Published on 6/16/2016 in the Prospect News Municipals Daily.
New Issue: Lower Colorado River, Texas, prices $190.04 million of refunding bonds
By Sheri Kasprzak
New York, June 16 – The Lower Colorado River Authority of Texas sold $190.04 million of series 2016 transmission contract refunding revenue bonds, according to a pricing sheet.
Barclays and Goldman, Sachs & Co. lead the sale.
The bonds (/A/A+) are due 2017 to 2035 with term bonds due in 2038, 2042 and 2046.
The serial coupons range from 3% to 5% and yields range from 0.67% to 2.91%.
The 2038 bonds have a 3% coupon priced at 3% coupon priced at 98.026 to yield 3.125%, the 2042 bonds have a 4% coupon priced at 107.968 to yield 3.06% and the 2046 bonds have a 5% coupon priced at 110.176 to yield 2.77%.
Proceeds will be used to refund outstanding short-term transmission contract notes.
| Issuer: | Lower Colorado River Authority
|
| Issue: | Series 2016 transmission contract refunding revenue bonds
|
| Amount: | $190.04 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Goldman, Sachs & Co. (lead), BofA Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | S&P: A
|
| Fitch: A+
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| Pricing date: | June 8
|
| Settlement date: | June 24
|
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|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.26 million | 2017 | Serial | 3% | 102.067 | 0.67%
|
| $6.32 million | 2018 | Serial | 5% | 107.868 | 0.80%
|
| $1.89 million | 2019 | Serial | 5% | 111.463 | 0.97%
|
| $6.28 million | 2020 | Serial | 5% | 114.651 | 1.14%
|
| $6,405,000 | 2021 | Serial | 5% | 117.479 | 1.30%
|
| $6,565,000 | 2022 | Serial | 5% | 119.851 | 1.47%
|
| $6,695,000 | 2023 | Serial | 5% | 122.1 | 1.60%
|
| $6,765,000 | 2024 | Serial | 5% | 124.023 | 1.73%
|
| $6,945,000 | 2025 | Serial | 5% | 125.528 | 1.87%
|
| $7.09 million | 2026 | Serial | 5% | 126.698 | 2.01%
|
| $7.25 million | 2027 | Serial | 5% | 125.17 | 2.16%
|
| $7,395,000 | 2028 | Serial | 5% | 124.163 | 2.26%
|
| $7,545,000 | 2029 | Serial | 5% | 123.563 | 2.32%
|
| $7,645,000 | 2030 | Serial | 5% | 123.067 | 2.37%
|
| $7,825,000 | 2031 | Serial | 5% | 122.572 | 2.42%
|
| $8.01 million | 2032 | Serial | 5% | 122.08 | 2.47%
|
| $8.21 million | 2033 | Serial | 5% | 121.59 | 2.52%
|
| $8.42 million | 2034 | Serial | 4% | 109.668 | 2.87%
|
| $8,555,000 | 2035 | Serial | 4% | 109.308 | 2.91%
|
| $18,785,000 | 2038 | Term | 3% | 98.026 | 3.125%
|
| $19,745,000 | 2042 | Term | 4% | 107.968 | 3.06%
|
| $23.44 million | 2046 | Term | 5% | 119.176 | 2.77%
|
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