial | 4% | 114.910
|
| $2.29 million | 2024 | Serial | 5% | 122.924
|
| $2,405,000 | 2025 | Serial | 5% | 122.626
|
| $2.53 million | 2026 | Serial | 5% | 122.097
|
|
|
| $88,865,000 series 2013C Madison County highway refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.02 million | 2018 | Serial | 5% | 118.118
|
| $7,385,000 | 2019 | Serial | 5% | 119.840
|
| $7,765,000 | 2020 | Serial | 5% | 121.638
|
| $8.16 million | 2021 | Serial | 5% | 122.523
|
| $8.58 million | 2022 | Serial | 5% | 123.086
|
| $9.02 million | 2023 | Serial | 5% | 123.530
|
| $9.48 million | 2024 | Serial | 5% | 122.924
|
| $9,965,000 | 2025 | Serial | 5% | 122.626
|
| $10.48 million | 2026 | Serial | 5% | 122.097
|
| $11.01 million | 2027 | Serial | 5% | 121.882
|
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