Published on 4/10/2014 in the Prospect News Municipals Daily.
New Issue: El Paso, Texas, brings to market $88.52 million G.O. improvement bonds
By Sheri Kasprzak
New York, April 10 - The City of El Paso, Texas, priced $88,515,000 of series 2014 general obligation improvement and refunding bonds, according to a pricing sheet.
The bonds (/AA/AA) were sold through senior manager Barclays.
The bonds are due 2015 to 2036 with a term bond due in 2039. The serial coupons range from 3.375% to 5% with 0.25% to 4.03% yields. The 2039 bonds have a 4% coupon priced at 98.431 to yield 4.1%.
Proceeds will be used to finance improvements to the city's parks and recreation facilities, as well as to refund the city's series 2005 G.O. refunding bonds.
| Issuer: | City of El Paso, Texas
|
| Issue: | Series 2014 general obligation improvement and refunding bonds
|
| Amount: | $88,515,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead), Raymond James/Morgan Keegan and RBC Capital Markets LLC (co-managers)
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | April 9
|
| Settlement date: | May 20
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $12,075,000 | 2015 | Serial | 4% | 104.625 | 0.25%
|
| $10,275,000 | 2016 | Serial | 4% | 107.819 | 0.48%
|
| $7,895,000 | 2017 | Serial | 5% | 113.389 | 0.80%
|
| $8.29 million | 2018 | Serial | 5% | 115.961 | 1.13%
|
| $5,745,000 | 2019 | Serial | 5% | 117.669 | 1.48%
|
| $5.48 million | 2020 | Serial | 5% | 118.34 | 1.87%
|
| $5.75 million | 2021 | Serial | 5% | 118.853 | 2.17%
|
| $6,035,000 | 2022 | Serial | 5% | 118.746 | 2.47%
|
| $6.34 million | 2023 | Serial | 5% | 118.596 | 2.71%
|
| $6.66 million | 2024 | Serial | 5% | 119.163 | 2.83%
|
| $4,135,000 | 2025 | Serial | 5% | 117.703 | 2.98%
|
| $1,085,000 | 2026 | Serial | 5% | 115.98 | 3.16%
|
| $535,000 | 2027 | Serial | 3.375% | 100.039 | 3.37%
|
| $555,000 | 2028 | Serial | 3.5% | 100.167 | 3.48%
|
| $570,000 | 2029 | Serial | 3.5% | 99.178 | 3.57%
|
| $590,000 | 2030 | Serial | 4% | 104.004 | 3.53%
|
| $615,000 | 2031 | Serial | 4% | 103.308 | 3.61%
|
| $640,000 | 2032 | Serial | 4% | 102.446 | 3.71%
|
| $665,000 | 2033 | Serial | 4% | 101.593 | 3.81%
|
| $695,000 | 2034 | Serial | 3.75% | 97.499 | 3.93%
|
| $720,000 | 2035 | Serial | 3.875% | 98.499 | 3.98%
|
| $745,000 | 2036 | Serial | 4% | 99.557 | 4.03%
|
| $2.42 million | 2039 | Term | 4% | 98.431 | 4.10%
|
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