Published on 3/19/2015 in the Prospect News Municipals Daily.
New Issue: Dallas, Texas, brings to market $604.26 million waterworks, sewer bonds
By Sheri Kasprzak
New York, March 19 – The City of Dallas, Texas, sold $604.26 million of series 2015 waterworks and sewer revenue refunding bonds, said a pricing sheet.
The deal included $453.63 million of series 2015A bonds and $150.63 million of series 2015B taxable bonds.
The 2015A bonds are due 2015 to 2037 with term bonds due in 2040 and 2044. The serial coupons range from 1% to 5% with 0.125% to 3.56% yields. The 2040 bonds have a 4% coupon priced at 103.298 to yield 3.62%, and the 2044 bonds have a 5% coupon priced at 115.386 to yield 3.26%.
The 2015B bonds are due 2019 to 2023 with 1.96% to 2.796% coupons, all priced at par.
The bonds (Aa1/AAA/) were sold through Cabrera Capital Markets LLC.
Proceeds will be used to refund city’s series 2007, 2008, 2010 and 2011 waterworks and sewer revenue bonds.
| Issuer: | City of Dallas, Texas
|
| Issue: | Series 2015 waterworks and sewer revenue refunding bonds
|
| Amount: | $604.26 million
|
| Type: | Negotiated
|
| Underwriters: | Cabrera Capital Markets LLC (lead), Morgan Stanley & Co. LLC, RBC Capital Markets LLC, BofA Merrill Lynch, Duncan-Williams Inc., J.P. Morgan Securities LLC, Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC and Stephens Inc. (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AAA
|
| Pricing date: | March 19
|
| Settlement date: | March 25
|
|
|
| $453.63 million series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.85 million | 2015 | Serial | 1% | 100.451 | 0.125%
|
| $3,085,000 | 2016 | Serial | 5% | 107.185 | 0.25%
|
| $3,245,000 | 2017 | Serial | 5% | 110.496 | 0.78%
|
| $3.41 million | 2018 | Serial | 5% | 113.157 | 1.17%
|
| $3,585,000 | 2019 | Serial | 5% | 115.465 | 1.45%
|
| $3.77 million | 2020 | Serial | 5% | 117.537 | 1.66%
|
| $3,965,000 | 2021 | Serial | 5% | 119.119 | 1.87%
|
| $4.17 million | 2022 | Serial | 5% | 120.144 | 2.09%
|
| $26.39 million | 2023 | Serial | 5% | 121.55 | 2.21%
|
| $41.64 million | 2024 | Serial | 5% | 122.575 | 2.34%
|
| $33.89 million | 2025 | Serial | 5% | 123.514 | 2.45%
|
| $35.61 million | 2026 | Serial | 5% | 122.371 | 2.56%
|
| $25.51 million | 2027 | Serial | 5% | 121.241 | 2.67%
|
| $17.22 million | 2028 | Serial | 5% | 120.224 | 2.77%
|
| $12.98 million | 2029 | Serial | 5% | 119.618 | 2.83%
|
| $13.65 million | 2030 | Serial | 5% | 119.017 | 2.89%
|
| $14.35 million | 2031 | Serial | 5% | 118.518 | 2.94%
|
| $27,505,000 | 2032 | Serial | 5% | 118.121 | 2.98%
|
| $28.77 million | 2033 | Serial | 4% | 105.176 | 3.41%
|
| $29.94 million | 2034 | Serial | 4% | 104.816 | 3.45%
|
| $31,165,000 | 2035 | Serial | 4% | 104.546 | 3.48%
|
| $8,105,000 | 2036 | Serial | 4% | 104.098 | 3.53%
|
| $8,435,000 | 2037 | Serial | 4% | 103.831 | 3.56%
|
| $27,425,000 | 2040 | Term | 4% | 103.298 | 3.62%
|
| $42,965,000 | 2044 | Term | 5% | 115.386 | 3.26%
|
|
|
| $150.63 million series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $12,485,000 | 2019 | Serial | 1.96% | 100
|
| $41.69 million | 2020 | Serial | 2.21% | 100
|
| $45,795,000 | 2021 | Serial | 2.485% | 100
|
| $37,285,000 | 2022 | Serial | 2.635% | 100
|
| $13,375,000 | 2023 | Serial | 2.796% | 100
|
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