Published on 6/30/2016 in the Prospect News Municipals Daily.
New Issue: Dallas prices $540.35 million of revenue refunding bonds in two parts
By Cristal Cody
Eureka Springs, Ark., June 30 – The city of Dallas priced $540,345,000 of series 2016 waterworks and sewer revenue bonds, according to an official statement.
The deal included $370.1 million of series 2016A revenue refunding bonds and $170,245,000 of series 2016B taxable revenue refunding bonds.
The bonds (/AAA/AA+) were sold on a negotiated basis with Goldman Sachs & Co. and Loop Capital Markets LLC as the senior managers.
Proceeds will be used to refund the city’s series 2006, 2007, 2008, 2010, 2011, 2012 and 2013A revenue bonds.
| Issuer: | City of Dallas
|
| Issue: | Waterworks and sewer revenue bonds
|
| Amount: | $540,345,000
|
| Type: | Negotiated
|
| Bookrunners: | Goldman Sachs & Co. and Loop Capital Markets LLC
|
| Co-managers: | Citigroup Global Markets Inc., Frost Bank, Piper Jaffray & Co., Samuel Ramirez & Co. Inc., Stern Brothers & Co., Stifel, Nicolaus & Co. and Wells Fargo Securities, LLC
|
| Ratings: Standard & Poor’s: AAA
|
| Fitch: AA+
|
| Pricing date: | June 23
|
| Settlement date: July 7
|
|
|
| Series 2016A bonds
|
| Maturity | Type | Amount | Coupon | Yield
|
| 2017 | Serial | $2,995,0000 | 3% | 0.67%
|
| 2018 | Serial | $3.12 million | 5% | 0.79%
|
| 2019 | Serial | $3.28 million | 5% | 0.91%
|
| 2020 | Serial | $3.45 million | 5% | 1.01%
|
| 2021 | Serial | $3,625,000 | 5% | 1.16%
|
| 2022 | Serial | $3.81 million | 5% | 1.28%
|
| 2023 | Serial | $4,005,000 | 5% | 1.4%
|
| 2024 | Serial | $4.21 million | 5% | 1.5%
|
| 2025 | Serial | $4,425,000 | 5% | 1.6%
|
| 2026 | Serial | $4.66 million | 5% | 1.7%
|
| 2027 | Serial | $4,895,000 | 5% | 1.81%
|
| 2028 | Serial | $10.99 million | 5% | 1.87%
|
| 2029 | Serial | $44.37 million | 5% | 1.94%
|
| 2030 | Serial | $26,815,000 | 5% | 2%
|
| 2031 | Serial | $25.1 million | 4% | 2.06%
|
| 2032 | Serial | $15.51 million | 5% | 2.11%
|
| 2033 | Serial | $26,305,000 | 5% | 2.16%
|
| 2034 | Serial | $28,985,000 | 5% | 2.21%
|
| 2035 | Serial | $10 million | 4% | 2.5%
|
| 2035 | Serial | $16.64 million | 5% | 2.25%
|
| 2036 | Serial | $15 million | 4% | 2.54%
|
| 2036 | Serial | $22.21 million | 5% | 2.29%
|
| 2041 | Term | $28,115,000 | 5% | 2.39%
|
| 2041 | Term | $25 million | 4% | 2.64%
|
| 2045 | Term | $42,585,000 | 4% | 2.68%
|
|
|
| Series 2016B bonds
|
| Maturity | Type | Amount | Coupon | Price
|
| 2016 | Serial | $2.53 million | 0.6% | Par
|
| 2017 | Serial | $5.11 million | 1% | Par
|
| 2018 | Serial | $39,975,000 | 0.985% | Par
|
| 2019 | Serial | $28.28 million | 1.217% | Par
|
| 2020 | Serial | $1.41 million | 1.526% | Par
|
| 2021 | Serial | $8,105,000 | 1.726% | Par
|
| 2022 | Serial | $16.64 million | 1.898% | Par
|
| 2023 | Serial | $9.61 million | 2.068% | Par
|
| 2024 | Serial | $2.77 million | 2.289% | Par
|
| 2025 | Serial | $2,835,000 | 2.389% | Par
|
| 2026 | Serial | $5.65 million | 2.439% | Par
|
| 2027 | Serial | $17.56 million | 2.589% | Par
|
|
|
| 2028 | Serial | $29.77 million | 2.689% | Par
|
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