New Issue: Gainesville, Ga., sells $83.65 million water, sewerage refunding bonds

By Sheri Kasprzak

New York, Dec. 17 – The City of Gainesville, Ga., sold $83.65 million of series 2014 water and sewerage refunding revenue bonds, according to a pricing sheet. The offering was downsized from $90.98 million.

The bonds (Aa2/AA-/) were sold competitively with Robert W. Baird & Co. Inc. winning the bid at a 2.062263% true interest cost.

The bonds are due 2015 to 2028 with 2% to 5% coupons and 0.3% to 2.5% yields.

Proceeds will be used to refund all of the city’s outstanding state revolving fund loans, as well as to refund a portion of its series 2005 revenue bonds.

Issuer:	City of Gainesville, Ga.
Issue:	Series 2014 water and sewerage refunding revenue bonds
Amount:	$83.65 million
Type:	Competitive
Underwriter:	Robert W. Baird & Co. Inc. (winner)
True interest cost:	2.062263%
Ratings:	Moody’s: Aa2
	Standard & Poor’s: AA-
Pricing date:	Dec. 16
Settlement date:	Dec. 23
Amount	Maturity	Type	Coupon	Price	Yield
$5,385,000	2015	Serial	5%	104.194	0.30%
$7,205,000	2016	Serial	5%	108.493	0.49%
$7.48 million	2017	Serial	5%	112.298	0.70%
$7.71 million	2018	Serial	5%	115.239	1.00%
$7.01 million	2019	Serial	2%	103.694	1.22%
$6.25 million	2020	Serial	5%	119.985	1.45%
$6.37 million	2021	Serial	5%	121.599	1.67%
$6.3 million	2022	Serial	5%	123.201	1.83%
$5.64 million	2023	Serial	5%	125.164	1.91%
$5.8 million	2024	Serial	5%	126.807	2.00%
$5.72 million	2025	Serial	5%	124.772	2.20%
$5,205,000	2026	Serial	5%	123.769	2.30%
$3.86 million	2027	Serial	5%	122.775	2.40%
$3,715,000	2028	Serial	5%	121.791	2.50%

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