Published on 12/6/2013 in the Prospect News Municipals Daily.
New Issue: Corpus Christi, Texas, prices $97.93 million of utility system bonds
By Sheri Kasprzak
New York, Dec. 6 - The City of Corpus Christi, Texas, sold $97.93 million of series 2013 junior lien utility system revenue bonds, said a pricing sheet.
The bonds (A1/A/) were sold through Piper Jaffray & Co.
The bonds are due 2014 and 2016 to 2031 with term bonds due in 2033, 2038 and 2043. The serial coupons range from 3% to 5% with 0.25% to 4.68% yields. The 2033 bonds have a 4.625% coupon and priced at 97.915 to yield 4.79%. The 2038 bonds have a 5% coupon and priced at 100.298 to yield 4.96%. The 2043 bonds have a 5% coupon and priced at 99.536 to yield 5.03%.
Proceeds will be used to finance capital improvements to the city's utility system.
| Issuer: | Corpus Christi, Texas
|
| Issue: | Series 2013 junior lien utility system revenue bonds
|
| Amount: | $97.93 million
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray & Co.
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 19
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1 million | 2014 | Serial | 3% | 101.571 | 0.25%
|
| $1 million | 2016 | Serial | 3% | 105.984 | 0.65%
|
| $1 million | 2017 | Serial | 5% | 113.963 | 1.01%
|
| $1 million | 2018 | Serial | 5% | 115.649 | 1.45%
|
| $1 million | 2019 | Serial | 5% | 115.8 | 1.99%
|
| $1 million | 2020 | Serial | 5% | 115.325 | 2.46%
|
| $2,245,000 | 2021 | Serial | 5% | 114.621 | 2.84%
|
| $2.36 million | 2022 | Serial | 5% | 113.962 | 3.13%
|
| $2.48 million | 2023 | Serial | 5% | 113.151 | 3.38%
|
| $2.6 million | 2024 | Serial | 5% | 111.163 | 3.61%
|
| $2.73 million | 2025 | Serial | 5% | 109.635 | 3.79%
|
| $2.87 million | 2026 | Serial | 5% | 107.885 | 4.00%
|
| $3.01 million | 2027 | Serial | 5% | 106.818 | 4.13%
|
| $3.16 million | 2028 | Serial | 5% | 105.683 | 4.27%
|
| $3.32 million | 2029 | Serial | 4.25% | 98.319 | 4.40%
|
| $3.46 million | 2030 | Serial | 5% | 103.693 | 4.52%
|
| $3,635,000 | 2031 | Serial | 4.5% | 97.856 | 4.68%
|
| $7,775,000 | 2033 | Term | 4.625% | 97.915 | 4.79%
|
| $22.97 million | 2038 | Term | 5% | 100.298 | 4.96%
|
| $29,315,000 | 2043 | Term | 5% | 99.536 | 5.03% |
|
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