Published on 9/6/2012 in the Prospect News Municipals Daily.
New Issue: San Antonio prices $162.21 million of water system revenue and refunding bonds
By Sheri Kasprzak
New York, Sept. 6 - The City of San Antonio priced $162,205,000 of series 2012A water system revenue and refunding bonds, according to a term sheet.
The bonds (Aa1/AA/AA+) were sold through senior manager Wells Fargo Securities LLC with Loop Capital Markets LLC, Ramirez & Co. Inc., Samco Capital Markets and Siebert Brandford Shank & Co. LLC as the co-managers.
The bonds are due 2013 to 2037 with term bonds due in 2040 and 2042. The serial coupons range from 2% to 5%. The 2040 bonds have a 5% coupon priced at 115.156 and the 2042 bonds have a 3.5% coupon priced at 96.416.
Proceeds will be used to acquire, purchase, construct, improve, renovate and equip the water system, as well as refund existing commercial paper.
| Issuer: | City of San Antonio
|
| Issue: | Series 2012A water system revenue and refunding bonds
|
| Amount: | $162,205,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead), Loop Capital Markets LLC, Ramirez & Co. Inc., Samco Capital Markets and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | Sept. 6
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,525,000 | 2013 | Serial | 2% | 101.088
|
| $2,505,000 | 2014 | Serial | 3% | 104.325
|
| $2,595,000 | 2015 | Serial | 4% | 109.233
|
| $2,715,000 | 2016 | Serial | 5% | 115.885
|
| $2,855,000 | 2017 | Serial | 5% | 118.959
|
| $3 million | 2018 | Serial | 5% | 121.376
|
| $3,155,000 | 2019 | Serial | 5% | 122.894
|
| $3,315,000 | 2020 | Serial | 4% | 117.228
|
| $3,485,000 | 2021 | Serial | 5% | 125.35
|
| $3,665,000 | 2022 | Serial | 5% | 126.832
|
| $3,855,000 | 2023 | Serial | 5% | 125.039
|
| $4.05 million | 2024 | Serial | 5% | 124.153
|
| $4.26 million | 2025 | Serial | 5% | 123.275
|
| $4,475,000 | 2026 | Serial | 5% | 122.212
|
| $4,705,000 | 2027 | Serial | 5% | 121.541
|
| $4,945,000 | 2028 | Serial | 5% | 120.969
|
| $5.2 million | 2029 | Serial | 5% | 120.401
|
| $5,465,000 | 2030 | Serial | 5% | 119.836
|
| $5.75 million | 2031 | Serial | 5% | 119.274
|
| $19.08 million | 2034 | Serial | 4% | 104.717
|
| $7.02 million | 2035 | Serial | 5% | 116.601
|
| $7.38 million | 2036 | Serial | 5% | 115.966
|
| $7.76 million | 2037 | Serial | 5% | 115.515
|
| $30 million | 2040 | Term | 5% | 115.156
|
| $19,445,000 | 2042 | Term | 3.5% | 96.416
|
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