Published on 3/5/2013 in the Prospect News Municipals Daily.
New Issue: Lower Colorado River sells $311.46 million of transmission contract refunding bonds
By Sheri Kasprzak
New York, March 5 - The Lower Colorado River Authority of Texas sold $311.46 million of series 2013 transmission contract refunding revenue bonds, according to a pricing sheet.
The bonds (A2/A/A+) were sold competitively. The authority did not immediately return calls for the winning bidder.
The bonds are due 2014 to 2036 with term bonds due in 2039 and 2043. The serial coupons range from 3.25% to 5%. The 2039 bonds have a 4% coupon priced at 100.453, and the 2043 bonds have a 4% coupon priced at par.
Proceeds will be used to refund the $320 million of transmission contract revenue notes.
| Issuer: | Lower Colorado River Authority
|
| Issue: | Series 2013 transmission contract refunding revenue bonds
|
| Amount: | $311.46 million
|
| Type: | Competitive
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Pricing date: | March 5
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,515,000 | 2014 | Serial | 5% | 105.391
|
| $6.28 million | 2015 | Serial | 5% | 109.837
|
| $6.4 million | 2016 | Serial | 5% | 113.877
|
| $6,595,000 | 2017 | Serial | 5% | 117.332
|
| $6,795,000 | 2018 | Serial | 5% | 119.75
|
| $7 million | 2019 | Serial | 5% | 121.601
|
| $7,205,000 | 2020 | Serial | 5% | 122.579
|
| $7,425,000 | 2021 | Serial | 5% | 123.301
|
| $7,645,000 | 2022 | Serial | 5% | 123.649
|
| $7.88 million | 2023 | Serial | 5% | 121.792
|
| $8.11 million | 2024 | Serial | 5% | 120.24
|
| $8,435,000 | 2025 | Serial | 5% | 119.069
|
| $8,775,000 | 2026 | Serial | 5% | 118.088
|
| $9,125,000 | 2027 | Serial | 4% | 106.872
|
| $9.49 million | 2028 | Serial | 4% | 105.81
|
| $9.87 million | 2029 | Serial | 3.25% | 99.004
|
| $10,265,000 | 2030 | Serial | 4% | 104.6
|
| $10,675,000 | 2031 | Serial | 4% | 104.041
|
| $11,105,000 | 2032 | Serial | 4% | 103.644
|
| $11,545,000 | 2033 | Serial | 4% | 103.327
|
| $12.01 million | 2034 | Serial | 4% | 102.698
|
| $12.61 million | 2035 | Serial | 4% | 102.228
|
| $13.24 million | 2036 | Serial | 4% | 101.684
|
| $43,825,000 | 2039 | Term | 4% | 100.453
|
| $67.64 million | 2043 | Term | 4% | 100
|
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