By Sheri Kasprzak
New York, June 15 - The City of Trenton in New Jersey sold $66.986 million in series 2010 general obligation bonds and series 2010 school bonds (Aa3).
The offering included $36.659 million in series 2010A general improvement bonds, $9.745 million in series 2010B general improvement bonds, $10.677 million in series 2010 water utility bonds, $1.106 million in series 2010A sewer utility bonds, $535,000 in series 2010B sewer utility bonds and $91,000 in series 2010 parking utility bonds.
The sale also included $8.173 million in series 2010 school bonds, which are comprised of $6.923 million in series 2010A school bonds and $1.25 million in series 2010B bonds.
The bonds were sold competitively. Morgan Stanley & Co. Inc. won the bid for the $58.813 million in general improvement and utility bonds with a 4.379423% true interest cost. UBS Financial Services Inc. won the $8.173 million in school bonds with a 4.479625% TIC.
The general improvement bonds are due 2011 to 2040 with 2% to 5% coupons.
The school bonds are due 2011 to 2036 with 3% to 5% coupons.
Proceeds from the general improvement bonds will be used to finance capital improvements to the city's water and sewer system. The school bonds will be used to finance improvements to city schools.
| Issuer: | City of Trenton
|
| Issue: | Series 2010 general obligation and school bonds
|
| Amount: | $66.986 million
|
| Type: | Competitive
|
| Underwriters: | Morgan Stanley & Co. Inc. (winner for general improvement bonds); UBS Financial Services Inc. (winner for school bonds)
|
| True interest costs: | 4.379423% (utility bonds); 4.479625% (school bonds)
|
| Rating: | Moody's: Aa3
|
| Pricing date: | June 15
|
|
|
| Series 2010 general improvement bonds
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 101.14
|
| 2012 | Serial | 2% | 101.509
|
| 2013 | Serial | 2.25% | 101.774
|
| 2014 | Serial | 5% | 111.598
|
| 2015 | Serial | 5% | 112.282
|
| 2016 | Serial | 5% | 111.859
|
| 2017 | Serial | 5% | 111.27
|
| 2018 | Serial | 5% | 110.805
|
| 2019 | Serial | 5% | 110.318
|
| 2020 | Serial | 5% | 109.94
|
| 2021 | Serial | 4% | 100.409
|
| 2022 | Serial | 4% | 99.525
|
| 2023 | Serial | 4.25% | 101.058
|
| 2024 | Serial | 4.25% | 100.404
|
| 2025 | Serial | 4.25% | 99.777
|
| 2026 | Serial | 4.25% | 98.965
|
| 2027 | Serial | 4.375% | 99.581
|
| 2028 | Serial | 4.375% | 98.707
|
| 2029 | Serial | 4.5% | 99.365
|
| 2030 | Serial | 4.5% | 98.44
|
| 2031 | Serial | 4.5% | 97.343
|
| 2032 | Serial | 4.625% | 98.167
|
| 2033 | Serial | 4.75% | 99.167
|
| 2034 | Serial | 4.75% | 98.587
|
| 2035 | Serial | 4.75% | 98.272
|
| 2036 | Serial | 4.75% | 98.092
|
| 2037 | Serial | 5% | 100.862
|
| 2038 | Serial | 5% | 100.783
|
| 2039 | Serial | 5% | 100.704
|
| 2040 | Serial | 5% | 100.625
|
|
|
| Series 2010 school bonds
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 3% | 101.809
|
| 2012 | Serial | 3% | 102.906
|
| 2013 | Serial | 4% | 106.182
|
| 2014 | Serial | 4% | 106.728
|
| 2015 | Serial | 4% | 106.577
|
| 2016 | Serial | 4% | 105.489
|
| 2017 | Serial | 4% | 104.366
|
| 2018 | Serial | 4% | 103.123
|
| 2019 | Serial | 4% | 101.901
|
| 2020 | Serial | 5% | 109.067
|
| 2021 | Serial | 5% | 108.634
|
| 2022 | Serial | 4% | 100
|
| 2023 | Serial | 4% | 99.495
|
| 2024 | Serial | 4.25% | 100
|
| 2025 | Serial | 4.25% | 99.448
|
| 2026 | Serial | 4.25% | 98.851
|
| 2027 | Serial | 4.5% | 100.802
|
| 2028 | Serial | 4.5% | 100.479
|
| 2029 | Serial | 4.5% | 100
|
| 2030 | Serial | 4.5% | 98.697
|
| 2031 | Serial | 4.625% | 99.664
|
| 2032 | Serial | 4.625% | 98.975
|
| 2033 | Serial | 4.75% | 100
|
| 2034 | Serial | 5% | 101.576
|
| 2035 | Serial | 5% | 101.179
|
| 2036 | Serial | 5% | 100.783
|
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