Published on 5/18/2016 in the Prospect News Municipals Daily.
New Issue: Austin, Texas, brings $247.77 million of water, wastewater system bonds
By Sheri Kasprzak
New York, May 18 – The City of Austin, Texas, priced $247.77 million of series 2016 water and wastewater system revenue refunding bonds, said a pricing sheet.
The bonds (Aa2/AA/AA-) were sold through senior manager Ramirez & Co. Inc.
The bonds are due 2019 to 2037 with term bonds due in 2041 and 2045. The serial bonds have 5% coupons with 0.92% to 2.56% yields. The 2041 bonds have a 5% coupon priced at 121.133 to yield 2.67% and the 2045 bonds have a 5% coupon priced at 120.626 to yield 2.72%.
Proceeds will be used to refund existing debt.
| Issuer: | City of Austin, Texas
|
| Issue: | Series 2016 water and wastewater system revenue refunding bonds
|
| Amount: | $247.77 million
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. (lead), Coastal Securities Inc., Goldman, Sachs & Co., Morgan Stanley & Co. LLC, Fidelity Capital Markets Inc. and Raymond James/Morgan Keegan (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
| Fitch: AA-
|
| Pricing date: | May 11
|
| Settlement date: | June 1
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.96 million | 2019 | Serial | 5% | 113.845 | 0.92%
|
| $2.6 million | 2020 | Serial | 5% | 117.149 | 1.05%
|
| $1.76 million | 2021 | Serial | 5% | 120.066 | 1.19%
|
| $4,835,000 | 2025 | Serial | 5% | 128.711 | 1.70%
|
| $5.9 million | 2026 | Serial | 5% | 129.709 | 1.86%
|
| $12,425,000 | 2027 | Serial | 5% | 128.394 | 1.98%
|
| $8.26 million | 2028 | Serial | 5% | 127.31 | 2.08%
|
| $15.55 million | 2029 | Serial | 5% | 126.665 | 2.14%
|
| $16.44 million | 2030 | Serial | 5% | 126.237 | 2.18%
|
| $17.37 million | 2031 | Serial | 5% | 125.599 | 2.24%
|
| $18,355,000 | 2032 | Serial | 5% | 124.964 | 2.30%
|
| $11.94 million | 2033 | Serial | 5% | 124.333 | 2.36%
|
| $12,545,000 | 2034 | Serial | 5% | 123.706 | 2.42%
|
| $13,185,000 | 2035 | Serial | 5% | 123.082 | 2.48%
|
| $13.85 million | 2036 | Serial | 5% | 122.566 | 2.53%
|
| $14.56 million | 2037 | Serial | 5% | 122.257 | 2.56%
|
| $34,405,000 | 2041 | Term | 5% | 121.133 | 2.67%
|
| $41.83 million | 2045 | Term | 5% | 120.626 | 2.72%
|
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