Published on 6/6/2014 in the Prospect News Municipals Daily.
New Issue: Austin, Texas, prices $282.2 million of water, wastewater revenue bonds
By Sheri Kasprzak
New York, June 6 – The City of Austin, Texas, sold $282,205,000 of series 2014 water and wastewater system revenue refunding bonds, said a pricing sheet.
The bonds (Aa2/AA/AA) were sold through senior manager Barclays.
The bonds are due 2018 to 2034 with term bonds due in 2039 and 2043. The serial coupons range from 4% to 5% and yields from 1.03% to 3.55%. The 2039 bonds have a 5% coupon priced at 110.595 to yield 3.71%, and the 2043 bonds have a 5% coupon priced at 110.073 to yield 3.77%.
Proceeds will be used to refund the city’s series 1998A and 2005A water and wastewater system revenue bonds.
| Issuer: | City of Austin, Texas
|
| Issue: | Series 2014 water and wastewater system revenue refunding bonds
|
| Amount: | $282,205,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead), Citigroup Global Markets Inc., Edward D. Jones & Co. LP, Robert W. Baird & Co., Comerica Securities, BOSC Inc., Fidelity Capital Markets LLC, Cabrera Capital Markets and Rice Financial Products Co. (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | June 5
|
| Settlement date: | June 24
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.42 million | 2018 | Serial | 4% | 111.3 | 1.03%
|
| $3,725,000 | 2019 | Serial | 5% | 117.22 | 1.35%
|
| $3.66 million | 2019 | Serial | 5% | 118.004 | 1.51%
|
| $3,905,000 | 2020 | Serial | 5% | 118.609 | 1.67%
|
| $3.85 million | 2020 | Serial | 5% | 119.037 | 1.83%
|
| $4,085,000 | 2021 | Serial | 5% | 119.434 | 1.97%
|
| $4,045,000 | 2021 | Serial | 5% | 119.908 | 2.08%
|
| $4,275,000 | 2022 | Serial | 5% | 119.78 | 2.25%
|
| $4,255,000 | 2022 | Serial | 5% | 120.242 | 2.33%
|
| $4,475,000 | 2023 | Serial | 5% | 120.26 | 2.45%
|
| $4.47 million | 2023 | Serial | 5% | 120.715 | 2.51%
|
| $4,665,000 | 2024 | Serial | 5% | 121.103 | 2.57%
|
| $4.7 million | 2024 | Serial | 5% | 120.618 | 2.62%
|
| $4,865,000 | 2025 | Serial | 5% | 119.558 | 2.73%
|
| $4.94 million | 2025 | Serial | 5% | 119.176 | 2.77%
|
| $5.1 million | 2026 | Serial | 5% | 118.226 | 2.87%
|
| $5,195,000 | 2026 | Serial | 5% | 117.576 | 2.94%
|
| $5.32 million | 2027 | Serial | 5% | 116.725 | 3.03%
|
| $5.46 million | 2027 | Serial | 5% | 116.447 | 3.06%
|
| $21.02 million | 2028 | Serial | 5% | 115.891 | 3.12%
|
| $11,905,000 | 2029 | Serial | 5% | 115.064 | 3.21%
|
| $12.48 million | 2030 | Serial | 5% | 114.335 | 3.29%
|
| $13,075,000 | 2031 | Serial | 5% | 113.701 | 3.36%
|
| $13,715,000 | 2032 | Serial | 5% | 113.072 | 3.43%
|
| $14.41 million | 2033 | Serial | 5% | 112.446 | 3.50%
|
| $15.14 million | 2034 | Serial | 5% | 112.002 | 3.55%
|
| $52,865,000 | 2039 | Term | 5% | 110.595 | 3.71%
|
| $45,185,000 | 2043 | Term | 5% | 110.073 | 3.77%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
