Published on 12/2/2011 in the Prospect News Municipals Daily.
New Issue: Leander, Texas, sells $50.58 million of G.O. bonds and certificates of obligation
By Sheri Kasprzak
New York, Dec. 2 - The City of Leander, Texas, came to market Friday with $50.58 million of series 2012 general obligation refunding bonds and combination tax and revenue certificates of obligation, according to a pricing sheet.
The offering included $14.31 million of series 2012 G.O. refunding bonds and $36.27 million of series 2012 combination tax and revenue certificates of obligation.
The G.O.s are due 2012 to 2024 with 2% to 5% coupons and 0.58% to 3.57% yields. The certificates are due 2012 to 2031 with term bonds due in 2033 and 2036. The serial coupons range from 2% to 5%. The 2033 bonds have a 4.375% coupon to yield 4.52%, and the 2036 bonds have a 4.5% coupon to yield 4.63%.
BOSC Inc. was the senior manager for the bonds (Aa3/A+). The co-managers were Morgan Keegan & Co. Inc., Raymond James & Associates Inc., Coastal Securities Inc. and Southwest Securities Inc.
Proceeds will be used to refund a portion of the outstanding ad valorem tax-supported obligations of the city.
| Issuer: | Leander, Texas
|
| Issue: | Series 2012 general obligation bonds and combination tax and revenue certificates of obligation
|
| Amount: | $50.58 million
|
| Type: | Negotiated
|
| Underwriters: | BOSC Inc. (lead); Morgan Keegan & Co. Inc., Raymond James & Associates Inc., Coastal Securities Inc. and Southwest Securities Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 15
|
|
|
| $14.31 million series 2012 general obligation refunding bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $335,000 | 2012 | Serial | 2% | 0.58%
|
| $795,000 | 2013 | Serial | 2% | 0.87%
|
| $775,000 | 2014 | Serial | 2% | 1.15%
|
| $620,000 | 2015 | Serial | 2% | 1.53%
|
| $625,000 | 2016 | Serial | 2% | 1.77%
|
| $870,000 | 2017 | Serial | 2.5% | 2.00%
|
| $420,000 | 2018 | Serial | 2.5% | 2.28%
|
| $585,000 | 2019 | Serial | 3% | 2.58%
|
| $1.21 million | 2020 | Serial | 3% | 2.87%
|
| $2.165 million | 2021 | Serial | 3% | 3.07%
|
| $2.195 million | 2022 | Serial | 5% | 3.24%
|
| $1.825 million | 2023 | Serial | 3.25% | 3.47%
|
| $1.79 million | 2024 | Serial | 3.5% | 3.65%
|
| $100,000 | 2024 | Serial | 5% | 3.57%
|
|
|
| $36.27 million series 2012 combination tax and revenue certificates of obligation
|
| Amount | Maturity | Type | Coupon | Yield
|
| $735,000 | 2012 | Serial | 2% | 0.58%
|
| $1.04 million | 2013 | Serial | 2% | 0.87%
|
| $1.06 million | 2014 | Serial | 4.5% | 1.15%
|
| $1.105 million | 2015 | Serial | 2% | 1.53
|
| $1.13 million | 2016 | Serial | 2% | 1.77%
|
| $1.15 million | 2017 | Serial | 3.5% | 2.00%
|
| $1.195 million | 2018 | Serial | 3% | 2.28%
|
| $1.23 million | 2019 | Serial | 4% | 2.58%
|
| $1.23 million | 2020 | Serial | 3% | 2.87%
|
| $1.265 million | 2021 | Serial | 5% | 3.05%
|
| $1.33 million | 2022 | Serial | 5% | 3.24%
|
| $1.395 million | 2023 | Serial | 3.25% | 3.47%
|
| $1.44 million | 2024 | Serial | 3.5% | 3.65%
|
| $1.49 million | 2025 | Serial | 5% | 3.72%
|
| $1.565 million | 2026 | Serial | 5% | 3.84%
|
| $1.645 million | 2027 | Serial | 4% | 4.08%
|
| $1.705 million | 2028 | Serial | 4% | 4.15%
|
| $1.78 million | 2029 | Serial | 4.125% | 4.23%
|
| $1.85 million | 2030 | Serial | 4.125% | 4.32%
|
| $1.925 million | 2031 | Serial | 4.25% | 4.4%
|
| $4.11 million | 2033 | Term | 4.375% | 4.52%
|
| $4.895 million | 2036 | Term | 4.5% | 4.63%
|
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