Published on 3/4/2015 in the Prospect News Municipals Daily.
New Issue: Clark County, Nev., prices $181.8 million of Las Vegas Convention bonds
By Sheri Kasprzak
New York, March 4 – Clark County, Nev., sold $181,805,000 of series 2015A refunding bonds for the Las Vegas Convention and Visitors Authority, according to a term sheet.
The bonds (Aa1/AA/) were sold competitively. The issuer did not immediately respond to requests for the winning bidder Wednesday.
The bonds are due 2016 to 2035 with term bonds due in 2039 and 2044. The serial coupons range from 2% to 5% with 0.4% to 3.47% yields. The 2039 bonds have a 4% coupon priced at 102.363 to yield 3.72%, and the 2044 bonds have a 4% coupon priced at 101.85 to yield 3.78%.
Proceeds will be used to refund the county’s series 2005, 2007 and 2014 revenue bonds issued for the authority.
| Issuer: | Clark County, Nev./Las Vegas Convention and Visitors Authority
|
| Issue: | Series 2015A refunding bonds
|
| Amount: | $181,805,000
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA
|
| Pricing date: | March 4
|
| Settlement date: | April 2
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $13,685,000 | 2016 | Serial | 5% | 105.716 | 0.40%
|
| $14.4 million | 2017 | Serial | 5% | 109.357 | 0.79%
|
| $18.2 million | 2018 | Serial | 5% | 112.2 | 1.16%
|
| $19,165,000 | 2019 | Serial | 5% | 114.925 | 1.37%
|
| $5,855,000 | 2020 | Serial | 2% | 102.462 | 1.51%
|
| $6,075,000 | 2021 | Serial | 5% | 119.674 | 1.67%
|
| $2.68 million | 2022 | Serial | 5% | 120.742 | 1.92%
|
| $2,815,000 | 2023 | Serial | 5% | 122.021 | 2.08%
|
| $2.96 million | 2024 | Serial | 5% | 123.027 | 2.23%
|
| $3,115,000 | 2025 | Serial | 5% | 124.107 | 2.34%
|
| $3.27 million | 2026 | Serial | 5% | 122.879 | 2.46%
|
| $3.44 million | 2027 | Serial | 5% | 121.464 | 2.60%
|
| $3,615,000 | 2028 | Serial | 5% | 120.365 | 2.71%
|
| $3,765,000 | 2029 | Serial | 3% | 99.194 | 3.07%
|
| $3.92 million | 2030 | Serial | 5% | 119.083 | 2.84%
|
| $4,095,000 | 2031 | Serial | 4% | 106.04 | 3.30%
|
| $4.25 million | 2032 | Serial | 3.25% | 98.051 | 3.40%
|
| $4,405,000 | 2033 | Serial | 4% | 105.239 | 3.39%
|
| $4,585,000 | 2034 | Serial | 4% | 104.885 | 3.43%
|
| $4,775,000 | 2035 | Serial | 4% | 104.533 | 3.47%
|
| $21,115,000 | 2039 | Term | 4% | 102.363 | 3.72%
|
| $31.62 million | 2044 | Term | 4% | 101.85 | 3.78%
|
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