Published on 6/4/2014 in the Prospect News Municipals Daily.
New Issue: Garland, Texas, brings $85.3 million of electric system revenue bonds
By Sheri Kasprzak
New York, June 4 - The City of Garland, Texas, priced $85,305,000 of series 2014 electric utility system revenue refunding bonds, said a pricing sheet.
The bonds (/A+/AA-) were sold through Barclays.
The bonds are due 2015 to 2034 with 2% to 5% coupons and yields from 0.235% to 3.57%.
Proceeds will be used to refund a portion of the city's outstanding commercial paper notes.
Issuer: | City of Garland, Texas
|
Issue: | Series 2014 electric utility system revenue refunding bonds
|
Amount: | $85,305,000
|
Type: | Negotiated
|
Underwriters: | Barclays (lead), Wells Fargo Securities LLC and RBC Capital Markets LLC (co-managers)
|
Ratings: | Standard & Poor's: A+
|
| Fitch: AA-
|
Pricing date: | June 4
|
Settlement date: | June 30
|
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$1.88 million | 2015 | Serial | 2% | 102.059 | 0.235%
|
$2,695,000 | 2016 | Serial | 5% | 107.75 | 0.34%
|
$2,835,000 | 2017 | Serial | 5% | 111.549 | 0.63%
|
$2.98 million | 2018 | Serial | 5% | 114.336 | 1.01%
|
$3,135,000 | 2019 | Serial | 5% | 116.363 | 1.37%
|
$3,295,000 | 2020 | Serial | 5% | 117.702 | 1.71%
|
$3,465,000 | 2021 | Serial | 5% | 118.641 | 2.00%
|
$3.64 million | 2022 | Serial | 5% | 119.114 | 2.27%
|
$3.83 million | 2023 | Serial | 5% | 119.546 | 2.48%
|
$4,025,000 | 2024 | Serial | 5% | 120.209 | 2.62%
|
$4.23 million | 2025 | Serial | 5% | 118.706 | 2.78%
|
$4.45 million | 2026 | Serial | 5% | 117.224 | 2.94%
|
$4,675,000 | 2027 | Serial | 5% | 116.401 | 3.03%
|
$4,915,000 | 2028 | Serial | 5% | 115.403 | 3.14%
|
$5,165,000 | 2029 | Serial | 5% | 114.595 | 3.23%
|
$5.43 million | 2030 | Serial | 5% | 113.882 | 3.31%
|
$5.71 million | 2031 | Serial | 5% | 113.262 | 3.38%
|
$6,005,000 | 2032 | Serial | 5% | 112.647 | 3.45%
|
$6.31 million | 2033 | Serial | 5% | 112.036 | 3.52%
|
$6,635,000 | 2034 | Serial | 5% | 111.601 | 3.57%
|
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