Published on 8/23/2013 in the Prospect News Municipals Daily.
New Issue: Dallas offers up $156.37 million waterworks and sewer refunding bonds
By Sheri Kasprzak
New York, Aug. 23 - The City of Dallas priced $156,369,000 of series 2013 waterworks and sewer system revenue refunding bonds, according to a pricing sheet.
The bonds (Aa1/AAA/) were sold through BofA Merrill Lynch and Cabrera Capital Markets LLC.
The bonds are due 2014 to 2033 with term bonds due in 2038 and 2042. The serial coupons range from 2% to 5% and yields from 0.18% to 4.49%. The 2038 bonds have a 5% coupon priced at 103.022 to yield 4.62% and the 2042 bonds have a 5% coupon priced at 102.377 to yield 4.7%.
Proceeds will be used to refund $175 million of the city's outstanding commercial paper.
| Issuer: | City of Dallas
|
| Issue: | Series 2013 waterworks and sewer system revenue refunding bonds
|
| Amount: | $156,639,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Cabrera Capital Markets LLC (lead), J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, M.R. Beal & Co. LLC, Raymond James/Morgan Keegan, RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Southwest Securities Inc. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Pricing date: | Aug. 22
|
| Settlement date: | Sept. 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,565,000 | 2014 | Serial | 2% | 101.888 | 0.18%
|
| $2,655,000 | 2015 | Serial | 5% | 109.116 | 0.50%
|
| $2,795,000 | 2016 | Serial | 5% | 112.584 | 0.80%
|
| $2,935,000 | 2017 | Serial | 5% | 114.937 | 1.20%
|
| $3.04 million | 2018 | Serial | 2% | 101.782 | 1.63%
|
| $3.15 million | 2019 | Serial | 5% | 116.428 | 2.09%
|
| $3.13 million | 2020 | Serial | 5% | 116.323 | 2.46%
|
| $3.48 million | 2021 | Serial | 5% | 115.737 | 2.80%
|
| $3.66 million | 2022 | Serial | 5% | 115.387 | 3.04%
|
| $3,845,000 | 2023 | Serial | 5% | 115.164 | 3.22%
|
| $4,045,000 | 2024 | Serial | 5% | 113.237 | 3.43%
|
| $4.25 million | 2025 | Serial | 5% | 111.527 | 3.62%
|
| $4.47 million | 2026 | Serial | 5% | 110.023 | 3.79%
|
| $4.7 million | 2027 | Serial | 5% | 108.544 | 3.96%
|
| $4.94 million | 2028 | Serial | 5% | 107.77 | 4.05%
|
| $5,195,000 | 2029 | Serial | 5% | 106.58 | 4.19%
|
| $5.46 million | 2030 | Serial | 5% | 105.823 | 4.28%
|
| $5.74 million | 2031 | Serial | 5% | 105.156 | 4.36%
|
| $6,035,000 | 2032 | Serial | 5% | 104.494 | 4.44%
|
| $6,354,000 | 2033 | Serial | 5% | 104.083 | 4.49%
|
| $36,945,000 | 2038 | Term | 5% | 103.022 | 4.62%
|
| $36.98 million | 2042 | Term | 5% | 102.377 | 4.70%
|
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