Published on 5/13/2015 in the Prospect News Municipals Daily.
New Issue: Austin, Texas, offers up $408.89 million electric system revenue bonds
By Sheri Kasprzak
New York, May 13 – The City of Austin, Texas, sold $408.89 million of series 2015 electric utility system revenue refunding bonds, according to a pricing sheet.
The bonds (A1/AA-/AA-) were sold through Goldman, Sachs & Co.
The deal included $327,845,000 of series 2015A bonds and $81,045,000 of series 2015B taxable bonds.
The 2015A bonds are due 2021 to 2035 with term bonds due in 2038 and 2045. The serial bonds have 5% coupons with 2.1% to 3.6% yields. The 2038 bonds have a 5% coupon priced at 111.274 to yield 3.69% and the 2045 bonds have a 5% coupon priced at 110.2 to yield 3.8%.
The 2015B bonds are due 2017 to 2032 with a term bond due in 2037. The serial coupons range from 1.108% to 4.262% all priced at par. The 2037 bonds have a 4.663% coupon priced at par.
Proceeds will be used to refund the city’s series 2006, 2006A, 2008A and 2010A electric utility revenue refunding bonds.
| Issuer: | City of Austin
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| Issue: | Series 2015 electric utility system revenue refunding bonds
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| Amount: | $408.89 million
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| Type: | Negotiated
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| Underwriters: | Goldman, Sachs & Co. (lead), J.P. Morgan Securities LLC, Raymond James/Morgan Keegan, Jefferies & Co., Mesirow Financial Inc., Ramirez & Co. Inc. and Stifel, Nicolaus & Co. Inc. (co-managers)
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| Ratings: | Moody’s: A1
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| Standard & Poor’s: AA-
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| Fitch: AA-
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| Pricing date: | May 13
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| Settlement date: | June 2
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| $327,845,000 series 2015A bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $21.54 million | 2021 | Serial | 5% | 117.414 | 2.10%
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| $20.42 million | 2022 | Serial | 5% | 118.319 | 2.31%
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| $11,305,000 | 2023 | Serial | 5% | 118.606 | 2.54%
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| $11.89 million | 2024 | Serial | 5% | 118.982 | 2.71%
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| $12.38 million | 2025 | Serial | 5% | 119.415 | 2.84%
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| $12,995,000 | 2026 | Serial | 5% | 118.125 | 2.97%
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| $13.62 million | 2027 | Serial | 5% | 117.144 | 3.07%
|
| $14,165,000 | 2028 | Serial | 5% | 116.172 | 3.17%
|
| $14,825,000 | 2029 | Serial | 5% | 115.211 | 3.27%
|
| $7.29 million | 2030 | Serial | 5% | 114.448 | 3.35%
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| $7,595,000 | 2031 | Serial | 5% | 113.786 | 3.42%
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| $7,895,000 | 2032 | Serial | 5% | 113.222 | 3.48%
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| $8,295,000 | 2033 | Serial | 5% | 112.848 | 3.52%
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| $8.7 million | 2034 | Serial | 5% | 112.475 | 3.56%
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| $9.09 million | 2035 | Serial | 5% | 112.104 | 3.60%
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| $15,755,000 | 2038 | Term | 5% | 111.274 | 3.69%
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| $130,085,000 | 2045 | Term | 5% | 110.2 | 3.80%
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| $81,045,000 series 2015B taxable bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $8.69 million | 2017 | Serial | 1.108% | 100 | 1.108%
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| $8,935,000 | 2018 | Serial | 1.704% | 100 | 1.704%
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| $10,945,000 | 2019 | Serial | 2.075% | 100 | 2.075%
|
| $15,655,000 | 2020 | Serial | 2.475% | 100 | 2.475%
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| $4.88 million | 2021 | Serial | 2.794% | 100 | 2.794%
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| $1.17 million | 2022 | Serial | 2.994% | 100 | 2.994%
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| $1.32 million | 2023 | Serial | 3.262% | 100 | 3.262%
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| $1,055,000 | 2024 | Serial | 3.312% | 100 | 3.312%
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| $1,035,000 | 2025 | Serial | 3.362% | 100 | 3.362%
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| $1.03 million | 2026 | Serial | 3.712% | 100 | 3.712%
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| $1,035,000 | 2027 | Serial | 3.812% | 100 | 3.812%
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| $1,025,000 | 2028 | Serial | 3.962% | 100 | 3.962%
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| $1.93 million | 2030 | Serial | 4.012% | 100 | 4.012%
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| $975,000 | 2031 | Serial | 4.162% | 100 | 4.162%
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| $970,000 | 2032 | Serial | 4.262% | 100 | 4.262%
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| $20,395,000 | 2037 | Term | 4.663% | 100 | 4.663%
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