Published on 12/14/2012 in the Prospect News Municipals Daily.
New Issue: Glendale Municipal Property, Ariz., sells $239.88 million revenue bonds
By Sheri Kasprzak
New York, Dec. 14 - The Glendale Municipal Property Corp. of Arizona sold $239,875,000 of series 2012 excise tax revenue refunding bonds, according to a pricing sheet.
The deal included $39.62 million of series 2012B senior-lien refunding bonds, $183,405,000 of series 2012C subordinate bonds and $16.85 million of series 2012D taxable subordinate bonds.
The 2012B bonds are due 2021 to 2033 with 5% coupons.
The 2012C bonds are due 2021 to 2032 with a 2038 term bond. The serial bonds have 5% coupons. The 2038 bonds have a split maturity with a 4% coupon priced at 96.886 and a 5% coupon priced at 108.182.
The 2012D bonds are due 2014 to 2016 and 2019 to 2020 with 1.3% to 3.125% coupons, all priced at par.
The bonds were sold through Wells Fargo Securities LLC and Robert W. Baird & Co. Inc.
Proceeds will be used to refund the corporation's series 2003A, 2004A and 2008A-C revenue bonds.
| Issuer: | Glendale Municipal Property Corp.
|
| Issue: | Series 2012 excise tax revenue refunding bonds
|
| Amount: | $239,875,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and Robert W. Baird & Co. Inc.
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 27
|
|
|
| $39.62 million series 2012B senior-lien refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,215,000 | 2021 | Serial | 5% | 118.806
|
| $3.32 million | 2022 | Serial | 5% | 118.994
|
| $2.15 million | 2023 | Serial | 5% | 118.802
|
| $2.24 million | 2024 | Serial | 5% | 118.324
|
| $2,315,000 | 2025 | Serial | 5% | 117.847
|
| $2,425,000 | 2026 | Serial | 5% | 117.373
|
| $2,545,000 | 2027 | Serial | 5% | 116.901
|
| $2,655,000 | 2028 | Serial | 5% | 116.338
|
| $3.55 million | 2029 | Serial | 5% | 115.778
|
| $3.69 million | 2030 | Serial | 5% | 115.221
|
| $3.87 million | 2031 | Serial | 5% | 114.668
|
| $4,055,000 | 2032 | Serial | 5% | 114.118
|
| $4.59 million | 2033 | Serial | 5% | 113.57
|
|
|
| $183,405,000 series 2012C subordinate bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.96 million | 2021 | Serial | 5% | 114.082
|
| $4.47 million | 2022 | Serial | 5% | 113.114
|
| $4,635,000 | 2023 | Serial | 5% | 112.558
|
| $4.22 million | 2024 | Serial | 5% | 112.307
|
| $4.38 million | 2025 | Serial | 5% | 112.056
|
| $4.54 million | 2026 | Serial | 5% | 111.805
|
| $7.36 million | 2027 | Serial | 5% | 111.556
|
| $7.67 million | 2028 | Serial | 5% | 111.257
|
| $7,955,000 | 2029 | Serial | 5% | 110.959
|
| $8,295,000 | 2030 | Serial | 5% | 110.662
|
| $3 million | 2031 | Serial | 5% | 110.366
|
| $14,675,000 | 2032 | Serial | 5% | 110.071
|
| $50 million | 2038 | Term | 4% | 96.886
|
| $58,245,000 | 2038 | Term | 5% | 108.182
|
|
|
| $16.85 million series 2012D taxable subordinate bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.08 million | 2014 | Serial | 1.30% | 100
|
| $3.92 million | 2015 | Serial | 1.50% | 100
|
| $4,365,000 | 2016 | Serial | 1.90% | 100
|
| $2,045,000 | 2019 | Serial | 2.65% | 100
|
| $4.44 million | 2020 | Serial | 3.125% | 100
|
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