By Sheri Kasprzak
New York, Nov. 24 – The Mississippi Development Bank sold $86.72 million of series 2015A power supply special obligation refunding bonds, according to a pricing sheet.
The bonds (Baa1/BBB/) were sold through Wells Fargo Securities LLC and Piper Jaffray & Co.
The bonds are due 2016 to 2035 with a term bond due in 2041. The serial coupons range from 4% to 5% with 0.62% to 3.66% yields. The 2041 bonds have a 4% coupon priced at 98.742 to yield 4.08%.
Proceeds will be used to finance a loan to the Municipal Energy Agency of Mississippi, the proceeds of which will be used to refund the bank’s series 2006 special obligation bonds.
| Issuer: | Mississippi Development Bank
|
| Issue: | Series 2015A power supply special obligation refunding bonds
|
| Amount: | $86.72 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and Piper Jaffray & Co.
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 17
|
|
|
| Maturity | Type | Coupon | Price | Yield
|
| 2016 | Serial | 4% | 100.692 | 0.62%
|
| 2017 | Serial | 5% | 104.755 | 1.02%
|
| 2018 | Serial | 5% | 107.903 | 1.35%
|
| 2019 | Serial | 5% | 110.58 | 1.60%
|
| 2020 | Serial | 5% | 112.772 | 1.83%
|
| 2021 | Serial | 5% | 114.385 | 2.07%
|
| 2022 | Serial | 5% | 115.527 | 2.30%
|
| 2023 | Serial | 5% | 116.101 | 2.54%
|
| 2024 | Serial | 5% | 116.582 | 2.73%
|
| 2025 | Serial | 5% | 117.031 | 2.88%
|
| 2026 | Serial | 5% | 117.178 | 3.03%
|
| 2027 | Serial | 5% | 116.034 | 3.15%
|
| 2028 | Serial | 5% | 115.091 | 3.25%
|
| 2029 | Serial | 5% | 113.972 | 3.37%
|
| 2030 | Serial | 5% | 113.233 | 3.45%
|
| 2031 | Serial | 5% | 112.683 | 3.51%
|
| 2032 | Serial | 5% | 112.226 | 3.56%
|
| 2033 | Serial | 5% | 111.954 | 3.59%
|
| 2034 | Serial | 5% | 111.591 | 3.63%
|
| 2035 | Serial | 5% | 111.321 | 3.66%
|
| 2041 | Serial | 4% | 98.742 | 4.08%
|
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