Published on 5/27/2015 in the Prospect News Municipals Daily.
New Issue: Arlington, Texas, prices $68.85 million of permanent improvement bonds
By Sheri Kasprzak
New York, May 27 – The City of Arlington, Texas, sold $68.85 million of series 2015 permanent improvement bonds, said a pricing sheet.
The bonds (Aa1/AAA/AAA) were sold competitively. The issuer did not immediately respond to requests for the winning bidder Wednesday.
The deal included $32,005,000 of series 2015A bonds and $36,845,000 of series 2015B refunding bonds.
The 2015A bonds are due 2016 to 2035 with 2% to 5% coupons and yields from 0.45% to 3.65%.
The 2015B bonds are due 2017 to 2027 with 2.5% to 5% coupons and 0.84% to 3.125% yields.
Proceeds will be used to design, construct, install and improve sidewalks, bridges and other public ways; make improvements to streetlights, rights-of-way and storm drains; purchase rights-of-way as needed; and to refund the city’s series 2005 permanent improvement refunding bonds, series 2006 combination tax and revenue certificates of obligation, series 2007 permanent improvement refunding bonds and series 2007 combination tax and revenue certificates of obligation.
| Issuer: | Arlington, Texas
|
| Issue: | Series 2015 permanent improvement bonds
|
| Amount: | $68.85 million
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | May 27
|
| Settlement date: | June 17
|
|
|
| $32,005,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,605,000 | 2016 | Serial | 2% | 101.792 | 0.45%
|
| $1.6 million | 2017 | Serial | 2% | 102.565 | 0.8%
|
| $1.6 million | 2018 | Serial | 2.5% | 104.019 | 1.2%
|
| $1.6 million | 2019 | Serial | 3% | 106.235 | 1.45%
|
| $1.6 million | 2020 | Serial | 5% | 116.506 | 1.65%
|
| $1.6 million | 2021 | Serial | 5% | 117.623 | 1.95%
|
| $1.6 million | 2022 | Serial | 3% | 105.816 | 2.12%
|
| $1.6 million | 2023 | Serial | 5% | 119.983 | 2.3%
|
| $1.6 million | 2024 | Serial | 5% | 120.534 | 2.48%
|
| $1.6 million | 2025 | Serial | 5% | 121.306 | 2.6%
|
| $1.6 million | 2026 | Serial | 3% | 101.755 | 2.8%
|
| $1.6 million | 2027 | Serial | 3% | 100 | 3%
|
| $1.6 million | 2028 | Serial | 3% | 98.923 | 3.1%
|
| $1.6 million | 2029 | Serial | 3.125% | 99.148 | 3.2%
|
| $1.6 million | 2030 | Serial | 3.25% | 99.404 | 3.3%
|
| $1.6 million | 2031 | Serial | 3.25% | 98.143 | 3.4%
|
| $1.6 million | 2032 | Serial | 3.5% | 100 | 3.5%
|
| $1.6 million | 2033 | Serial | 3.5% | 99.331 | 3.55%
|
| $1.6 million | 2034 | Serial | 3.5% | 98.62 | 3.6%
|
| $1.6 million | 2035 | Serial | 3.5% | 97.868 | 3.65%
|
|
|
| $36,845,000 series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8,645,000 | 2017 | Serial | 2.5% | 103.547 | 0.84%
|
| $7.96 million | 2018 | Serial | 5% | 111.684 | 1.22%
|
| $6.62 million | 2019 | Serial | 5% | 114.195 | 1.47%
|
| $3.8 million | 2020 | Serial | 5% | 116.237 | 1.7%
|
| $2.11 million | 2021 | Serial | 4% | 111.536 | 2%
|
| $1,395,000 | 2022 | Serial | 3% | 105.475 | 2.17%
|
| $1,385,000 | 2023 | Serial | 3% | 104.951 | 2.33%
|
| $1.37 million | 2024 | Serial | 3% | 104.069 | 2.5%
|
| $1,355,000 | 2025 | Serial | 3% | 102.917 | 2.67%
|
| $1,335,000 | 2026 | Serial | 3% | 101.312 | 2.85%
|
| $870,000 | 2027 | Serial | 3% | 98.74 | 3.125%
|
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