Published on 7/11/2013 in the Prospect News Municipals Daily.
New Issue: West Travis County Public Utility, Texas, sells $163.87 million bonds
By Sheri Kasprzak
New York, July 11 - The West Travis County Public Utility Agency of Texas sold $163.87 million of series 2013 revenue and refunding bonds, said a pricing sheet.
The bonds (A1/A-/) were sold through senior manager BofA Merrill Lynch.
The bonds are due 2015 to 2033 with term bonds due in 2038 and 2045. The serial coupons range from 2% to 5.5% with 0.97% to 4.9% yields. The 2038 bonds have a 4.75% coupon priced at 96.449 to yield 5% and a 5% coupon priced at par. The 2045 bonds have a 5% coupon priced at 98.117 to yield 5.12%.
Proceeds will be used to improve the utility system, construct improvements to the system and refund existing debt for a net present value savings.
| Issuer: | West Travis County Public Utility Agency
|
| Issue: | Series 2013 revenue and refunding bonds
|
| Amount: | $163.87 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch (lead)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A-
|
| Pricing date: | July 11
|
| Settlement date: | Aug. 1
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,455,000 | 2015 | Serial | 3% | 104.088 | 0.97%
|
| $1,935,000 | 2016 | Serial | 2% | 101.718 | 1.42%
|
| $2,725,000 | 2017 | Serial | 5% | 112.245 | 1.84%
|
| $2,865,000 | 2018 | Serial | 3% | 103.456 | 2.27%
|
| $2.95 million | 2019 | Serial | 3% | 101.884 | 2.66%
|
| $3,035,000 | 2020 | Serial | 3.5% | 103.407 | 2.96%
|
| $3,145,000 | 2021 | Serial | 5% | 112.291 | 3.25%
|
| $3.3 million | 2022 | Serial | 5% | 109.988 | 3.56%
|
| $3,465,000 | 2023 | Serial | 5% | 108.388 | 3.78%
|
| $3.64 million | 2024 | Serial | 5.5% | 111.826 | 3.78%
|
| $3.84 million | 2025 | Serial | 5% | 106.32 | 4.07%
|
| $4.03 million | 2026 | Serial | 5.5% | 110.223 | 4%
|
| $4.25 million | 2027 | Serial | 4.25% | 98.439 | 4.4%
|
| $4,435,000 | 2028 | Serial | 5% | 103.612 | 4.46%
|
| $4,655,000 | 2029 | Serial | 5% | 102.593 | 4.61%
|
| $4.89 million | 2030 | Serial | 4.375% | 96.103 | 4.71%
|
| $5.1 million | 2031 | Serial | 4.5% | 96.638 | 4.78%
|
| $5.33 million | 2032 | Serial | 5% | 101.252 | 4.81%
|
| $5,595,000 | 2033 | Serial | 4.75% | 98.097 | 4.9%
|
| $3.43 million | 2038 | Term | 4.75% | 96.449 | 5%
|
| $28.95 million | 2038 | Term | 5% | 100 | 5%
|
| $60.85 million | 2045 | Term | 5% | 98.117 | 5.12%
|
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