Published on 4/20/2016 in the Prospect News Municipals Daily.
New Issue: Mission Economic Development, Texas, sells $248.98 million Natgasoline revenue bonds
By Sheri Kasprzak
New York, April 20 – The Mission Economic Development Corp. of Texas priced $248,975,000 of series 2016 senior lien revenue bonds for Natgasoline, said an official statement.
The deal included $50 million of series 2016A bonds and $198,975,000 of series 2016B bonds.
The 2016A bonds are due Oct. 1, 2031 and have a 6% coupon priced at 97.542 to yield 6.25%, and the 2016B bonds are due Oct. 1, 2031 and have a 6% coupon priced at 95.171 to yield 6.5%.
The bonds (/BB-/) were sold through senior managers Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
Proceeds will be used to finance the development, construction, equipment and furnishing of a methanol facility in Beaumont, Texas.
| Issuer: | Mission Economic Development Corp./Natgasoline
|
| Issue: | Series 2016 senior lien revenue bonds
|
| Amount: | $248,975,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC
|
| Rating: | Standard & Poor’s: BB-
|
| Pricing date: | April 19
|
| Settlement date: | May 4
|
|
|
| $50 million series 2016A bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Oct. 1, 2031 | Term | 6% | 97.542 | 6.25%
|
|
|
| $198,975,000 series 2016B bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Oct. 1, 2031 | Term | 6% | 95.171 | 6.5%
|
|
|
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