Published on 9/16/2015 in the Prospect News Municipals Daily.
New Issue: Philadelphia brings to market $191.59 million general obligation bonds
By Sheri Kasprzak
New York, Sept. 16 – The City of Philadelphia sold $191,585,000 of series 2015B general obligation bonds, according to a pricing sheet.
The bonds (A2/A+/A-) were sold through Citigroup Global Markets Inc.
The bonds are due 2016 to 2033 with a term bond due in 2035. The serial coupons range from 2% to 5%. The 2035 bonds have a 4% coupon priced at 97.981.
Proceeds will be used to finance capital projects.
| Issuer: | City of Philadelphia
|
| Issue: | Series 2015B general obligation bonds
|
| Amount: | $191,585,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), BNY Mellon Capital Markets LLC, Drexel Hamilton LLC, J.P. Morgan Securities LLC and Stern Brothers & Co. (co-managers)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A+
|
| Fitch: A-
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,805,000 | 2016 | Serial | 2% | 101.317
|
| $6,015,000 | 2017 | Serial | 5% | 107.372
|
| $6,325,000 | 2018 | Serial | 5% | 110.356
|
| $6.65 million | 2019 | Serial | 5% | 112.56
|
| $6.99 million | 2020 | Serial | 5% | 113.909
|
| $7.35 million | 2021 | Serial | 5% | 114.488
|
| $7,725,000 | 2022 | Serial | 5% | 115.142
|
| $8.12 million | 2023 | Serial | 5% | 115.608
|
| $8,535,000 | 2024 | Serial | 5% | 116.262
|
| $8,975,000 | 2025 | Serial | 5% | 116.552
|
| $9,435,000 | 2026 | Serial | 5% | 115.173
|
| $9.92 million | 2027 | Serial | 5% | 114.356
|
| $10.43 million | 2028 | Serial | 5% | 113.277
|
| $10,965,000 | 2029 | Serial | 5% | 112.475
|
| $11,525,000 | 2030 | Serial | 5% | 111.593
|
| $12,115,000 | 2031 | Serial | 5% | 110.893
|
| $12,735,000 | 2032 | Serial | 5% | 110.371
|
| $13.39 million | 2033 | Serial | 5% | 109.939
|
| $28.58 million | 2035 | Term | 4% | 97.981
|
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