By Sheri Kasprzak
New York, Aug. 26 - The City of Austin in Texas priced $144.678 million of public improvement bonds and obligations, according to a pricing sheet.
The sale included $79.528 million in series 2010A public improvement bonds, $26.4 million in series 2010B taxable bonds, $22.3 million in series 2010 certificates of obligation and $16.45 million in series 2010 public property finance contractual obligations.
The 2010A bonds are due 2011 and 2013 to 2030 with coupons from 2% to 4%. The 2010B bonds are due 2011 and 2013 to 2030 with coupons from 3% to 4.65%. The certificates of obligation are due 2011 to 2030, but the full details were not immediately available. The contractual obligations are due 2011 to 2017 with coupons from 1% to 1.75%.
The bonds (Aaa/AAA/AAA) were sold competitively. First Southwest Co. won the series 2010A bonds with a 3.347% true interest cost. Morgan Keegan & Co. took the series 2010B bonds, and BOSC won the certificates of obligation with a 3.018% TIC. R.W. Baird & Co. won the contractual obligations with a 1.273% TIC.
Proceeds from the sale will finance capital improvement projects.
| Issuer: | City of Austin
|
| Issue: | Series 2010 public improvement bonds and obligations
|
| Amount: | $144.678 million
|
| Type: | Competitive
|
| Underwriters: | First Southwest Co. (winner for 2010A); Morgan Keegan & Co. (winner for 2010B); BOSC Inc. (winner for certificates of obligation), R.W. Baird & Co. (winner for contractual obligations)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Aug. 26
|
| Settlement date: | Sept. 1
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Term | 3% | 102.375
|
| 2013 | Serial | 2% | 104.085
|
| 2014 | Serial | 2% | 104.329
|
| 2015 | Serial | 2% | 103.557
|
| 2016 | Serial | 2% | 102.643
|
| 2017 | Serial | 2% | 101.292
|
| 2018 | Serial | 2.125% | 101.202
|
| 2019 | Serial | 2.375% | 101.65
|
| 2020 | Serial | 4% | 114.313
|
| 2021 | Serial | 4% | 111.691
|
| 2022 | Serial | 4% | 110.589
|
| 2023 | Serial | 3% | 100.596
|
| 2024 | Serial | 3% | 99.547
|
| 2025 | Serial | 3% | 98.224
|
| 2026 | Serial | 3% | 96.791
|
| 2027 | Serial | 3.125% | 96.86
|
| 2028 | Serial | 3.25% | 96.952
|
| 2029 | Serial | 3.375% | 97.199
|
| 2030 | Serial | 3.5% | 97.749
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2011 | Term | 3% | 102.301
|
| 2013 | Serial | 3.5% | 106.429
|
| 2014 | Serial | 3.5% | 107.125
|
| 2015 | Serial | 3.5% | 106.926
|
| 2016 | Serial | 3.5% | 106.248
|
| 2017 | Serial | 3.5% | 105.136
|
| 2018 | Serial | 3.5% | 103.636
|
| 2019 | Serial | 3.5% | 102.384
|
| 2020 | Serial | 4.5% | 109.711
|
| 2021 | Serial | 3.45% | 100
|
| 2022 | Serial | 3.65% | 100
|
| 2025 | Serial | 4% | 100
|
| 2026 | Serial | 4.125% | 100
|
| 2027 | Serial | 4.35% | 100
|
| 2028 | Serial | 4.45% | 100
|
| 2029 | Serial | 4.55% | 100
|
| 2030 | Serial | 4.65% | 100
|
|
|
| Contractual obligations
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 1% | 100.371
|
| 2011 | Serial | 1% | 100.673
|
| 2012 | Serial | 1% | 100.939
|
| 2012 | Serial | 1% | 101.029
|
| 2013 | Serial | 1% | 101.147
|
| 2013 | Serial | 1% | 101.215
|
| 2014 | Serial | 1% | 100.879
|
| 2014 | Serial | 1% | 100.799
|
| 2015 | Serial | 1.25% | 100.666
|
| 2015 | Serial | 1.25% | 100.491
|
| 2016 | Serial | 1.5% | 100.641
|
| 2016 | Serial | 1.5% | 100.405
|
| 2017 | Serial | 1.75% | 100.619
|
| 2017 | Serial | 1.75% | 100.331
|
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