Published on 5/14/2015 in the Prospect News Municipals Daily.
New Issue: Plano, Texas, prices $84.46 million G.O. refunding bonds and tax notes
By Sheri Kasprzak
New York, May 14 – The City of Plano, Texas, sold $84.46 million of series 2015 general obligation refunding and improvement and tax notes, according to a pricing sheet.
The deal included $78,715,000 series 2015 G.O. refunding and improvement bonds and $5,745,000 of series 2015 tax notes.
The bonds are due 2015 to 2035 with 2% to 5% coupons.
The notes are due 2015 to 2021 with 2% to 3% coupons.
The bonds and notes (Aaa//AAA) were sold through senior managers Raymond James/Morgan Keegan and Hutchinson, Shockey, Erley & Co. Inc.
Proceeds will be used to refund a portion of the city’s series 2005 G.O. refunding and improvement bonds, series 2006 and 2007 G.O.s and series 2006 combination tax and revenue certificates of obligation, as well as to fund public improvement projects like recreational facilities and streets.
| Issuer: | City of Plano, Texas
|
| Issue: | Series 2015 general obligation refunding and improvement bonds and tax notes
|
| Amount: | $84.46 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan and Hutchinson, Shockey, Erley & Co. Inc. (lead), BOSC Inc. and Baird & Co. (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| Pricing date: | May 14
|
| Settlement date: | June 16
|
|
|
| $78,715,000 series 2015 G.O. refunding and improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.08 million | 2015 | Serial | 2% | 100.375
|
| $9.74 million | 2016 | Serial | 3% | 103.118
|
| $9,725,000 | 2017 | Serial | 5% | 109.013
|
| $10,315,000 | 2018 | Serial | 5% | 111.789
|
| $7,845,000 | 2019 | Serial | 5% | 114.308
|
| $3,555,000 | 2020 | Serial | 5% | 116.379
|
| $2,735,000 | 2021 | Serial | 5% | 117.878
|
| $2.88 million | 2022 | Serial | 5% | 119.081
|
| $3.04 million | 2023 | Serial | 5% | 120.005
|
| $3,205,000 | 2024 | Serial | 5% | 120.72
|
| $3,375,000 | 2025 | Serial | 5% | 121.593
|
| $3.56 million | 2026 | Serial | 5% | 120.101
|
| $3,745,000 | 2027 | Serial | 5% | 119.02
|
| $1.48 million | 2028 | Serial | 3% | 97.856
|
| $1,525,000 | 2029 | Serial | 5% | 117.855
|
| $1,605,000 | 2030 | Serial | 5% | 117.086
|
| $1,685,000 | 2031 | Serial | 5% | 116.513
|
| $1.77 million | 2032 | Serial | 5% | 115.943
|
| $1,855,000 | 2033 | Serial | 5% | 115.565
|
| $1.95 million | 2034 | Serial | 5% | 115.189
|
| $2,045,000 | 2035 | Serial | 5% | 114.814
|
|
|
| $5,745,000 series 2015 tax notes
|
| Amount | Maturity | Type | Coupon | Price
|
| $290,000 | 2015 | Serial | 2% | 100.343
|
| $835,000 | 2016 | Serial | 3% | 103.008
|
| $885,000 | 2017 | Serial | 2% | 102.466
|
| $905,000 | 2018 | Serial | 2% | 102.382
|
| $920,000 | 2019 | Serial | 2% | 102.113
|
| $940,000 | 2020 | Serial | 3% | 106.452
|
| $970,000 | 2021 | Serial | 3% | 106.23
|
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