Published on 7/31/2014 in the Prospect News Municipals Daily.
New Issue: El Paso, Texas, prices $113.97 million of certificates, bonds
By Sheri Kasprzak
New York, July 31 – The City of El Paso, Texas, priced $113,965,000 of series 2014 certificates of obligation and general obligation refunding bonds, according to a pricing sheet. The deal was downsized from $130.36 million.
The deal included $64,605,000 of series 2014 certificates of obligation and $49.36 million of series 2014A G.O. refunding bonds.
The certificates are due 2017 to 2034 with a term bond due in 2040. The serial bonds have 5% coupons with 0.69% to 3.35% yields. The 2040 bonds have a 4% coupon priced at 98.409 to yield 4.1%.
The bonds are due 2016 to 2031 with 2% to 5% coupons with yields from 0.41% to 3.17%.
The bonds (/AA/AA) were sold through Raymond James/Morgan Keegan.
Proceeds will be used to finance public works projects, including transit projects, as well as to refund the city’s series 2005 certificates and series 2006 G.O. bonds.
| Issuer: | City of El Paso
|
| Issue: | Series 2014 certificates of obligation and general obligation refunding bonds
|
| Amount: | $113,965,000
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 26
|
|
|
| $64,605,000 series 2014 combination tax and revenue certificates of obligation
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.59 million | 2017 | Serial | 5% | 112.646 | 0.69%
|
| $1,675,000 | 2018 | Serial | 5% | 115.359 | 1.04%
|
| $1.76 million | 2019 | Serial | 5% | 117.17 | 1.41%
|
| $1,845,000 | 2020 | Serial | 5% | 118.844 | 1.67%
|
| $1,935,000 | 2021 | Serial | 5% | 119.857 | 1.94%
|
| $2,035,000 | 2022 | Serial | 5% | 120.526 | 2.18%
|
| $2,135,000 | 2023 | Serial | 5% | 121.137 | 2.37%
|
| $2,245,000 | 2024 | Serial | 5% | 121.741 | 2.52%
|
| $2.35 million | 2025 | Serial | 5% | 120.469 | 2.65%
|
| $2,205,000 | 2026 | Serial | 5% | 119.405 | 2.76%
|
| $2.32 million | 2027 | Serial | 5% | 118.447 | 2.86%
|
| $2.43 million | 2028 | Serial | 5% | 117.593 | 2.95%
|
| $2,555,000 | 2029 | Serial | 5% | 116.84 | 3.03%
|
| $2,685,000 | 2030 | Serial | 5% | 116.186 | 3.10%
|
| $2,815,000 | 2031 | Serial | 5% | 115.536 | 3.17%
|
| $2.96 million | 2032 | Serial | 5% | 114.891 | 3.24%
|
| $3.1 million | 2033 | Serial | 5% | 114.341 | 3.30%
|
| $3.26 million | 2034 | Serial | 5% | 113.885 | 3.35%
|
| $22,705,000 | 2040 | Term | 4% | 98.409 | 4.10%
|
|
|
| $49.36 million series 2014A general obligation refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,565,000 | 2016 | Serial | 2% | 103.115 | 0.41%
|
| $1,595,000 | 2017 | Serial | 5% | 112.646 | 0.69%
|
| $1,675,000 | 2018 | Serial | 5% | 115.359 | 1.04%
|
| $1,755,000 | 2019 | Serial | 5% | 117.17 | 1.41%
|
| $3,105,000 | 2020 | Serial | 5% | 118.844 | 1.67%
|
| $3.26 million | 2021 | Serial | 5% | 119.857 | 1.94%
|
| $3,425,000 | 2022 | Serial | 5% | 120.526 | 2.18%
|
| $3.59 million | 2023 | Serial | 5% | 121.137 | 2.37%
|
| $3.77 million | 2024 | Serial | 5% | 121.741 | 2.52%
|
| $3,965,000 | 2025 | Serial | 5% | 120.469 | 2.65%
|
| $4,165,000 | 2026 | Serial | 5% | 119.405 | 2.76%
|
| $3,165,000 | 2027 | Serial | 5% | 118.447 | 2.86%
|
| $3.32 million | 2028 | Serial | 5% | 117.593 | 2.95%
|
| $3.49 million | 2029 | Serial | 5% | 116.84 | 3.03%
|
| $3,665,000 | 2030 | Serial | 5% | 116.186 | 3.10%
|
| $3.85 million | 2031 | Serial | 5% | 115.536 | 3.17%
|
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