Published on 6/18/2013 in the Prospect News Municipals Daily.
New Issue: Clarksville, Tenn., prices $64.87 million water, sewer and gas revenue bonds
By Sheri Kasprzak
New York, June 18 - The City of Clarksville, Tenn., sold $64.87 million of series 2013 water, sewer and gas revenue and refunding bonds, according to a pricing sheet.
The bonds were sold through Morgan Stanley & Co. LLC.
The deal included $46.49 million of series 2013 senior-lien bonds (Aa3//AA-) and $18.38 million of series 2013 subordinate-lien bonds (A1//A+).
The senior-lien bonds are due 2019 to 2033 with a term bond due in 2038. The serial coupons range from 3% to 5%. The 2038 bonds have a 5% coupon priced at 107.486.
The subordinate-lien bonds are due 2014 to 2019 with 2% to 5% coupons.
Proceeds will be used to prepay a loan to the city's public building authority and a loan to the state revolving fund.
| Issuer: | City of Clarksville, Tenn.
|
| Issue: | Series 2013 water, sewer and gas revenue and refunding bonds
|
| Amount: | $64.87 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Piper Jaffray & Co. and Raymond James/Morgan Keegan (co-managers)
|
| Pricing date: | June 18
|
| Settlement date: | June 27
|
|
|
| $46.49 million series 2013 senior-lien bonds (Aa3//AA-)
|
| Amount | Maturity | Type | Coupon | Price
|
| $360,000 | 2019 | Serial | 5% | 117.596
|
| $3,385,000 | 2020 | Serial | 5% | 118.581
|
| $3.56 million | 2021 | Serial | 5% | 118.866
|
| $3,735,000 | 2022 | Serial | 5% | 118.629
|
| $1.62 million | 2023 | Serial | 5% | 118.488
|
| $350,000 | 2024 | Serial | 3% | 99.19
|
| $1,245,000 | 2024 | Serial | 5% | 116.655
|
| $1.67 million | 2025 | Serial | 5% | 114.945
|
| $170,000 | 2026 | Serial | 3.5% | 99.795
|
| $1,585,000 | 2026 | Serial | 5% | 113.704
|
| $1.84 million | 2027 | Serial | 5% | 112.479
|
| $1.93 million | 2028 | Serial | 5% | 111.527
|
| $2,025,000 | 2029 | Serial | 5% | 110.671
|
| $250,000 | 2030 | Serial | 4% | 99.397
|
| $4,085,000 | 2031 | Serial | 4% | 98.628
|
| $800,000 | 2032 | Serial | 4% | 97.812
|
| $1.5 million | 2032 | Serial | 5% | 109.148
|
| $2.41 million | 2033 | Serial | 5% | 108.73
|
| $13.97 million | 2038 | Term | 5% | 107.486
|
|
|
| $18.38 million series 2013 subordinate-lien bonds (A1//A+)
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.88 million | 2014 | Serial | 2% | 100.984
|
| $2.76 million | 2015 | Serial | 3% | 103.721
|
| $2.84 million | 2016 | Serial | 4% | 107.877
|
| $2,955,000 | 2017 | Serial | 4% | 109.672
|
| $3,075,000 | 2018 | Serial | 5% | 115.145
|
| $2.87 million | 2019 | Serial | 5% | 116.55
|
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