Published on 10/22/2010 in the Prospect News Municipals Daily.
New Issue: Lower Colorado River Authority, Texas, sells $373.67 million refunding revenue bonds
By Sheri Kasprzak
New York, Oct. 22 - The Lower Colorado River Authority of Texas sold $373.67 million in series 2010 refunding revenue bonds, according to a pricing sheet.
The sale included $244.135 million in series 2010A bonds and $129.535 million in series 2010B bonds.
The bonds (A1/A/A+) were sold through Goldman Sachs & Co. The co-lead managers were Barclays Capital Inc., Bank of America Merrill Lynch and Morgan Stanley & Co. Inc. The co-managers were Citigroup Global Markets Inc., First Southwest Co., J.P. Morgan Securities LLC, Morgan Keegan & Co. Inc., Ramirez & Co. Inc., RBC Capital Markets Corp., Rice Financial Products Co., Southwest Securities Inc. and Wells Fargo Securities LLC.
The 2010A bonds are due 2012 to 2030 with term bonds due 2035 and 2040. The serial coupons range from 2% to 5%. The 2035 bonds have a 5% coupon priced at 108.309. The 2040 bonds have a 5% coupon priced at 108.464.
The 2010B bonds are due 2011 to 2024 with 2% to 5% coupons.
Proceeds will be used to refund the authority's series A commercial paper notes and refund its parity debt, as well as to make a deposit to a debt service reserve fund.
| Issuer: | Lower Colorado River Authority
|
| Issue: | Series 2010 refunding revenue bonds
|
| Amount: | $373.67 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead), Barclays Capital Inc., Bank of America Merrill Lynch and Morgan Stanley & Co. Inc. (co-lead managers), Citigroup Global Markets Inc., First Southwest Co., J.P. Morgan Securities LLC, Morgan Keegan & Co. Inc., Ramirez & Co. Inc., RBC Capital Markets Corp., Rice Financial Products Co., Southwest Securities Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Pricing date: | Oct. 22
|
| Settlement date: | Nov. 18
|
|
|
| $244.135 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.295 million | 2012 | Serial | 2% | 101.775
|
| $5.4 million | 2013 | Serial | 4% | 107.108
|
| $5.625 million | 2014 | Serial | 5% | 112.116
|
| $5.9 million | 2015 | Serial | 5% | 113.98
|
| $6.2 million | 2016 | Serial | 5% | 115.247
|
| $6.51 million | 2017 | Serial | 5% | 115.933
|
| $6.835 million | 2018 | Serial | 5% | 116.315
|
| $7.175 million | 2019 | Serial | 5% | 115.869
|
| $7.535 million | 2020 | Serial | 5% | 115.876
|
| $7.765 million | 2021 | Serial | 5% | 115.068
|
| $8.15 million | 2022 | Serial | 5% | 114.194
|
| $8.56 million | 2023 | Serial | 5% | 113.985
|
| $15.74 million | 2024 | Serial | 5% | 113.938
|
| $18.625 million | 2025 | Serial | 5% | 113.756
|
| $10.625 million | 2026 | Serial | 5% | 113.449
|
| $10.39 million | 2027 | Serial | 5% | 113.026
|
| $10.87 million | 2028 | Serial | 5% | 112.494
|
| $11.36 million | 2029 | Serial | 5% | 111.863
|
| $11.885 million | 2030 | Serial | 5% | 111.141
|
| $36.44 million | 2035 | Term | 5% | 108.309
|
| $37.25 million | 2040 | Term | 5% | 108.464
|
|
|
| $129.535 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $650,000 | 2011 | Serial | 2% | 100.71
|
| $5.93 million | 2012 | Serial | 3% | 103.255
|
| $6.195 million | 2013 | Serial | 4% | 107.108
|
| $525,000 | 2014 | Serial | 3% | 105.328
|
| $5.91 million | 2014 | Serial | 5% | 112.116
|
| $2.88 million | 2015 | Serial | 4% | 109.678
|
| $3.875 million | 2015 | Serial | 5% | 113.98
|
| $2.525 million | 2016 | Serial | 3% | 104.91
|
| $4.545 million | 2016 | Serial | 5% | 115.247
|
| $6.365 million | 2017 | Serial | 5% | 115.933
|
| $5 million | 2018 | Serial | 4% | 109.545
|
| $1.635 million | 2018 | Serial | 5% | 116.315
|
| $1.27 million | 2019 | Serial | 4% | 108.383
|
| $9.015 million | 2019 | Serial | 5% | 115.869
|
| $6 million | 2020 | Serial | 4% | 107.692
|
| $7.865 million | 2020 | Serial | 5% | 115.876
|
| $29.235 million | 2021 | Serial | 5% | 115.068
|
| $15.455 million | 2022 | Serial | 5% | 114.194
|
| $14.16 million | 2023 | Serial | 5% | 113.985
|
| $500,000 | 2024 | Serial | 3.625% | 99.418
|
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