Published on 4/10/2013 in the Prospect News Municipals Daily.
New Issue: Lower Colorado River, Texas, sells $197.43 million bonds
By Sheri Kasprzak
New York, April 10 - The Lower Colorado River Authority of Texas priced $197,425,000 of series 2013A transmission contract revenue refunding bonds, said a pricing sheet.
The bonds (A2/A/A+) were sold through Citigroup Global Markets Inc.
The bonds are due 2024 to 2033 with term bonds due in 2014 and 2036. The serial bonds have 5% coupons. The 2014 bonds have a 3% coupon and priced at 102.843, and the 2036 bonds have a 5% coupon and priced at 112.801.
Proceeds will be used to refund existing debt.
| Issuer: | Lower Colorado River Authority
|
| Issue: | Series 2013A transmission contract revenue refunding bonds
|
| Amount: | $197,425,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead) Barclays, BofA Merrill Lynch, Morgan Stanley & Co. LLC, BMO Capital Markets LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC, Rice Financial Products Co., Southwest Securities Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Pricing date: | April 10
|
| Settlement date: | April 25
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,685,000 | 2014 | Term | 3% | 102.843
|
| $2,045,000 | 2024 | Serial | 5% | 121.807
|
| $1.91 million | 2025 | Serial | 5% | 120.329
|
| $14,685,000 | 2026 | Serial | 5% | 118.777
|
| $21.04 million | 2027 | Serial | 5% | 117.533
|
| $20.93 million | 2028 | Serial | 5% | 116.587
|
| $20,815,000 | 2029 | Serial | 5% | 115.930
|
| $21.55 million | 2030 | Serial | 5% | 115.370
|
| $22,145,000 | 2031 | Serial | 5% | 114.906
|
| $13,955,000 | 2032 | Serial | 5% | 114.445
|
| $20.46 million | 2033 | Serial | 5% | 113.985
|
| $36,205,000 | 2036 | Term | 5% | 112.801
|
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