Published on 9/12/2012 in the Prospect News Municipals Daily.
New Issue: Detroit sells $58.16 million Wayne County Stadium G.O. refunding bonds
By Sheri Kasprzak
New York, Sept. 12 - The City of Detroit priced $58.16 million of series 2012 Building Authority refunding general obligation bonds for the Wayne County Stadium Authority, according to a pricing sheet.
The bonds (Baa2/BBB+/BBB+) were sold through Citigroup Global Markets Inc. and Siebert Brandford Shank & Co. LLC. The co-manager was Wells Fargo Securities LLC.
The bonds are due 2013 to 2022 with a term bond due in 2026. The serial coupons range from 3% to 5%. The 2026 bonds have a 5% coupon priced at 108.194.
Proceeds will be used to refund the authority's series 1997 Building Authority general obligation bonds.
Issuer: | City of Detroit/Wayne County Stadium Authority
|
Issue: | Series 2012 Building Authority refunding general obligation bonds
|
Amount: | $58.16 million
|
Type: | Negotiated
|
Underwriters: | Citigroup Global Markets Inc. and Siebert Brandford Shank & Co. LLC (lead), Wells Fargo Securities LLC (co-manager)
|
Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
Pricing date: | Sept. 12
|
Settlement date: | Sept. 20
|
|
Amount | Maturity | Type | Coupon | Price
|
$3.28 million | 2013 | Serial | 3% | NRO
|
$3,545,000 | 2014 | Serial | 5% | 105.857
|
$3,855,000 | 2015 | Serial | 5% | 107.95
|
$4,185,000 | 2016 | Serial | 5% | 109.407
|
$4,445,000 | 2017 | Serial | 5% | 110.255
|
$4,425,000 | 2018 | Serial | 5% | 110.376
|
$4.4 million | 2019 | Serial | 5% | 111.785
|
$4,375,000 | 2020 | Serial | 5% | 111.607
|
$4.35 million | 2021 | Serial | 5% | 111.036
|
$4.32 million | 2022 | Serial | 5% | 110.898
|
$16.98 million | 2026 | Term | 5% | 108.194
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.