By Sheri Kasprzak
New York, April 30 - The City of Cleveland priced $59.56 million in series 2008A and 2008B subordinate lien income tax bonds on Tuesday, an official statement said Wednesday.
The sale included $26.36 million in series 2008A public facilities improvement bonds, $18.51 million in series 2008B bridges and roadways improvements bonds, $6.295 million in series 2008C bonds, $6.18 million in series 2008D bonds and $2.215 million in series 2008E bonds (A3/AA/).
The 2008A bonds are due from 2009 to 2023 with term bonds due 2025 and 2029. The serial bonds have coupons from 3% to 5% with yields ranging from 2.16% to 4.42%. The 2025 bonds have a 5% coupon and a 4.45% yield. The 2029 bonds have a 5% coupon and a 4.62% yield.
The 2008B bonds are due from 2009 to 2023 with term bonds due 2025 and 2029. The serial bonds have coupons from 3% to 4.25% and yields from 2.16% to 4.42%. The 2025 bonds have a 5% coupon and a 4.45% yield. The 2029 bonds have a 5% to coupon and a 4.62% yield.
The 2008C bonds are also due 2009 to 2023 with term bonds due 2025 and 2029. The coupons range from 3% to 4.25% with yields from 2.16% to 4.42%. The 2025 bonds have a 4.375% coupon and a 4.45% yield and the 2029 bonds have a 4.5% coupon and a 4.7% yield.
The 2008D bonds are due 2009 to 2023 with term bonds due 2025 and 2029. The coupons range from 3% to 4.25% with yields from 2.16% to 4.42%. The 2025 bonds have a 4.375% coupon with a 4.55% yield. The 2029 bonds have a 4.5% coupon and a 4.7% yield.
The 2008E bonds are due 2009 to 2023 with a term bond due 2025. The serial bonds have coupons from 3% to 4.25% with yields from 2.16% to 4.42%. The 2025 bonds have a 4.375% coupon with a 4.55% yield.
Wachovia Securities was the lead manager for the negotiated deal. The co-managers were Cabrera Capital Markets and George K. Baum & Co.
Proceeds from the 2008A bonds will be used to improve government facilities, and proceeds from the 2008B bonds will be used to make improvements to municipal streets, sidewalks, pedestrian walkways, expressways, roadways and driveways.
| Issuer: | City of Cleveland
|
| Issue: | Series 2008A, 2008B, 2008C, 2008D and 2008E subordinate lien income tax bonds
|
| Amount: | $59.56 million
|
| Type: | Negotiated
|
| Underwriters: | Wachovia Securities (lead); Cabrera Capital Markets; George K. Baum & Co.
|
| Ratings: | Moody's: A3
|
| S&P: AA
|
| Pricing date: | April 29
|
|
|
| Series 2008A bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 2.16%
|
| 2010 | Serial | 3% | 2.48%
|
| 2011 | Serial | 3% | 2.78%
|
| 2012 | Serial | 3% | 3.01%
|
| 2013 | Serial | 3.25% | 3.16%
|
| 2014 | Serial | 3.5% | 3.30%
|
| 2015 | Serial | 3.625% | 3.45%
|
| 2016 | Serial | 3.75% | 3.60%
|
| 2017 | Serial | 5% | 3.76%
|
| 2018 | Serial | 5% | 3.90%
|
| 2019 | Serial | 4% | 4.08%
|
| 2020 | Serial | 4% | 4.13%
|
| 2021 | Serial | 4% | 4.24%
|
| 2022 | Serial | 4.125% | 4.34%
|
| 2023 | Serial | 4.25% | 4.42%
|
| 2025 | Term | 5% | 4.45%
|
| 2029 | Term | 5% | 4.62%
|
|
|
| Series 2008B bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 2.16%
|
| 2010 | Serial | 3% | 2.48%
|
| 2011 | Serial | 3% | 2.78%
|
| 2012 | Serial | 3% | 3.01%
|
| 2013 | Serial | 3.25% | 3.16%
|
| 2014 | Serial | 3.5% | 3.30%
|
| 2015 | Serial | 3.625% | 3.45%
|
| 2016 | Serial | 3.75% | 3.60%
|
| 2017 | Serial | 4% | 3.76%
|
| 2018 | Serial | 4% | 3.90%
|
| 2019 | Serial | 4% | 4.08%
|
| 2020 | Serial | 4% | 4.13%
|
| 2021 | Serial | 4% | 4.24%
|
| 2022 | Serial | 4.125% | 4.34%
|
| 2023 | Serial | 4.25% | 4.42%
|
| 2025 | Term | 5% | 4.45%
|
| 2029 | Term | 5% | 4.62%
|
|
|
| Series 2008C bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 2.16%
|
| 2010 | Serial | 3% | 2.48%
|
| 2011 | Serial | 3% | 2.78%
|
| 2012 | Serial | 3% | 3.01%
|
| 2013 | Serial | 3.25% | 3.16%
|
| 2014 | Serial | 3.5% | 3.30%
|
| 2015 | Serial | 3.625% | 3.45%
|
| 2016 | Serial | 3.75% | 3.60%
|
| 2017 | Serial | 4% | 3.76%
|
| 2018 | Serial | 4% | 3.90%
|
| 2019 | Serial | 4% | 4.08%
|
| 2020 | Serial | 4% | 4.13%
|
| 2021 | Serial | 4% | 4.24%
|
| 2022 | Serial | 4.125% | 4.34%
|
| 2023 | Serial | 4.25% | 4.42%
|
| 2025 | Term | 4.375% | 4.55%
|
| 2029 | Term | 4.5% | 4.70%
|
|
|
| Series 2008D bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 2.16%
|
| 2010 | Serial | 3% | 2.48%
|
| 2011 | Serial | 3% | 2.78%
|
| 2012 | Serial | 3% | 3.01%
|
| 2013 | Serial | 3.25% | 3.16%
|
| 2014 | Serial | 3.5% | 3.30%
|
| 2015 | Serial | 3.625% | 3.45%
|
| 2016 | Serial | 3.75% | 3.60%
|
| 2017 | Serial | 4% | 3.76%
|
| 2018 | Serial | 4% | 3.90%
|
| 2019 | Serial | 4% | 4.08%
|
| 2020 | Serial | 4% | 4.13%
|
| 2021 | Serial | 4% | 4.24%
|
| 2022 | Serial | 4.125% | 4.34%
|
| 2023 | Serial | 4.25% | 4.42%
|
| 2025 | Term | 4.375% | 4.55%
|
| 2029 | Term | 4.5% | 4.70%
|
|
|
| Series 2008E bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 2.16%
|
| 2010 | Serial | 3% | 2.48%
|
| 2011 | Serial | 3% | 2.78%
|
| 2012 | Serial | 3% | 3.01%
|
| 2013 | Serial | 3.25% | 3.16%
|
| 2014 | Serial | 3.5% | 3.30%
|
| 2015 | Serial | 3.625% | 3.45%
|
| 2016 | Serial | 3.75% | 3.60%
|
| 2017 | Serial | 4% | 3.76%
|
| 2018 | Serial | 4% | 3.90%
|
| 2019 | Serial | 4% | 4.08%
|
| 2020 | Serial | 4% | 4.13%
|
| 2021 | Serial | 4% | 4.24%
|
| 2022 | Serial | 4.125% | 4.34%
|
| 2023 | Serial | 4.25% | 4.42%
|
| 2025 | Term | 4.375% | 4.55%
|
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