Published on 2/11/2014 in the Prospect News Municipals Daily.
New Issue: Myrtle Beach, S.C., prices $61.61 million of limited obligation bonds
By Sheri Kasprzak
New York, Feb. 11 - The City of Myrtle Beach, S.C., sold $61,605,000 of series 2014 hospitality fee pledge limited obligation bonds, according to a pricing sheet.
The bonds (A1/AA-/) were sold through Wells Fargo Securities LLC.
The offering includes $17.09 million of series 2014A taxable bonds and $44,515,000 of series 2014B bonds.
The 2014A bonds are due 2015 to 2024 with a term bond due in 2039. The serial coupons range from 1.05% to 4.45% all priced at par. The 2039 bonds have a 5.902% coupon priced at par.
The 2014B bonds are due 2015 to 2034 with a term bond due in 2036. The serial coupons range from 2% to 5%. The 2036 bonds have a 5% coupon priced at 103.23.
Proceeds will be used to construct a 100,000 square-foot convention center and hotel, as well as to redeem existing debt.
| Issuer: | City of Myrtle Beach, S.C.
|
| Issue: | Series 2014 hospitality fee pledge limited obligation bonds
|
| Amount: | $61,605,000
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Pricing date: | Feb. 11
|
| Settlement date: | March 4
|
|
|
| $17.09 million series 2014A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $840,000 | 2015 | Serial | 1.05% | 100
|
| $845,000 | 2016 | Serial | 1.35% | 100
|
| $855,000 | 2017 | Serial | 1.85% | 100
|
| $885,000 | 2018 | Serial | 2.35% | 100
|
| $900,000 | 2019 | Serial | 2.90% | 100
|
| $285,000 | 2020 | Serial | 3.45% | 100
|
| $295,000 | 2021 | Serial | 3.80% | 100
|
| $310,000 | 2022 | Serial | 4.05% | 100
|
| $310,000 | 2023 | Serial | 4.25% | 100
|
| $475,000 | 2024 | Serial | 4.45% | 100
|
| $11.4 million | 2039 | Term | 5.902% | 100
|
|
|
| $44,515,000 series 2014B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $305,000 | 2015 | Serial | 2% | 101.666
|
| $315,000 | 2016 | Serial | 3% | 104.626
|
| $330,000 | 2017 | Serial | 3% | 105.639
|
| $325,000 | 2018 | Serial | 4% | 109.586
|
| $345,000 | 2019 | Serial | 3% | 105.001
|
| $1.99 million | 2020 | Serial | 5% | 115.109
|
| $2.09 million | 2021 | Serial | 5% | 114.678
|
| $2.19 million | 2022 | Serial | 5% | 113.954
|
| $2,305,000 | 2023 | Serial | 3.125% | 98.377
|
| $2,085,000 | 2024 | Serial | 5% | 112.904
|
| $2,045,000 | 2025 | Serial | 5% | 111.173
|
| $2,145,000 | 2026 | Serial | 5% | 110.007
|
| $2.26 million | 2027 | Serial | 5% | 108.856
|
| $2,365,000 | 2028 | Serial | 5% | 108.242
|
| $2,485,000 | 2029 | Serial | 4% | 98.869
|
| $2.59 million | 2030 | Serial | 5% | 106.34
|
| $2.72 million | 2031 | Serial | 5% | 105.573
|
| $2.85 million | 2032 | Serial | 4.25% | 98.743
|
| $2.97 million | 2033 | Serial | 5% | 104.226
|
| $3.12 million | 2034 | Serial | 4.5% | 99.336
|
| $6,685,000 | 2036 | Term | 5% | 103.23
|
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