By Sheri Kasprzak
New York, Nov. 23 - The City of Austin, Texas, sold $237.53 million of series 2011 water and wastewater system revenue refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA/AA) were sold through First Southwest Co. with Bank of America Merrill Lynch; Estrada Hinojosa & Co.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Ramirez & Co. Inc.; and RBC Capital Markets LLC as the co-managers.
The bonds are due 2014 to 2033 with term bonds due in 2036 and 2041. The serial coupons range from 2% to 5% with yields from 0.94% to 4.19%. The 2036 bonds have a 5% coupon to yield 4.30%. The 2041 bonds have a split maturity with a 4.375% coupon to yield 4.48% and a 5% coupon to yield 4.35%.
Proceeds will be used to refund tax-exempt commercial paper obligations issued for repairs and upgrades to the water and wastewater system.
| Issuer: | City of Austin, Texas
|
| Issue: | Series 2011 water and wastewater system revenue refunding bonds
|
| Amount: | $237.53 million
|
| Type: | Negotiated
|
| Underwriters: | First Southwest Co. (lead); Bank of America Merrill Lynch; Estrada Hinojosa & Co.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Ramirez & Co. Inc.; and RBC Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 7
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $500,000 | 2014 | Serial | 2% | 0.94%
|
| $500,000 | 2015 | Serial | 2% | 1.27%
|
| $500,000 | 2016 | Serial | 2% | 1.53%
|
| $1.36 million | 2017 | Serial | 2% | 1.81%
|
| $655,000 | 2018 | Serial | 2.25% | 2.04%
|
| $4.095 million | 2019 | Serial | 5% | 2.30%
|
| $5 million | 2020 | Serial | 3.5% | 2.63%
|
| $5.51 million | 2020 | Serial | 5% | 2.63%
|
| $5 million | 2021 | Serial | 3% | 2.78%
|
| $5.985 million | 2021 | Serial | 5% | 2.78%
|
| $6.915 million | 2022 | Serial | 4% | 3.01%
|
| $4.575 million | 2022 | Serial | 5% | 2.94%
|
| $7.235 million | 2023 | Serial | 3.125% | 3.26%
|
| $4.81 million | 2023 | Serial | 5% | 3.08%
|
| $3.1 million | 2024 | Serial | 4% | 3.45%
|
| $9.96 million | 2024 | Serial | 5% | 3.28%
|
| $3.5 million | 2025 | Serial | 3.5% | 3.59%
|
| $14.045 million | 2025 | Serial | 5% | 3.41%
|
| $3.25 million | 2026 | Serial | 4% | 3.71%
|
| $23.575 million | 2026 | Serial | 5% | 3.55%
|
| $5.875 million | 2027 | Serial | 5% | 3.67%
|
| $6.175 million | 2028 | Serial | 5% | 3.77%
|
| $6.49 million | 2029 | Serial | 5% | 3.89%
|
| $6.825 million | 2030 | Serial | 5% | 3.95%
|
| $3.155 million | 2031 | Serial | 4% | 4.17%
|
| $4 million | 2031 | Serial | 5% | 4.02%
|
| $7.51 million | 2032 | Serial | 4% | 4.10%
|
| $7.895 million | 2033 | Serial | 5% | 4.19%
|
| $26.195 million | 2036 | Term | 5% | 4.30%
|
| $5 million | 2041 | Term | 4.375% | 4.48%
|
| $48.34 million | 2041 | Term | 5% | 4.35%
|
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