Published on 9/25/2013 in the Prospect News Municipals Daily.
New Issue: Kansas City, Mo., offers up $65.8 million of special obligation bonds
By Sheri Kasprzak
New York, Sept. 25 - The City of Kansas City, Mo., priced $65.8 million of series 2013 special obligation bonds, according to a pricing sheet.
The deal included $46.2 million of series 2013B special obligation improvement bonds and $19.6 million of series 2013C taxable special obligation improvement bonds.
The 2013B bonds are due 2014 to 2033 with 2% to 5% coupons and 0.3% to 4.95% yields.
The 2013C bonds are due 2014 to 2023 with term bonds due in 2028 and 2033. The serial coupons range from 0.75% to 4.67% all priced at par. The 2028 bonds have a 5.5% coupon priced at par, and the 2033 bonds have a 6% coupon priced at par.
The bonds (A1/AA-/) were sold through senior manager J.P. Morgan Securities LLC.
Proceeds will be used to finance improvements to public safety facilities, public parks and a municipal auditorium, as well as to refund the city's series 2003 and 2004 special obligation improvement bonds.
| Issuer: | City of Kansas City, Mo.
|
| Issue: | Series 2013 special obligation bonds
|
| Amount: | $65.8 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Pricing date: | Sept. 24
|
| Settlement date: | Oct. 3
|
|
|
| $46.2 million series 2013B special obligation improvement bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,025,000 | 2014 | Serial | 2% | 101.404 | 0.3%
|
| $3,105,000 | 2015 | Serial | 3% | 103.871 | 0.86%
|
| $3,245,000 | 2016 | Serial | 4% | 107.615 | 1.25%
|
| $3.4 million | 2017 | Serial | 5% | 112.295 | 1.67%
|
| $3,595,000 | 2018 | Serial | 5% | 112.999 | 2.15%
|
| $3.81 million | 2019 | Serial | 5% | 113.244 | 2.54%
|
| $4.01 million | 2020 | Serial | 5% | 113.316 | 2.845
|
| $4,225,000 | 2021 | Serial | 5% | 112.446 | 3.19%
|
| $4,455,000 | 2022 | Serial | 5% | 111.947 | 3.42%
|
| $2,555,000 | 2023 | Serial | 3.25% | 97.769 | 3.52%
|
| $2,655,000 | 2024 | Serial | 3.5% | 97.875 | 3.74%
|
| $2.78 million | 2025 | Serial | 5% | 107.37 | 4%
|
| $1.48 million | 2026 | Serial | 5% | 105.768 | 4.21%
|
| $1.56 million | 2027 | Serial | 5% | 104.791 | 4.34%
|
| $340,000 | 2028 | Serial | 4.375% | 99.186 | 4.45%
|
| $355,000 | 2029 | Serial | 4.5% | 98.989 | 4.59%
|
| $375,000 | 2030 | Serial | 4.625% | 99.128 | 4.7%
|
| $390,000 | 2031 | Serial | 4.75% | 99.636 | 4.78%
|
| $410,000 | 2032 | Serial | 4.75% | 98.646 | 4.86%
|
| $430,000 | 2033 | Serial | 5% | 100.347 | 4.95%
|
|
|
| $19.6 million series 2013C taxable special obligation improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.17 million | 2014 | Serial | 0.75% | 100
|
| $890,000 | 2014 | Serial | 0.99% | 100
|
| $1.19 million | 2015 | Serial | 1.4% | 100
|
| $1.22 million | 2016 | Serial | 2% | 100
|
| $1.25 million | 2017 | Serial | 2.7% | 100
|
| $1,295,000 | 2018 | Serial | 3.15% | 100
|
| $1.35 million | 2019 | Serial | 3.52% | 100
|
| $1.41 million | 2020 | Serial | 3.9% | 100
|
| $1.47 million | 2021 | Serial | 4.32% | 100
|
| $1,545,000 | 2022 | Serial | 4.55% | 100
|
| $1,625,000 | 2023 | Serial | 4.67% | 100
|
| $3.35 million | 2028 | Term | 5.5% | 100
|
| $1,835,000 | 2033 | Term | 6% | 100
|
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