New Issue: El Paso Downtown Development, Texas, prices $60.79 million revenue bonds

By Sheri Kasprzak

New York, Aug. 22 - The El Paso Downtown Development Corp. of Texas sold $60,785,000 of series 2013 downtown ballpark special revenue bonds, according to a pricing sheet.

The deal included $45,125,000 of series 2013A term bonds and $15.66 million of series 2013B taxable term bonds.

The 2013A bonds are due 2023, 2027 and 2038. The 2023 bonds have a 6.25% coupon priced at 107.757 to yield 5.24% and a 7% coupon priced at 110.54 to yield 4.09%. The 2027 bonds have a 7% coupon priced at 107.661 to yield 4.85% and the 2038 bonds have a 7.25% coupon priced at 109.661 to yield 5.95%.

The 2013B bonds are due Aug. 15, 2043 and have a 7.25% coupon priced at 100.117 to yield 7.24%.

Goldman, Sachs & Co. was the senior manager for the bonds (/AA-/A+).

Proceeds will be used to finance the construction of a ballpark in downtown El Paso.

Issuer:	El Paso Downtown Development Corp., Texas
Issue:	Series 2013 downtown ballpark special revenue bonds
Amount:	$60,785,000
Type:	Negotiated
Underwriters:	Goldman, Sachs & Co. (lead), Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers)
Ratings:	Standard & Poor's: AA-
	Fitch: A+
Pricing date:	Aug. 22
Settlement date:	Aug. 29
$45,125,000 series 2013A bonds
Amount	Maturity	Type	Coupon	Price	Yield
$5.17 million	2023	Term	6.25%	107.757	5.24%
$12,455,000	2023	Term	7%	110.54	4.09%
$5 million	2027	Term	7%	107.661	4.85%
$22.5 million	2038	Term	7.25%	109.661	5.95%
$15.66 million series 2013B taxable bonds
Maturity	Type	Coupon	Price	Yield
Aug. 15, 2043	Term	7.25%	100.117	7.24%

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