Published on 7/12/2012 in the Prospect News Municipals Daily.
New Issue: Austin prices $336.82 million of water and wastewater system bonds
By Sheri Kasprzak
New York, July 12 - The City of Austin sold $336.82 million of series 2012 water and wastewater system revenue refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA/AA-) were sold through Goldman, Sachs & Co. The co-managers were Bank of America Merrill Lynch, Estrada Hinojosa & Co. Inc., First Southwest Co., J.P. Morgan Securities LLC, Ramirez & Co. Inc. and RBC Capital Markets LLC.
The bonds are due 2013 to 2032 with term bonds due in 2037 and 2042. The serial coupons range from 1% to 5%. The 2037 bonds have a 5% coupon priced at 114.536 and the 2042 bonds have a 5% coupon priced at 113.974.
Proceeds will be used to refund existing commercial paper and refund the city's series 2004 revenue bonds, as well as terminate a swap agreement connected to those bonds.
| Issuer: | City of Austin, Texas
|
| Issue: | Series 2012 water and wastewater system revenue refunding bonds
|
| Amount: | $336.82 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead), Bank of America Merrill Lynch, Estrada Hinojosa & Co. Inc., First Southwest 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: | July 12
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.79 million | 2013 | Serial | 2.5% | 102.894
|
| $2 million | 2014 | Serial | 1% | 101.032
|
| $4,665,000 | 2014 | Serial | 4% | 106.373
|
| $4.67 million | 2014 | Serial | 5% | 110.276
|
| $9.78 million | 2015 | Serial | 5% | 114.131
|
| $9.28 million | 2015 | Serial | 5% | 112.179
|
| $15.01 million | 2016 | Serial | 5% | 117.625
|
| $14.51 million | 2016 | Serial | 5% | 115.886
|
| $2,585,000 | 2017 | Serial | 4% | 114.194
|
| $3,085,000 | 2017 | Serial | 5% | 120.325
|
| $1.3 million | 2018 | Serial | 4% | 115.99
|
| $800,000 | 2018 | Serial | 4% | 115.188
|
| $265,000 | 2019 | Serial | 4% | 115.937
|
| $3.98 million | 2019 | Serial | 5% | 123.378
|
| $9,295,000 | 2020 | Serial | 5% | 124.274
|
| $5,395,000 | 2020 | Serial | 5% | 123.401
|
| $6,295,000 | 2021 | Serial | 4% | 116.218
|
| $300,000 | 2021 | Serial | 5% | 124.248
|
| $10,395,000 | 2021 | Serial | 5% | 124.928
|
| $11.87 million | 2022 | Serial | 5% | 125.862
|
| $7.57 million | 2022 | Serial | 5% | 125.335
|
| $7.5 million | 2023 | Serial | 2.5% | 100.45
|
| $11.09 million | 2023 | Serial | 5% | 124.297
|
| $19.24 million | 2024 | Serial | 55 | 123.165
|
| $12,585,000 | 2025 | Serial | 5% | 122.045
|
| $12,835,000 | 2026 | Serial | 5% | 121.339
|
| $1.5 million | 2027 | Serial | 4% | 111.037
|
| $12 million | 2027 | Serial | 5% | 120.437
|
| $13,755,000 | 2028 | Serial | 5% | 119.643
|
| $6,045,000 | 2029 | Serial | 5% | 118.953
|
| $6,345,000 | 2030 | Serial | 5% | 118.268
|
| $6,665,000 | 2031 | Serial | 5% | 117.588
|
| $7 million | 2032 | Serial | 5% | 116.912
|
| $40.6 million | 2037 | Term | 5% | 114.536
|
| $51.82 million | 2042 | Term | 5% | 113.974
|
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