Published on 6/4/2015 in the Prospect News Municipals Daily.
New Issue: Lower Colorado River Authority, Texas, sells $245.66 million of bonds
By Sheri Kasprzak
New York, June 4 – The Lower Colorado River Authority of Texas sold $245,655,000 of series 2014 transmission contract revenue refunding bonds, according to a pricing sheet. The deal was upsized from $231,485,000.
The bonds (/A/A+) were sold through BofA Merrill Lynch and Morgan Stanley & Co. LLC.
The bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 5%. The 2040 bonds have a 4% coupon priced at 95.298 and a 5% coupon priced to yield 3.91%. The 2045 bonds have a 4% coupon priced at 95.298 and a 5% coupon priced at 108.281.
Proceeds will be used to refund short-term contract transmission notes.
| Issuer: | Lower Colorado River Authority
|
| Issue: | Series 2015 transmission contract revenue refunding bonds
|
| Amount: | $245,655,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Morgan Stanley & Co. LLC (lead), Barclays, Citigroup Global Markets Inc., Rice Financial Products Co. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Standard & Poor’s: A
|
| Fitch: A+
|
| Pricing date: | June 4
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,995,000 | 2016 | Serial | 4% | 103.261
|
| $4,095,000 | 2017 | Serial | 4% | 106.008
|
| $4.26 million | 2018 | Serial | 3% | 104.924
|
| $4.39 million | 2019 | Serial | 5% | 112.871
|
| $4,605,000 | 2020 | Serial | 4% | 110.042
|
| $4.79 million | 2021 | Serial | 5% | 115.732
|
| $5.03 million | 2022 | Serial | 5% | 116.736
|
| $5.28 million | 2023 | Serial | 5% | 117.522
|
| $5,545,000 | 2024 | Serial | 5% | 117.841
|
| $5,825,000 | 2025 | Serial | 5% | 117.97
|
| $6,115,000 | 2026 | Serial | 3% | 98.623
|
| $6.42 million | 2027 | Serial | 5% | 114.994
|
| $6.74 million | 2028 | Serial | 5% | 113.631
|
| $7.08 million | 2029 | Serial | 4% | 102.882
|
| $7,435,000 | 2030 | Serial | 5% | 112.197
|
| $7,805,000 | 2031 | Serial | 5% | 111.665
|
| $8,195,000 | 2032 | Serial | 5% | 111.665
|
| $8,605,000 | 2033 | Serial | 4% | 100
|
| $8.95 million | 2034 | Serial | 4% | 99.603
|
| $9,305,000 | 2035 | Serial | 4% | 99.318
|
| $15 million | 2040 | Term | 4% | 98.292
|
| $38,165,000 | 2040 | Term | 5% | 3.91%
|
| $20 million | 2045 | Term | 4% | 95.298
|
| $47,025,000 | 2045 | Term | 5% | 108.281
|
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