Published on 12/11/2012 in the Prospect News Municipals Daily.
New Issue: Phoenix Industrial Development, Ariz., prices $69.25 million of JMF-Higley bonds
By Sheri Kasprzak
New York, Dec. 11 - The Industrial Development Authority of the City of Phoenix, Ariz., sold $69.25 million of series 2012 education facility revenue bonds for the JMF-Higley 2012 LLC Project, according to a pricing sheet.
The bonds (/A+/) were sold through Lawson Financial Corp. and Herbert J. Sims & Co. Inc.
The bonds are due in 2013, 2022, 2032, 2034, 2036, 2039, 2047 and 2052. The 2013 bonds have a 1% coupon priced at par, the 2022 bonds have a 3% coupon priced at 98.935 to yield 3.125%, and the 2032 bonds have a 3.625% coupon priced at 98.253 to yield 3.75% and a 5% coupon priced at 114.799 to yield 3.25%. The 2034 bonds have a 5% coupon priced at 113.885 to yield 3.35%. The 2036 bonds have a 5% coupon priced at 112.980 to yield 3.45%. The 2039 bonds have a 5% coupon priced at 112.084 to yield 3.55%. The 2047 bonds have a 4% coupon priced at 97.695 to yield 4.125%, and the 2052 bonds have a split maturity with a 4% coupon priced at 95.211 to yield 4.25% and a 5% coupon priced at 111.417 to yield 3.625%.
Proceeds will be used to construct two middle schools - one in Gilbert, Ariz., and one in Queen Creek, Ariz.
| Issuer: | Industrial Development Authority of the City of Phoenix, Ariz./JMF-Higley 2012 LLC Project
|
| Issue: | Series 2012 educational facility revenue bonds
|
| Amount: | $69.25 million
|
| Type: | Negotiated
|
| Underwriters: | Lawson Financial Corp. and Herbert J. Sims & Co. Inc.
|
| Rating: | Standard & Poor's: A+
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 12
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3 million | Dec. 1, 2013 | Term | 1% | 100 | 1%
|
| $4.52 million | Dec. 1, 2022 | Term | 3% | 98.935 | 3.125%
|
| $8.35 million | Dec. 1, 2032 | Term | 3.625% | 98.253 | 3.75%
|
| $3.5 million | Dec. 1, 2032 | Term | 5% | 114.799 | 3.25%
|
| $3 million | Dec. 1, 2034 | Term | 5% | 113.885 | 3.35%
|
| $3.31 million | Dec. 1, 2036 | Term | 5% | 112.980 | 3.45%
|
| $5.61 million | Dec. 1, 2039 | Term | 5% | 112.084 | 3.55%
|
| $18.98 million | Dec. 1, 2047 | Term | 4% | 97.695 | 4.125%
|
| $13.98 million | Dec. 1, 2052 | Term | 4% | 95.211 | 4.25%
|
| $5 million | Dec. 1, 2052 | Term | 5% | 111.417 | 3.625%
|
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