Published on 12/6/2011 in the Prospect News Municipals Daily.
New Issue: DeKalb County, Ga., sells $381.5 million water, sewerage revenue bonds
By Sheri Kasprzak
New York, Dec. 6 - DeKalb County in Georgia sold $381.5 million of series 2011A second resolution water and sewerage revenue bonds, according to a pricing sheet. The deal was slightly upsized from $380 million.
The bonds (Aa3/A+) were sold through senior manager Siebert Brandford Shank & Co. LLC. The co-managers were Citigroup Global Markets Inc., Raymond James & Associates Inc., Goldman, Sachs & Co., Jackson Securities Inc., Loop Capital Markets LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The bonds are due 2014 to 2033 with term bonds due in 2036 and 2041. The serial coupons range from 2% to 5.25%. The 2036 bonds have a 5.25% coupon priced at 104.831, and the 2041 bonds have a 5.25% coupon priced at 104.111.
Proceeds will be used to construct, acquire, install and design improvements to the county's water and sewerage system in accordance with the county's 2010-2014 capital improvement plan.
| Issuer: | DeKalb County, Ga.
|
| Issue: | Series 2011A second resolution water and sewerage revenue bonds
|
| Amount: | $381.5 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC (lead); Citigroup Global Markets Inc., Raymond James & Associates Inc., Goldman, Sachs & Co., Jackson Securities Inc., Loop Capital Markets LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2 million | 2014 | Serial | 2% | 102.639
|
| $4.72 million | 2014 | Serial | 4% | 108.138
|
| $2.5 million | 2015 | Serial | 3% | 105.819
|
| $4.45 million | 2015 | Serial | 4% | 109.502
|
| $2.3 million | 2016 | Serial | 4% | 110.453
|
| $4.9 million | 2016 | Serial | 5% | 115.038
|
| $2.5 million | 2017 | Serial | 3% | 105.558
|
| $5.04 million | 2017 | Serial | 5% | 116.46
|
| $1.1 million | 2018 | Serial | 4% | 110.903
|
| $6.765 million | 2018 | Serial | 5% | 117.171
|
| $2.4 million | 2019 | Serial | 4% | 110.265
|
| $5.845 million | 2019 | Serial | 5% | 117.298
|
| $3 million | 2020 | Serial | 4% | 109.051
|
| $5.635 million | 2020 | Serial | 5% | 116.79
|
| $2.04 million | 2021 | Serial | 4% | 107.989
|
| $6.995 million | 2021 | Serial | 5% | 116.402
|
| $2.94 million | 2022 | Serial | 4% | 106.246
|
| $6.53 million | 2022 | Serial | 5% | 114.578
|
| $9.91 million | 2023 | Serial | 5.25% | 115.3
|
| $10.43 million | 2024 | Serial | 5.25% | 113.781
|
| $10.98 million | 2025 | Serial | 5.25% | 112.46
|
| $11.555 million | 2026 | Serial | 5.25% | 111.071
|
| $12.165 million | 2027 | Serial | 5.25% | 109.873
|
| $12.8 million | 2028 | Serial | 5.25% | 109.027
|
| $13.475 million | 2029 | Serial | 5.25% | 108.188
|
| $14.18 million | 2030 | Serial | 5.25% | 107.358
|
| $14.925 million | 2031 | Serial | 5.25% | 106.617
|
| $5.845 million | 2032 | Serial | 4.5% | 99.592
|
| $9.865 million | 2032 | Serial | 5.25% | 105.882
|
| $16.49 million | 2033 | Serial | 5.25% | 105.476
|
| $54.845 million | 2036 | Term | 5.25% | 104.831
|
| $112.375 million | 2041 | Term | 5.25% | 104.111
|
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