Published on 8/21/2014 in the Prospect News Municipals Daily.
New Issue: New Haven, Conn., offers up $96.15 million general obligation bonds
By Sheri Kasprzak
New York, Aug. 21 – The City of New Haven, Conn., sold $96.15 million of series 2014 general obligation bonds, according to a pricing sheet.
The deal included $37,425,000 of series 2014A G.O. bonds and $58,725,000 of series 2014B G.O. refunding bonds.
The 2014A bonds are due 2015 to 2034 with 2% to 5% coupons and yields from 0.4% to 3.58%.
The 2014B bonds are due 2019 to 2024 with 4% to 5% coupons and 1.63% to 2.87% yields.
The bonds (A3/BBB+/A-) were sold through Raymond James/Morgan Keegan and Piper Jaffray & Co.
Proceeds will be used to finance public improvements, including urban renewal and school projects, as well as to refund existing G.O. debt.
| Issuer: | City of New Haven, Conn.
|
| Issue: | Series 2014 general obligation bonds
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| Amount: | $96.15 million
|
| Type: | Negotiated
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| Underwriters: | Raymond James/Morgan Keegan and Piper Jaffray & Co. (lead)
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| Ratings: | Moody’s: A3
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| Standard & Poor’s: BBB+
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| Fitch: A-
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 28
|
|
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| $37,425,000 series 2014A G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.21 million | 2015 | Serial | 2% | 101.475 | 0.40%
|
| $1.24 million | 2016 | Serial | 3% | 104.409 | 0.69%
|
| $1,285,000 | 2017 | Serial | 4% | 108.656 | 0.99%
|
| $1,335,000 | 2018 | Serial | 4% | 110.379 | 1.28%
|
| $1.39 million | 2019 | Serial | 4% | 111.171 | 1.63%
|
| $1,455,000 | 2020 | Serial | 5% | 116.925 | 1.96%
|
| $1.53 million | 2021 | Serial | 5% | 117.401 | 2.27%
|
| $1.61 million | 2022 | Serial | 5% | 117.949 | 2.49%
|
| $1.69 million | 2023 | Serial | 5% | 117.957 | 2.72%
|
| $1.78 million | 2024 | Serial | 5% | 118.28 | 2.87%
|
| $1.87 million | 2025 | Serial | 5% | 117.055 | 3.00%
|
| $1,945,000 | 2026 | Serial | 3% | 98.126 | 3.19%
|
| $2,005,000 | 2027 | Serial | 3.125% | 98.479 | 3.27%
|
| $2.09 million | 2028 | Serial | 5% | 114.559 | 3.27%
|
| $2,195,000 | 2029 | Serial | 5% | 113.831 | 3.35%
|
| $2.31 million | 2030 | Serial | 5% | 113.02 | 3.44%
|
| $2.43 million | 2031 | Serial | 5% | 112.661 | 3.48%
|
| $2.55 million | 2032 | Serial | 5% | 112.215 | 3.53%
|
| $2,685,000 | 2033 | Serial | 5% | 111.948 | 3.56%
|
| $2.82 million | 2034 | Serial | 5% | 111.771 | 3.58%
|
|
|
| $58,725,000 series 2014B G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,825,000 | 2019 | Serial | 4% | 111.171 | 1.63%
|
| $6,015,000 | 2020 | Serial | 5% | 116.925 | 1.96%
|
| $4,645,000 | 2021 | Serial | 5% | 117.401 | 2.27%
|
| $14.17 million | 2022 | Serial | 5% | 117.949 | 2.49%
|
| $23.26 million | 2023 | Serial | 5% | 117.957 | 2.72%
|
| $6.81 million | 2024 | Serial | 5% | 118.28 | 2.87%
|
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