Published on 4/24/2014 in the Prospect News Municipals Daily.
New Issue: Denton, Texas, brings to market $97.59 million certificates and bonds
By Sheri Kasprzak
New York, April 24 - The City of Denton, Texas, sold $97,585,000 of series 2014 certificates of obligation and improvement and refunding bonds, according to a pricing sheet.
The offering included $90,255,000 of series 2014 certificates and $7.33 million of series 2014 improvement and refunding bonds.
The certificates are due 2015 to 2039 with a term bond due in 2044. The serial coupons range from 2% to 5%, and yields range from 0.16% to 3.94%. The 2044 bonds have a 4% coupon priced at par.
The improvement and refunding bonds are due 2015 to 2034 with 2% to 3.5% coupons and 0.25% to 3.55% yields.
The bonds (/AA/AA+) were sold competitively.
Proceeds will be used to acquire vehicles and equipment and to acquire, construct, install and equip additions, extensions, renovations and improvements to the city's solid waste disposal system, including the acquisition of land for a landfill; renovations to existing municipal buildings; acquisition of vehicle and equipment for the fire, police, building inspections, animal services, streets and traffic control, facilities management and park and recreation departments; constructing and improving streets; and making other capital improvements.
| Issuer: | Denton, Texas
|
| Issue: | Series 2014 certificates of obligation and improvement and refunding bonds
|
| Amount: | $97,585,000
|
| Type: | Competitive
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | April 23
|
|
|
| $90,255,000 series 2014 certificates of obligation
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,305,000 | 2015 | Serial | 2% | 101.312 | 0.16%
|
| $3,095,000 | 2016 | Serial | 3% | 104.541 | 0.34%
|
| $3.16 million | 2017 | Serial | 4% | 109.081 | 0.62%
|
| $3,235,000 | 2018 | Serial | 5% | 114.861 | 0.92%
|
| $3,335,000 | 2019 | Serial | 5% | 117.112 | 1.25%
|
| $2.48 million | 2020 | Serial | 5% | 118.432 | 1.61%
|
| $2.58 million | 2021 | Serial | 5% | 119.311 | 1.92%
|
| $2.69 million | 2022 | Serial | 5% | 120.234 | 2.14%
|
| $2.79 million | 2023 | Serial | 5% | 120.855 | 2.34%
|
| $2,905,000 | 2024 | Serial | 5% | 121.246 | 2.52%
|
| $2,735,000 | 2025 | Serial | 5% | 120.006 | 2.65%
|
| $2,835,000 | 2026 | Serial | 3% | 98.537 | 3.15%
|
| $2.95 million | 2027 | Serial | 4% | 107.148 | 3.14%
|
| $3,065,000 | 2028 | Serial | 3.25% | 98.363 | 3.40%
|
| $3,195,000 | 2029 | Serial | 3.5% | 9.427 | 3.55%
|
| $3,355,000 | 2030 | Serial | 3.5% | 98.804 | 3.60%
|
| $3.51 million | 2031 | Serial | 4% | 103.915 | 3.52%
|
| $3.67 million | 2032 | Serial | 4% | 103.25 | 3.60%
|
| $3.84 million | 2033 | Serial | 3.75% | 99 | 3.825%
|
| $3.99 million | 2034 | Serial | 3.75% | 98.351 | 3.87%
|
| $2.2 million | 2035 | Serial | 4% | 101.851 | 3.77%
|
| $2,315,000 | 2036 | Serial | 4% | 101.444 | 3.82%
|
| $2,435,000 | 2037 | Serial | 4% | 101.039 | 3.87%
|
| $2.56 million | 2038 | Serial | 4% | 100.716 | 3.91%
|
| $2.69 million | 2039 | Serial | 4% | 100.475 | 3.94%
|
| $15.27 million | 2044 | Term | 4% | 100 | 4.00%
|
|
|
| $7.33 million series 2014 refunding and improvement bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.12 million | 2015 | Serial | 2% | 101.247 | 0.25%
|
| $870,000 | 2016 | Serial | 2% | 102.729 | 0.40%
|
| $880,000 | 2017 | Serial | 2% | 103.543 | 0.68%
|
| $475,000 | 2018 | Serial | 3% | 107.083 | 1.05%
|
| $470,000 | 2019 | Serial | 3% | 107.747 | 1.30%
|
| $460,000 | 2020 | Serial | 3% | 107.33 | 1.65%
|
| $175,000 | 2021 | Serial | 3% | 106.251 | 2.00%
|
| $180,000 | 2022 | Serial | 3% | 105.645 | 2.20%
|
| $185,000 | 2023 | Serial | 3% | 104.289 | 2.45%
|
| $190,000 | 2024 | Serial | 3% | 102.977 | 2.65%
|
| $195,000 | 2025 | Serial | 3% | 101.688 | 2.80%
|
| $205,000 | 2026 | Serial | 3% | 100.838 | 2.90%
|
| $210,000 | 2027 | Serial | 3% | 100 | 3.00%
|
| $220,000 | 2028 | Serial | 3% | 98.886 | 3.10%
|
| $225,000 | 2029 | Serial | 3.125% | 99.122 | 3.20%
|
| $235,000 | 2030 | Serial | 3.25% | 99.387 | 3.30%
|
| $245,000 | 2031 | Serial | 3.375% | 99.679 | 3.40%
|
| $250,000 | 2032 | Serial | 3.375% | 99.008 | 3.45%
|
| $265,000 | 2033 | Serial | 3.5% | 100 | 3.50%
|
| $275,000 | 2034 | Serial | 3.5% | 99.291 | 3.55%
|
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