Published on 9/10/2015 in the Prospect News Municipals Daily.
New Issue: Austin, Texas, prices $304.05 million certificates, improvement bonds
By Sheri Kasprzak
New York, Sept. 10 – The City of Austin, Texas, sold $304,045,000 of series 2015 certificates of obligation and public improvement bonds, according to a pricing sheet.
The offering included $43,465,000 of series 2015 certificates of obligation, $236.13 million of series 2015 public improvement bonds, $10 million of series 2015 taxable public improvement bonds and $14.45 million of series 2015 public property contractual obligations.
The certificates are due 2016 to 2035 with 2% to 5% coupons.
The public improvement bonds are due 2016 to 2035 with coupons from 2% to 5% coupons.
The taxable public improvement bonds are due 2016 and 2018 to 2035 with 2.892% to 4.268% coupons.
The contractual obligations are due 2016 to 2022 with 2% to 5% coupons.
The bonds (Aaa/AAA/AAA) were sold through Jefferies & Co.
Proceeds will be used to finance public improvements and refund a portion of the city’s outstanding bonds for interest savings.
| Issuer: | City of Austin
|
| Issue: | Series 2015 certificates of obligation, public improvement bonds and public property contractual obligations
|
| Amount: | $304,045,000
|
| Type: | Negotiated
|
| Underwriter: | Jefferies & Co.
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | Sept. 9
|
| Settlement date: | Oct. 1
|
|
|
| $43,465,000 series 2015 certificates of obligation
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,565,000 | 2016 | Serial | 2% | 101.449
|
| $1.41 million | 2017 | Serial | 3% | 104.398
|
| $1,455,000 | 2018 | Serial | 4% | 108.681
|
| $1.51 million | 2019 | Serial | 5% | 114.198
|
| $1,585,000 | 2020 | Serial | 5% | 116.329
|
| $1,665,000 | 2021 | Serial | 5% | 117.72
|
| $1.75 million | 2022 | Serial | 5% | 119.109
|
| $1,835,000 | 2023 | Serial | 5% | 120.288
|
| $1.93 million | 2024 | Serial | 5% | 121.443
|
| $2,025,000 | 2025 | Serial | 3.25% | 106.995
|
| $2,125,000 | 2026 | Serial | 5% | 121.124
|
| $2.23 million | 2027 | Serial | 5% | 120.251
|
| $2,345,000 | 2028 | Serial | 5% | 119.386
|
| $2.46 million | 2029 | Serial | 5% | 118.528
|
| $2,585,000 | 2030 | Serial | 5% | 117.772
|
| $2,715,000 | 2031 | Serial | 5% | 117.115
|
| $2.85 million | 2032 | Serial | 5% | 116.649
|
| $2.99 million | 2033 | Serial | 5% | 116.184
|
| $3.14 million | 2034 | Serial | 5% | 115.814
|
| $3,295,000 | 2035 | Serial | 5% | 115.538
|
|
|
| $236.13 million series 2015 public improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,625,000 | 2016 | Serial | 2% | 101.449
|
| $5,805,000 | 2017 | Serial | 3% | 104.398
|
| $11,145,000 | 2018 | Serial | 4% | 108.681
|
| $11,745,000 | 2019 | Serial | 5% | 114.198
|
| $13.54 million | 2020 | Serial | 5% | 116.329
|
| $14,285,000 | 2021 | Serial | 5% | 117.72
|
| $15,055,000 | 2022 | Serial | 5% | 119.109
|
| $15.88 million | 2023 | Serial | 5% | 120.288
|
| $18.34 million | 2024 | Serial | 5% | 121.443
|
| $19,015,000 | 2025 | Serial | 5% | 122.299
|
| $23,385,000 | 2026 | Serial | 5% | 121.124
|
| $36.13 million | 2027 | Serial | 2.95% | 100.254
|
| $5.32 million | 2028 | Serial | 3.15% | 100.336
|
| $5,485,000 | 2029 | Serial | 3.3% | 100.334
|
| $5,665,000 | 2030 | Serial | 3.4% | 100.206
|
| $5,855,000 | 2031 | Serial | 4% | 104.92
|
| $6.09 million | 2032 | Serial | 4% | 104.492
|
| $6.33 million | 2033 | Serial | 4% | 104.066
|
| $6,585,000 | 2034 | Serial | 4% | 103.726
|
| $6.85 million | 2035 | Serial | 4% | 103.473
|
|
|
| $10 million series 2015 taxable public improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $435,000 | 2016 | Serial | 4% | 103.018
|
| $415,000 | 2018 | Serial | 4% | 107.225
|
| $425,000 | 2019 | Serial | 4% | 107.944
|
| $430,000 | 2020 | Serial | 4% | 108.665
|
| $440,000 | 2021 | Serial | 4% | 108.704
|
| $450,000 | 2022 | Serial | 4% | 108.076
|
| $460,000 | 2023 | Serial | 2.892% | 100
|
| $475,000 | 2024 | Serial | 3.042% | 100
|
| $490,000 | 2025 | Serial | 3.192% | 100
|
| $505,000 | 2026 | Serial | 3.392% | 100
|
| $520,000 | 2027 | Serial | 3.542% | 100
|
| $1.1 million | 2029 | Serial | 3.772% | 100
|
| $580,000 | 2030 | Serial | 3.892% | 100
|
| $605,000 | 2031 | Serial | 3.968% | 100
|
| $625,000 | 2032 | Serial | 4.068% | 100
|
| $655,000 | 2033 | Serial | 4.168% | 100
|
| $680,000 | 2034 | Serial | 4.218% | 100
|
| $710,000 | 2035 | Serial | 4.268% | 100
|
|
|
| $14.45 million series 2015 public property financial contractual obligations
|
| Amount | Maturity | Type | Coupon | Price
|
| $895,000 | 2016 | Serial | 2% | 100.938
|
| $900,000 | 2016 | Serial | 2% | 101.652
|
| $950,000 | 2017 | Serial | 3% | 103.743
|
| $945,000 | 2017 | Serial | 3% | 104.675
|
| $975,000 | 2018 | Serial | 4% | 107.856
|
| $980,000 | 2018 | Serial | 4% | 108.982
|
| $1.02 million | 2019 | Serial | 5% | 113.2
|
| $1.02 million | 2019 | Serial | 5% | 114.618
|
| $1,075,000 | 2020 | Serial | 5% | 115.64
|
| $1,075,000 | 2020 | Serial | 5% | 116.703
|
| $1,125,000 | 2021 | Serial | 5% | 117.232
|
| $1,125,000 | 2021 | Serial | 5% | 118.005
|
| $1.18 million | 2022 | Serial | 5% | 118.584
|
| $1,185,000 | 2022 | Serial | 5% | 119.393
|
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