Published on 9/22/2014 in the Prospect News Municipals Daily.
New Issue: Winston-Salem, N.C., prices $51.83 million of limited obligation bonds
By Sheri Kasprzak
New York, Sept. 22 – The City of Winston-Salem, N.C., sold $51,825,000 of series 2014 limited obligation bonds, according to a pricing sheet.
The deal included $8,915,000 of series 2014B taxable bonds and $42.91 million of series 2014C bonds.
The 2014B bonds are due 2015 to 2025 with term bonds due in 2029 and 2034. The serial coupons range from 0.40% to 3.67% all priced at par. The 2029 bonds have a 4.1% coupon, and the 2034 bonds have a 4.4% coupon both priced at par.
The 2014C bonds are due 2015 to 2034 with 2% to 5% coupons and yields from 0.21% to 3.5%.
The bonds (Aa2/AA+/AA+) were sold through Baird & Co. and BofA Merrill Lynch.
Proceeds will be used to renovate a former rail station called Union Station into a local and regional bus terminal with office and retail space, as well as to refund the city’s series 2004B certificates.
| Issuer: | City of Winston-Salem, N.C.
|
| Issue: | Series 2014 limited obligation bonds
|
| Amount: | $51,825,000
|
| Type: | Negotiated
|
| Underwriters: | Baird & Co. and BofA Merrill Lynch
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Sept. 19
|
| Settlement date: | Oct. 1
|
|
|
| $8,915,000 series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $100,000 | 2015 | Serial | 0.40% | 100
|
| $115,000 | 2016 | Serial | 0.73% | 100
|
| $1,055,000 | 2017 | Serial | 1.34% | 100
|
| $1,055,000 | 2018 | Serial | 1.84% | 100
|
| $1.06 million | 2019 | Serial | 2.26% | 100
|
| $1,065,000 | 2020 | Serial | 2.59% | 100
|
| $1,065,000 | 2021 | Serial | 2.84% | 100
|
| $1,065,000 | 2022 | Serial | 3.02% | 100
|
| $565,000 | 2023 | Serial | 3.27% | 100
|
| $135,000 | 2024 | Serial | 3.52% | 100
|
| $135,000 | 2025 | Serial | 3.67% | 100
|
| $600,000 | 2029 | Term | 4.10% | 100
|
| $900,000 | 2034 | Term | 4.40% | 100
|
|
|
| $42.91 million series 2014C bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.05 million | 2015 | Serial | 2% | 101.191 | 0.21%
|
| $1.28 million | 2016 | Serial | 3% | 104.399 | 0.35%
|
| $1,625,000 | 2017 | Serial | 4% | 108.813 | 0.66%
|
| $1,625,000 | 2018 | Serial | 4% | 110.925 | 0.96%
|
| $1.62 million | 2019 | Serial | 4% | 112.33 | 1.27%
|
| $1.62 million | 2020 | Serial | 4% | 112.95 | 1.60%
|
| $1.61 million | 2021 | Serial | 5% | 119.253 | 1.91%
|
| $1,615,000 | 2022 | Serial | 5% | 119.807 | 2.18%
|
| $2.12 million | 2023 | Serial | 5% | 120.318 | 2.39%
|
| $2.56 million | 2024 | Serial | 5% | 121.06 | 2.53%
|
| $2,545,000 | 2025 | Serial | 5% | 120.015 | 2.64%
|
| $2,555,000 | 2026 | Serial | 5% | 119.262 | 2.72%
|
| $2,555,000 | 2027 | Serial | 5% | 118.515 | 2.80%
|
| $2.55 million | 2028 | Serial | 5% | 117.773 | 2.88%
|
| $2,545,000 | 2029 | Serial | 5% | 117.128 | 2.95%
|
| $2,555,000 | 2030 | Serial | 5% | 116.488 | 3.02%
|
| $2.55 million | 2031 | Serial | 4% | 105.241 | 3.36%
|
| $2,545,000 | 2032 | Serial | 4% | 104.484 | 3.45%
|
| $2.55 million | 2033 | Serial | 3.375% | 98.294 | 3.50%
|
| $3,235,000 | 2034 | Serial | 4.5% | 108.821 | 3.42%
|
|
|
© 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.
