Published on 5/8/2012 in the Prospect News Municipals Daily.
New Issue: Knoxville, Tenn., prices $92.86 million G.O. bonds
By Sheri Kasprzak
New York, May 8 - The City of Knoxville, Tenn., sold $92,855,000 of series 2012 general obligation bonds, according to a pricing sheet.
The bonds (Aa1/AA+/AAA) were sold competitively with Wells Fargo Bank, NA winning the bid with a 1.93% true interest cost, said Jim York, the director of finance for the city.
The bonds are due 2013 to 2025 with 1% to 5% coupons. The 2014 and 2015 bonds were not reoffered.
Proceeds will be used to refund the city's series 2002A and 2004A-B G.O. bonds.
| Issuer: | Knoxville, Tenn.
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $92,855,000
|
| Type: | Competitive
|
| Underwriter: | Wells Fargo Bank, NA (winner)
|
| True interest cost: | 1.93%
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Pricing date: | May 8
|
| Settlement date: | May 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $7,115,000 | 2013 | Serial | 1% | 100.734
|
| $6.98 million | 2014 | Serial | 2% | NRO
|
| $6.99 million | 2015 | Serial | 4% | NRO
|
| $6,995,000 | 2016 | Serial | 5% | 116.679
|
| $5,445,000 | 2017 | Serial | 5% | 119.952
|
| $4.96 million | 2018 | Serial | 2% | 105.438
|
| $5,095,000 | 2019 | Serial | 5% | 124.707
|
| $5.25 million | 2020 | Serial | 4% | 118.765
|
| $9,155,000 | 2021 | Serial | 5% | 127.108
|
| $9.41 million | 2022 | Serial | 2% | 101.062
|
| $9,705,000 | 2023 | Serial | 3% | 107.284
|
| $9,965,000 | 2024 | Serial | 3% | 105.614
|
| $5.82 million | 2025 | Serial | 3% | 103.974
|
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