By Cristal Cody
Springdale, Ark., Feb. 29 - Austin, Texas, priced $50 million taxable electric utility revenue refunding bonds with a 6.219% true interest cost, the city's financial advisor said Friday.
The bonds (A1) priced Thursday at par with coupons from 3.07% to 6.262%, said Chris Allen, senior managing consultant of Public Financial Management.
The issue has serial maturities 2009 through 2013 and term bonds due 2017, 2019 and 2032.
The 2017 term bond priced with a 5.218% coupon; the 2019 term priced with a 5.2% coupon and the 2032 term priced with a 6.26% coupon.
Banc of America Securities was the lead manager. Co-managers were First Southwest Co., Goldman, Sachs & Co., JPMorgan, Ramirez and Co., RBC Capital Markets, Siebert Brandford Shank & Co., and UBS Investment Bank.
Proceeds will be used to refund $48.8 million in outstanding commercial paper.
| Issuer: | Austin, Texas
|
| Issue: | Taxable electric utility revenue refunding bonds
|
| Type: | Negotiated
|
| Amount: | $50 million
|
| Pricing: | Par
|
| True interest cost: | 6.219%
|
| Coupons: | 3.07% to 6.26%
|
| 2017 term bond: | 5.218%
|
| 2019 term bond: | 5.2%
|
| 2032 term bond: | 6.26%
|
| Maturity: | 2009 to 2013 serials; term bonds due 2017, 2019 and 2032 |
|
| Underwriter: | Banc of America Securities (lead)
|
| Ratings: | Moody's: A1
|
| Pricing date: | Feb. 28
|
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