Published on 12/15/2011 in the Prospect News Municipals Daily.
New Issue: District of Columbia sells $400.72 million of tax secured revenue bonds
By Sheri Kasprzak
New York, Dec. 15 - The District of Columbia priced $400.72 million of series 2011 income tax secured revenue bonds, according to a term sheet.
The bonds were sold through senior manager Wells Fargo Securities LLC. The co-managers were Barclays Capital Inc., Loop Capital Markets LLC, Bank of America Merrill Lynch, J.P. Morgan Securities LLC, M.R. Beal & Co. Inc., Rice Financial Products Co., RBC Capital Markets LLC and TD Securities (USA) LLC.
The deal included $177.3 million of series 2011F bonds and $223.42 million of series 2011G bonds.
The 2011F bonds are due 2012 to 2026 with a term bond due in 2036. The serial coupons range from 2% to 5%. The 2036 bonds have a split maturity with a 4% coupon priced at par and a 5% coupon priced at 108.905.
The 2011G bonds are due 2026 to 2032 with a term bond due in 2036. The serial bonds have 5% coupons. The 2036 bonds have a 5% coupon priced at 108.905.
Proceeds will be used to pay for or reimburse the city for the costs of capital projects.
| Issuer: | District of Columbia
|
| Issue: | Series 2011 income tax secured revenue bonds
|
| Amount: | $400.72 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead); Barclays Capital Inc., Loop Capital Markets LLC, Bank of America Merrill Lynch, J.P. Morgan Securities LLC, M.R. Beal & Co. Inc., Rice Financial Products Co., RBC Capital Markets LLC and TD Securities (USA) LLC (co-managers)
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 22
|
|
|
| $177.3 million series 2011F bonds
|
| Amount | Maturity | Type | Coupon | price
|
| $9.53 million | 2012 | Serial | 2% | 101.644
|
| $9.77 million | 2013 | Serial | 3% | 105.003
|
| $5 million | 2014 | Serial | 3% | 106.745
|
| $5.09 million | 2014 | Serial | 4% | 109.652
|
| $5 million | 2015 | Serial | 3% | 107.67
|
| $5.48 million | 2015 | Serial | 5% | 115.379
|
| $6.29 million | 2016 | Serial | 4% | 113.549
|
| $7,915,000 | 2017 | Serial | 4% | 115.266
|
| $1.3 million | 2017 | Serial | 3% | 109.569
|
| $5 million | 2018 | Serial | 4% | 115.921
|
| $6,565,000 | 2018 | Serial | 5% | 122.473
|
| $5 million | 2019 | Serial | 4% | 116.211
|
| $7,105,000 | 2019 | Serial | 5% | 123.58
|
| $5 million | 2020 | Serial | 4% | 115.591
|
| $5.23 million | 2020 | Serial | 5% | 123.712
|
| $5 million | 2021 | Serial | 4% | 115.317
|
| $8.15 million | 2021 | Serial | 5% | 124.172
|
| $7,755,000 | 2022 | Serial | 4% | 113.318
|
| $6 million | 2022 | Serial | 5% | 122.081
|
| $940,000 | 2023 | Serial | 3% | 102.952
|
| $13,475,000 | 2023 | Serial | 5% | 120.322
|
| $1.19 million | 2024 | Serial | 4% | 110.075
|
| $13.95 million | 2024 | Serial | 5% | 118.688
|
| $365,000 | 2025 | Serial | 3% | 100.084
|
| $15.54 million | 2025 | Serial | 5% | 117.174
|
| $8.32 million | 2026 | Serial | 5% | 116.24
|
| $200,000 | 2036 | Term | 4% | 100
|
| $7.14 million | 2036 | Term | 5% | 108.905
|
|
|
| $223.42 million series 2011G bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8,395,000 | 2026 | Serial | 5% | 116.24
|
| $17,575,000 | 2027 | Serial | 5% | 115.13
|
| $18,475,000 | 2028 | Serial | 5% | 114.306
|
| $19.42 million | 2029 | Serial | 5% | 113.399
|
| $20.42 million | 2030 | Serial | 5% | 112.501
|
| $21,465,000 | 2031 | Serial | 5% | 111.699
|
| $22,565,000 | 2032 | Serial | 5% | 110.905
|
| $95,105,000 | 2036 | Term | 5% | 108.905
|
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