Published on 7/12/2012 in the Prospect News Municipals Daily.
New Issue: Lincoln, Neb., prices $296.25 million of Lincoln Electric System bonds
By Sheri Kasprzak
New York, July 12 - The City of Lincoln, Neb., sold $296.25 million of series 2012 revenue and refunding bonds for the Lincoln Electric System, said a pricing sheet.
The bonds (/AA/AA) were sold through senior manager Bank of America Merrill Lynch. The co-managers were Ameritas Investments Corp., Citigroup Global Markets Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC.
The bonds are due 2013 to 2032 with a term bond due in 2037. The serial coupons range from 1% to 5%. The 2037 bonds have a split maturity with a 3.625% coupon priced at 98.779 and a 5% coupon priced at 130.247.
Proceeds will be used to finance capital improvements to the system as well as to refund the system's series 2003 revenue bonds.
| Issuer: | Lincoln, Neb./Lincoln Electric System
|
| Issue: | Series 2012 revenue and refunding bonds
|
| Amount: | $296.25 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), Ameritas Investments Corp., Citigroup Global Markets Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | July 12
|
| Settlement date: | Aug. 9
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.47 million | 2013 | Serial | 3% | 102.912
|
| $2.65 million | 2013 | Serial | 1% | 100.794
|
| $1.7 million | 2014 | Serial | 3% | 105.289
|
| $8,735,000 | 2014 | Serial | 5% | 109.389
|
| $11,135,000 | 2015 | Serial | 4% | 110.329
|
| $2.82 million | 2021 | Serial | 2% | 100.745
|
| $10,825,000 | 2021 | Serial | 5% | 125.596
|
| $15.44 million | 2022 | Serial | 5% | 126.383
|
| $1.91 million | 2023 | Serial | 3% | 107.104
|
| $14,305,000 | 2023 | Serial | 5% | 127.131
|
| $16.99 million | 2024 | Serial | 5% | 127.448
|
| $730,000 | 2025 | Serial | 2.75% | 100.217
|
| $17.1 million | 2025 | Serial | 5% | 127.966
|
| $18.71 million | 2026 | Serial | 5% | 128.522
|
| $6,885,000 | 2027 | Serial | 3% | 99.04
|
| $12.76 million | 2027 | Serial | 5% | 128.881
|
| $20.49 million | 2028 | Serial | 5% | 129.203
|
| $18.01 million | 2029 | Serial | 3.125% | 98.242
|
| $31.66 million | 2030 | Serial | 3.125% | 97.232
|
| $4.84 million | 2030 | Serial | 5% | 129.69
|
| $15.3 million | 2031 | Serial | 3.25% | 97.906
|
| $3.8 million | 2031 | Serial | 5% | 129.723
|
| $19.72 million | 2032 | Serial | 3.5% | 100.717
|
| $4,675,000 | 2037 | Term | 3.625% | 98.779
|
| $25.59 million | 2037 | Term | 5% | 130.247
|
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