Published on 5/19/2016 in the Prospect News Municipals Daily.
New Issue: El Paso sells $121.26 million general obligation refunding bonds
By Sheri Kasprzak
New York, May 19 – The City of El Paso priced $121.26 million of series 2016 general obligation refunding bonds, according to a pricing sheet. The deal was upsized from $117.31 million.
The bonds (/AA/AA) were sold through Citigroup Global Markets Inc.
The bonds are due 2018 to 2034 with 3.5% to 5% coupons and yields from 0.86% to 2.86%.
Proceeds will be used to refund the city’s series 2007 and 2008 general obligation bonds, its series 2007A G.O. refunding bonds and its 2007 combination tax and revenue certificates of obligation.
| Issuer: | City of El Paso
|
| Issue: | Series 2016 general obligation refunding bonds
|
| Amount: | $121.26 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Barclays, RBC Capital Markets LLC, Stifel, Nicolaus & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
| Pricing date: | May 18
|
| Settlement date: | June 15
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $15.57 million | 2018 | Serial | 5% | 108.866 | 0.86%
|
| $7.76 million | 2019 | Serial | 5% | 112.402 | 1.01%
|
| $2.25 million | 2021 | Serial | 5% | 118.594 | 1.27%
|
| $1.09 million | 2024 | Serial | 5% | 125.321 | 1.67%
|
| $2.6 million | 2025 | Serial | 5% | 126.83 | 1.81%
|
| $5,845,000 | 2026 | Serial | 5% | 127.684 | 1.98%
|
| $6.14 million | 2027 | Serial | 5% | 126.108 | 2.13%
|
| $12.44 million | 2028 | Serial | 5% | 125.38 | 2.20%
|
| $13,055,000 | 2029 | Serial | 4% | 113.39 | 2.50%
|
| $13,575,000 | 2030 | Serial | 4% | 113.006 | 2.54%
|
| $16,445,000 | 2031 | Serial | 4% | 112.529 | 2.59%
|
| $17,105,000 | 2032 | Serial | 4% | 111.959 | 2.65%
|
| $4.91 million | 2033 | Serial | 3.5% | 105.608 | 2.86%
|
| $2,475,000 | 2034 | Serial | 4% | 110.83 | 2.77%
|
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