Published on 11/20/2014 in the Prospect News Municipals Daily.
New Issue: Atlanta and Fulton County Recreation, Ga., sells $70.63 million bonds
By Sheri Kasprzak
New York, Nov. 20 – The Atlanta and Fulton County Recreation Authority of Georgia sold $70,625,000 of series 2014 park improvement revenue and refunding bonds, according to a pricing sheet. The deal was downsized from $75 million.
The offering included $61.18 million of series 2014A bonds and $9,445,000 of series 2014B taxable refunding bonds.
The 2014A bonds are due 2015 to 2035 with 2% to 5% coupons and 0.35% to 3.41% yields.
The 2014B bonds are due 2015 to 2020 with 0.63% to 2.72% coupons all priced at par.
The bonds (Aa2/A+/) were sold through lead manager Stifel, Nicolaus & Co. Inc.
Proceeds will be used to acquire, construct, improve and renovate recreational facilities, including golf courses, athletic fields, public zoos and related facilities, as well as to refund the authority’s series 2005A-B revenue bonds.
| Issuer: | Atlanta and Fulton County Recreation Authority
|
| Issue: | Series 2014 park improvement revenue and refunding bonds
|
| Amount: | $70,625,000
|
| Type: | Negotiated
|
| Underwriters: | Stifel, Nicolaus & Co. Inc. (lead), CastleOak Securities LP, Sterne, Agee & Leach Inc., IFS Securities and SecurityCapital (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: A+
|
| Pricing date: | Nov. 20
|
| Settlement date: | Dec. 4
|
|
|
| $61.18 million series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.79 million | 2015 | Serial | 2% | 101.631 | 0.35%
|
| $1,835,000 | 2016 | Serial | 3% | 104.846 | 0.55%
|
| $1.91 million | 2017 | Serial | 4% | 109.13 | 0.90%
|
| $1,995,000 | 2018 | Serial | 5% | 114.767 | 1.20%
|
| $2.1 million | 2019 | Serial | 5% | 116.614 | 1.53%
|
| $2,205,000 | 2020 | Serial | 5% | 117.477 | 1.90%
|
| $2.29 million | 2021 | Serial | 5% | 118.195 | 2.18%
|
| $2.4 million | 2022 | Serial | 5% | 118.644 | 2.42%
|
| $2,525,000 | 2023 | Serial | 5% | 119.486 | 2.56%
|
| $2.65 million | 2024 | Serial | 5% | 120.315 | 2.67%
|
| $2,785,000 | 2025 | Serial | 5% | 119.251 | 2.78%
|
| $2,915,000 | 2026 | Serial | 5% | 118.007 | 2.91%
|
| $3.06 million | 2027 | Serial | 5% | 117.439 | 2.97%
|
| $3,215,000 | 2028 | Serial | 5% | 116.967 | 3.02%
|
| $3,375,000 | 2029 | Serial | 5% | 116.498 | 3.07%
|
| $3,545,000 | 2030 | Serial | 5% | 115.845 | 3.14%
|
| $3,725,000 | 2031 | Serial | 5% | 115.289 | 3.20%
|
| $3,915,000 | 2032 | Serial | 5% | 114.736 | 3.26%
|
| $4,105,000 | 2033 | Serial | 5% | 114.277 | 3.31%
|
| $4.31 million | 2034 | Serial | 5% | 113.821 | 3.36%
|
| $4.53 million | 2035 | Serial | 5% | 113.367 | 3.41%
|
|
|
| $9,445,000 series 2014B taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.52 million | 2015 | Serial | 0.63% | 100 | 0.63%
|
| $1.53 million | 2016 | Serial | 1.06% | 100 | 1.06%
|
| $1.55 million | 2017 | Serial | 1.55% | 100 | 1.55%
|
| $1.58 million | 2018 | Serial | 2.04% | 100 | 2.04%
|
| $1,615,000 | 2019 | Serial | 2.41% | 100 | 2.41%
|
| $1.65 million | 2020 | Serial | 2.72% | 100 | 2.72%
|
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