Published on 7/22/2016 in the Prospect News Municipals Daily.
New Issue: Wichita, Kan., prices $125.2 million revenue bonds in two tranches
By Cristal Cody
Eureka Springs, Ark., July 22 – The City of Wichita, Kan., sold $125,255,000 of revenue bonds (/AA-/) in two tranches, according to an official statement.
The city brought $23.81 million of series 2016A water and sewer utility revenue bonds and $101,445,000 of series 2016B water and sewer utility refunding revenue bonds.
The series 2016A bonds priced with 2% to 5% coupons and 0.65% to 2.96% yields.
The series 2016B bonds were sold with 2% to 5% coupons and yields of 0.65% to 2.95%.
BofA Merrill Lynch was the winning bidder of the competitive sales.
Springsted Inc., Public Sector Advisors was the financial adviser.
Proceeds will be used to finance a portion of multiple improvements, extensions, enlargements, repairs and reconstruction of various water and sewer utility facilities and to refund certain outstanding series 2009A water and sewer utility revenue bonds.
| Issuer: | Wichita, Kan.
|
| Issue: | Revenue bonds
|
| Amount: | $125,255,000
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch
|
| Rating: | S&P: AA-
|
| Pricing date: | July 14
|
| Settlement date: | Aug. 11
|
|
|
| Series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $695,000 | 2017 | Serial | 2% | 0.65%
|
| $860,000 | 2018 | Serial | 5% | 0.72%
|
| $900,000 | 2019 | Serial | 5% | 0.82%
|
| $945,000 | 2020 | Serial | 5% | 0.95%
|
| $995,000 | 2021 | Serial | 5% | 1.11%
|
| $1.04 million | 2022 | Serial | 5% | 1.29%
|
| $1,095,000 | 2023 | Serial | 5% | 1.38%
|
| $1.15 million | 2024 | Serial | 5% | 1.52%
|
| $1,205,000 | 2025 | Serial | 5% | 1.61%
|
| $1,265,000 | 2026 | Serial | 5% | 1.75%
|
| $1.33 million | 2027 | Serial | 4% | 1.9%
|
| $1,385,000 | 2028 | Serial | 3% | 2.15%
|
| $1.43 million | 2029 | Serial | 3% | 2.34%
|
| $1,475,000 | 2030 | Serial | 3% | 2.47%
|
| $1,515,000 | 2031 | Serial | 3% | 2.63%
|
| $1,225,000 | 2032 | Serial | 3% | 2.7%
|
| $5.3 million | 2036 | Term | 3% | 2.96%
|
|
|
| Series 2016B bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $3,105,000 | 2017 | Serial | 2% | 0.65%
|
| $3,235,000 | 2018 | Serial | 5% | 0.72%
|
| $3.35 million | 2019 | Serial | 5% | 0.82%
|
| $4,645,000 | 2020 | Serial | 5% | 0.95%
|
| $4,765,000 | 2021 | Serial | 5% | 1.11%
|
| $4.89 million | 2022 | Serial | 5% | 1.29%
|
| $5,035,000 | 2023 | Serial | 5% | 1.38%
|
| $5.17 million | 2024 | Serial | 5% | 1.52%
|
| $5.32 million | 2025 | Serial | 5% | 1.61%
|
| $5.48 million | 2026 | Serial | 5% | 1.75%
|
| $5.59 million | 2027 | Serial | 4% | 1.9%
|
| $5.7 million | 2028 | Serial | 3% | 2.15%
|
| $5,765,000 | 2029 | Serial | 3% | 2.34%
|
| $5.83 million | 2030 | Serial | 3% | 2.47%
|
| $5,895,000 | 2031 | Serial | 3% | 2.63%
|
| $5.97 million | 2032 | Serial | 3% | 2.7%
|
| $6,045,000 | 2033 | Serial | 3% | 2.75%
|
| $6,115,000 | 2034 | Serial | 3% | 2.8%
|
| $9.54 million | 2039 | Term | 3% | 2.95%
|
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