Published on 8/26/2014 in the Prospect News Municipals Daily.
New Issue: Meriden, Conn., offers up $53.79 million of G.O. bonds competitively
By Sheri Kasprzak
New York, Aug. 26 – The City of Meriden, Conn., sold $53,799,000 of series 2014 general obligation bonds, according to a pricing sheet.
The offering included $50,305,000 of series 2014A tax-exempt bonds and $3,494,000 of series 2014B taxable bonds.
The 2014A bonds are due 2016 to 2034 with 3% to 5% coupons and yields from 0.36% to 3.45%. The 2014B bonds are due 2016 to 2024 with coupons from 2% to 3% and yields from 0.55% to 2.85%.
The bonds (/AA-/AA-) were sold competitively with Robert W. Baird & Co. Inc. winning the bid. The true interest cost for the 2014A bonds was 2.957529% and the TIC for the 2014B bonds was 2.372416%.
Proceeds will be used to finance general purpose, school, sewer, water and golf capital projects for the city.
| Issuer: | City of Meriden
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $53,799,000
|
| Type: | Competitive
|
| Underwriter: | Robert W. Baird & Co. Inc. (winner)
|
| TIC: | 2.957529% (for 2014A), 2.372416% (for 2014B)
|
| Ratings: | Standard & Poor’s: AA-
|
| Fitch: AA-
|
| Pricing date: | Aug. 26
|
| Settlement date: | Sept. 8
|
|
|
| $50,305,000 series 2014A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2 million | 2016 | Serial | 5% | 106.845 | 0.36%
|
| $2.2 million | 2017 | Serial | 5% | 110.765 | 0.62%
|
| $2.55 million | 2018 | Serial | 5% | 114.091 | 0.88%
|
| $2.55 million | 2019 | Serial | 5% | 116.527 | 1.20%
|
| $2.55 million | 2020 | Serial | 5% | 118.348 | 1.50%
|
| $2.55 million | 2021 | Serial | 4% | 113.53 | 1.78%
|
| $2.55 million | 2022 | Serial | 5% | 120.747 | 2.00%
|
| $2.55 million | 2023 | Serial | 4% | 112.132 | 2.23%
|
| $2.55 million | 2024 | Serial | 4% | 111.258 | 2.35%
|
| $2.6 million | 2025 | Serial | 3% | 103.391 | 2.50%
|
| $2.85 million | 2026 | Serial | 3% | 102.019 | 2.70%
|
| $2.85 million | 2027 | Serial | 3% | 101.003 | 2.85%
|
| $2.85 million | 2028 | Serial | 3% | 100 | 3.00%
|
| $2.85 million | 2029 | Serial | 3% | 98.84 | 3.10%
|
| $2.85 million | 2030 | Serial | 3.125% | 99.089 | 3.20%
|
| $2.85 million | 2031 | Serial | 3.25% | 99.367 | 3.30%
|
| $2.85 million | 2032 | Serial | 3.25% | 98.684 | 3.35%
|
| $2.85 million | 2033 | Serial | 3.25% | 97.953 | 3.40%
|
| $2,855,000 | 2034 | Serial | 3.375% | 98.942 | 3.45%
|
|
|
| $3,494,000 series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $374,000 | 2016 | Serial | 2% | 102.135 | 0.55%
|
| $390,000 | 2017 | Serial | 2% | 102.196 | 1.10%
|
| $390,000 | 2018 | Serial | 2% | 101.86 | 1.45%
|
| $390,000 | 2019 | Serial | 2% | 100.857 | 1.80%
|
| $390,000 | 2020 | Serial | 3% | 104.9 | 2.05%
|
| $390,000 | 2021 | Serial | 3% | 104.191 | 2.30%
|
| $390,000 | 2022 | Serial | 3% | 103.391 | 2.50%
|
| $390,000 | 2023 | Serial | 3% | 102.259 | 2.70%
|
| $390,000 | 2024 | Serial | 3% | 101.238 | 2.85%
|
|
|
© 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.
