Published on 11/28/2012 in the Prospect News Municipals Daily.
New Issue: Lower Colorado River Authority, Texas, prices $491.63 million of refunding bonds
By Sheri Kasprzak
New York, Nov. 28 - The Lower Colorado River Authority of Texas priced $491.63 million of series 2012 refunding revenue bonds, according to a pricing sheet.
The deal included $289,525,000 of series 2012A bonds and $202,105,000 of series 2012B refunding bonds.
The 2012A bonds are due 2013 to 2033 with term bonds due in 2036 and 2039. The serial coupons range from 2% to 5%. The 2036 bonds have a 5% coupon and were not reoffered. The 2039 bonds have a 5% coupon and were not reoffered.
The 2012B bonds are due 2013 to 2033 with a term bond due in 2037. The serial coupons range from 2% to 5%. The 2037 bonds have a split maturity with a 3.375% coupon priced at 98.441 and a 5% coupon. The 5% 2037s were not reoffered.
The bonds (A1/A/A) were sold through Bank of America Merrill Lynch.
Proceeds will be used to refund the authority's series A-B commercial paper notes.
| Issuer: | Lower Colorado River Authority, Texas
|
| Issue: | Series 2012 revenue refunding bonds
|
| Amount: | $491.63 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch (lead)
|
| Rating: | Moody's: A1
|
| Standard & Poor's: A
|
| Fitch: A
|
| Pricing date: | Nov. 28
|
| Settlement date: | Dec. 12
|
|
|
| $289,525,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2 million | 2013 | Serial | 2% | NRO
|
| $5,575,000 | 2014 | Serial | 4% | 105.065
|
| $5,795,000 | 2015 | Serial | 5% | 110.397
|
| $6.04 million | 2016 | Serial | 5% | 113.869
|
| $6,315,000 | 2017 | Serial | 4% | 112.675
|
| $6.63 million | 2018 | Serial | 5% | 119.667
|
| 6,965,000 | 2019 | Serial | 5% | 121.976
|
| $7.31 million | 2020 | Serial | 5% | 123.476
|
| $8,535,000 | 2021 | Serial | 5% | 124.556
|
| $8.06 million | 2022 | Serial | 5% | 125.164
|
| $8,465,000 | 2023 | Serial | 5% | NRO
|
| $14,815,000 | 2024 | Serial | 5% | NRO
|
| $14.48 million | 2025 | Serial | 5% | NRO
|
| $14.98 million | 2026 | Serial | 5% | NRO
|
| $15.07 million | 2027 | Serial | 5% | NRO
|
| $15,605,000 | 2028 | Serial | 5% | NRO
|
| $16.19 million | 2029 | Serial | 5% | NRO
|
| $11.6 million | 2030 | Serial | 5% | NRO
|
| $12.72 million | 2031 | Serial | 5% | NRO
|
| $12,075,000 | 2032 | Serial | 5% | NRO
|
| $12.03 million | 2033 | Serial | 5% | NRO
|
| $38,635,000 | 2036 | Term | 5% | NRO
|
| $39,635,000 | 2039 | Term | 5% | NRO
|
|
|
| $202,105,000 series 2012B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $14,265,000 | 2013 | Serial | 2% | NRO
|
| $7.83 million | 2014 | Serial | 3% | 103.646
|
| $2.17 million | 2015 | Serial | 3% | 105.594
|
| $1,395,000 | 2016 | Serial | 2% | 103.77
|
| $5.28 million | 2017 | Serial | 5% | 116.987
|
| $2 million | 2018 | Serial | 3% | 109.205
|
| $3.54 million | 2018 | Serial | 5% | 119.667
|
| $5.82 million | 2019 | Serial | 4% | 115.855
|
| $6,105,000 | 2020 | Serial | 5% | 123.476
|
| $6.42 million | 2021 | Serial | 5% | 124.556
|
| $6,745,000 | 2022 | Serial | 5% | 125.164
|
| $7.08 million | 2023 | Serial | 5% | NRO
|
| $7.44 million | 2024 | Serial | 5% | NRO
|
| $7,805,000 | 2025 | Serial | 5% | NRO
|
| $8,195,000 | 2026 | Serial | 5% | NRO
|
| $8.6 million | 2027 | Serial | 5% | NRO
|
| $9,035,000 | 2028 | Serial | 5% | NRO
|
| $9.55 million | 2029 | Serial | 5% | NRO
|
| $10.02 million | 2030 | Serial | 5% | NRO
|
| $10.53 million | 2031 | Serial | 5% | NRO
|
| $11.05 million | 2032 | Serial | 5% | NRO
|
| $11,605,000 | 2033 | Serial | 3.125% | NRO
|
| $10 million | 2037 | Term | 3.375% | 98.441
|
| $29,625,000 | 2037 | Term | 5% | NRO
|
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