Published on 2/11/2009 in the Prospect News Municipals Daily.
New Issue: Tarrant Regional Water District, Tex., prices $69.54 million bonds at 4.34% TIC
By Aaron Hochman-Zimmerman
New York, Feb. 11 - The Tarrant Regional Water District in Texas priced $69.535 million in series 2009 water refunding and improvement bonds (A1/AAA/AA) at a TIC of 4.34%, according to Sandy Swinnea of the district.
The bonds were priced with maturities from 2011 to 2013 and 2018 to 2029.
J.P. Morgan Securities Inc. and Frost Bank acted as the lead underwriters for the deal.
Proceeds are will be used to construct a parallel pipeline segment and make major repairs to district water and wastewater systems. Other funds will be used to refund the district's series 1999 bonds.
The water district is headquartered in Fort Worth, Texas.
Issuer: Tarrant Regional Water District
Issue: Series 2009 water refunding and improvement bonds
| Amount: | $69.535 million
|
| Maturity range: | 2011 to 2013, 2018 to 2029
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc., Frost Bank
|
| True Interest Cost: | 4.34%
|
| Pricing date: | Feb. 11
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AAA
|
| Fitch: AA
|
|
|
| Serial bonds
|
| Maturity | Amount | Coupon | Price | Yield
|
| March 1, 2011 | $4.800 million | 5% | 106.361 | 1.67%
|
| March 1, 2012 | $5.350 million | 5% | 109.062 | 1.83%
|
| March 1, 2013 | $5.540 million | 5% | 111.338 | 2.00%
|
| March 1, 2018 | $3.360 million | 5% | 114.412 | 3.14%
|
| March 1, 2019 | $3.530 million | 5% | 113.409 | 3.40%
|
| March 1, 2020 | $3.710 million | 5% | 111.619 | 3.60%
|
| March 1, 2021 | $3.900 million | 5% | 109.170 | 3.88%
|
| March 1, 2022 | $4.100 million | 5% | 107.714 | 4.05%
|
| March 1, 2023 | $4.315million | 5% | 106.198 | 4.23%
|
| March 1, 2024 | $4.353 million | 5% | 104.872 | 4.39%
|
| March 1, 2025 | $4.765 million | 5% | 103.809 | 4.52%
|
| March 1, 2026 | $5.010 million | 5% | 102.920 | 4.63%
|
| March 1, 2027 | $5.265 million | 5% | 102.041 | 4.74%
|
| March 1, 2028 | $5.535 million | 5% | 101.327 | 4.83%
|
| March 1, 2029 | $5.820 million | 5% | 100.855 | 4.89%
|
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