Published on 3/27/2014 in the Prospect News Municipals Daily.
New Issue: Kansas City, Mo., prices $111.18 million of special obligation bonds
By Sheri Kasprzak
New York, March 27 - The City of Kansas City, Mo., sold $111.18 million of series 2014 special obligation bonds, according to a pricing sheet.
The bonds (A1/AA-/) were sold through Oppenheimer & Co.
The deal included $63,955,000 of series 2014A Downtown Streetcar bonds, $14.45 million of series 2014B Kansas City projects bonds and $32,775,000 of series 2014C Kansas City Downtown Redevelopment project bonds.
The 2014A bonds are due 2014 to 2032 with term bonds due in 2034 and 2037. The serial coupons range from 2% to 5% with 0.28% to 3.99% yields. The 2034 bonds have a 5% coupon priced at 104.242 to yield 4.12%, and the 2037 bonds have a 5% coupon priced at 103.454 to yield 4.28%.
The 2014B bonds are due 2015 to 2028 with coupons from 2% to 5% and yields from 0.37% to 3.8%.
The 2014C bonds are due 2031 to 2034 with a term bond due in 2039. The serial coupons range from 4% to 5% with yields from 4.2% to 4.4%. The 2039 bonds have a 4.5% coupon priced at 97.047 to yield 4.7% and a 5% coupon priced at 103.805 to yield 4.5%.
Proceeds will be used to finance a downtown streetcar project, a downtown redevelopment project, capital improvements within the city and to advance refund existing special obligation bonds.
| Issuer: | Kansas City, Mo.
|
| Issue: | Series 2014 special obligation bonds
|
| Amount: | $111.18 million
|
| Type: | Negotiated
|
| Underwriters: | Oppenheimer & Co. (lead); George K. Baum & Co.; Stifel, Nicolaus & Co. Inc.; and Valdes & Moreno Inc. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Pricing date: | March 19
|
| Settlement date: | March 26
|
|
|
| $63,955,000 series 2014A Downtown Streetcar bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.64 million | 2014 | Serial | 2% | 100.744 | 0.28%
|
| $1.47 million | 2015 | Serial | 2% | 102.327 | 0.37%
|
| $1.51 million | 2016 | Serial | 3% | 105.663 | 0.65%
|
| $1,555,000 | 2017 | Serial | 3% | 107.048 | 0.91%
|
| $1.61 million | 2018 | Serial | 4% | 111.457 | 1.33%
|
| $1,675,000 | 2019 | Serial | 4% | 111.998 | 1.68%
|
| $1,755,000 | 2020 | Serial | 5% | 114.816 | 2.10%
|
| $1,845,000 | 2021 | Serial | 5% | 112.517 | 2.52%
|
| $1.94 million | 2022 | Serial | 5% | 110.908 | 2.82%
|
| $2.04 million | 2023 | Serial | 5% | 109.746 | 3.04%
|
| $2,145,000 | 2024 | Serial | 5% | 109.222 | 3.14%
|
| $2,255,000 | 2025 | Serial | 5% | 108.545 | 3.27%
|
| $2.37 million | 2026 | Serial | 5% | 107.72 | 3.43%
|
| $2.49 million | 2027 | Serial | 5% | 107.258 | 3.52%
|
| $2,615,000 | 2028 | Serial | 5% | 106.495 | 3.67%
|
| $2.75 million | 2029 | Serial | 5% | 105.989 | 3.77%
|
| $2.89 million | 2030 | Serial | 5% | 105.486 | 3.87%
|
| $3.04 million | 2031 | Serial | 5% | 105.136 | 3.94%
|
| $3,195,000 | 2032 | Serial | 5% | 104.887 | 3.99%
|
| $6.89 million | 2034 | Term | 5% | 104.242 | 4.12%
|
| $16,275,000 | 2037 | Term | 5% | 103.454 | 4.28%
|
|
|
| $14.45 million series 2014B Kansas City projects bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $790,000 | 2015 | Serial | 2% | 102.327 | 0.37%
|
| $805,000 | 2016 | Serial | 3% | 105.663 | 0.65%
|
| $835,000 | 2017 | Serial | 3% | 107.048 | 0.91%
|
| $865,000 | 2018 | Serial | 4% | 111.457 | 1.33%
|
| $900,000 | 2019 | Serial | 4% | 111.998 | 1.68%
|
| $940,000 | 2020 | Serial | 4% | 111.217 | 2.125%
|
| $980,000 | 2021 | Serial | 5% | 116.125 | 2.60%
|
| $1.03 million | 2022 | Serial | 5% | 115.608 | 2.90%
|
| $1.08 million | 2023 | Serial | 5% | 114.117 | 3.25%
|
| $1.13 million | 2024 | Serial | 3.375% | 99.259 | 3.46%
|
| $1.18 million | 2025 | Serial | 5% | 111.96 | 3.50%
|
| $1.24 million | 2026 | Serial | 5% | 111.111 | 3.60%
|
| $1,305,000 | 2027 | Serial | 5% | 110.27 | 3.70%
|
| $1.37 million | 2028 | Serial | 5% | 109.436 | 3.80%
|
|
|
| $32,775,000 series 2014C Kansas City Downtown Redevelopment project bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,995,000 | 2031 | Serial | 4% | 97.542 | 4.20%
|
| $3,125,000 | 2032 | Serial | 5% | 105.775 | 4.25%
|
| $3.29 million | 2033 | Serial | 5% | 104.982 | 4.35%
|
| $3,445,000 | 2034 | Serial | 4.25% | 97.989 | 4.40%
|
| $12 million | 2039 | Term | 4.5% | 97.047 | 4.70%
|
| $7.92 million | 2039 | Term | 5% | 103.805 | 4.50%
|
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