Published on 1/20/2012 in the Prospect News Municipals Daily.
New Issue: Waco, Texas, sells $54.35 million of G.O. refunding bonds
By Sheri Kasprzak
New York, Jan. 20 - The City of Waco, Texas, priced $54,345,000 of series 2012 general obligation refunding bonds, according to a term sheet.
The bonds (Aa2/AA) were sold through Samco Capital Markets Inc. The co-managers were Southwest Securities Inc. and Rice Financial Products Co.
The bonds are due 2013 to 2032 with a term bond due in 2035. The serial coupons range from 2% to 4%. The 2035 bonds have a 3.625% coupon priced at 97.483.
Proceeds will be used to refund the city's series 2002 G.O. bonds, series 2002 combination tax and revenue certificates of obligation, series 2003 combination tax and revenue certificates of obligation and series 2005 combination tax and revenue certificates of obligation, as well as to construct, acquire, relocate and improve the city's fire service buildings, airport facilities, parks and recreational facilities, city streets, traffic control systems, sidewalks, street lighting and drainage systems.
| Issuer: | City of Waco, Texas
|
| Issue: | Series 2012 general obligation refunding bonds
|
| Amount: | $54,345,000
|
| Type: | Negotiated
|
| Underwriters: | Samco Capital Markets Inc. (lead); Southwest Securities Inc. and Rice Financial Products Co. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | Jan. 20
|
| Settlement date: | Feb. 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $540,000 | 2013 | Serial | 2% | 101.539
|
| $3,325,000 | 2014 | Serial | 3% | 104.839
|
| $2.72 million | 2015 | Serial | 4% | 109.694
|
| $4.52 million | 2016 | Serial | 4% | 112.044
|
| $3,745,000 | 2017 | Serial | 4% | 114.075
|
| $4.88 million | 2018 | Serial | 4% | 115.569
|
| $3,685,000 | 2019 | Serial | 4% | 116.472
|
| $5,025,000 | 2020 | Serial | 4% | 116.738
|
| $2.99 million | 2021 | Serial | 3% | 108.51
|
| $3.17 million | 2022 | Serial | 4% | 114.921
|
| $3,355,000 | 2023 | Serial | 4% | 112.748
|
| $3.31 million | 2024 | Serial | 4% | 110.876
|
| $3,485,000 | 2025 | Serial | 4% | 109.62
|
| $855,000 | 2026 | Serial | 2.75% | 98.061
|
| $895,000 | 2027 | Serial | 3% | 99.521
|
| $920,000 | 2028 | Serial | 3% | 98.128
|
| $960,000 | 2029 | Serial | 3.125% | 98.378
|
| $995,000 | 2030 | Serial | 3.25% | 98.657
|
| $1.04 million | 2031 | Serial | 3.375% | 98.961
|
| $1,075,000 | 2032 | Serial | 3.5% | 99.288
|
| $2,855,000 | 2035 | Term | 3.625% | 97.483
|
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