Published on 9/19/2013 in the Prospect News Municipals Daily.
New Issue: Austin, Texas, sells $115.3 million public improvement refunding bonds
By Sheri Kasprzak
New York, Sept. 19 - The City of Austin, Texas, sold $115.3 million of series 2013 public improvement refunding bonds, according to a pricing sheet.
The deal included $43,805,000 of series 2013A bonds and $71,495,000 of series 2013B bonds.
The 2013A bonds are due 2014 to 2024 with 2% to 5% coupons. The 2013B bonds are due 2014 to 2020 with 0.934% to 2.718% coupons all priced at par. The 2014 and 2015 bonds were not reoffered.
The bonds (Aaa/AAA/AAA) were sold through Raymond James/Morgan Keegan.
Proceeds will be used to refund existing debt for interest cost savings.
| Issuer: | City of Austin, Texas
|
| Issue: | Series 2013 public improvement refunding bonds
|
| Amount: | $115.3 million
|
| Type: | Negotiated
|
| Underwriter: | Raymond James/Morgan Keegan
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Sept. 19
|
| Settlement date: | Oct. 8
|
|
|
| $43,805,000 series 2013A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,795,000 | 2014 | Serial | 2% | 101.63
|
| $4,365,000 | 2015 | Serial | 5% | 108.725
|
| $4,565,000 | 2016 | Serial | 5% | 112.341
|
| $3,425,000 | 2017 | Serial | 5% | 115.126
|
| $3.63 million | 2018 | Serial | 5% | 116.773
|
| $3,845,000 | 2019 | Serial | 5% | 117.887
|
| $4,065,000 | 2020 | Serial | 5% | 118.74
|
| $4,305,000 | 2021 | Serial | 5% | 118.838
|
| $4.82 million | 2023 | Serial | 5% | 118.899
|
| $6.99 million | 2024 | Serial | 5% | 118.572
|
|
|
| $71,495,000 series 2013B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.51 million | 2014 | Serial | NRO | NRO
|
| $1,405,000 | 2015 | Serial | NRO | NRO
|
| $16.11 million | 2016 | Serial | 0.934% | 100
|
| $16.34 million | 2017 | Serial | 1.577% | 100
|
| $14.69 million | 2018 | Serial | 1.927% | 100
|
| $15.06 million | 2019 | Serial | 2.418% | 100
|
| $6.38 million | 2020 | Serial | 2.718% | 100
|
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