By Sheri Kasprzak
New York, March 19 - The city of Lubbock in Texas priced $81.89 million in series 2009 general obligation refunding and improvement bonds and tax and waterworks system surplus revenue certificates of obligation, according to an official statement.
The bonds (Aa3/AA+/AA) were sold on a negotiated basis with Morgan Keegan & Co. Inc. and Merrill Lynch & Co. Inc. as the senior managers. The co-managers were Morgan Stanley & Co. and Southwest Securities Corp.
The sale included $23.185 million in series 2009 general obligation refunding and improvement bonds and $58.705 million in series 2009 tax and waterworks system surplus revenue certificates of obligation.
The G.O. refunding bonds are due 2010 to 2029 with coupons from 3.25% to 5% and yields from 0.95% to 5.17%.
The certificates are due 2010 to 2029 with coupons from 3.5% to 5.25% and yields from 1.05% to 5.17%.
Proceeds will be used for public improvements, debt refunding and for contractual obligation for public improvements, including solid waste, drainage, water, street and fire services.
| Issuer: | Lubbock, Texas
|
| Issue: | Series 2009 G.O. refunding and improvement bonds and tax and waterworks system surplus revenue certificates of obligation
|
| Amount: | $81.89 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Keegan & Co. Inc. and Merrill Lynch & Co. Inc. (lead); Morgan Stanley & Co. and Southwest Securities Corp.
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | March 13
|
| Settlement date: | April 8
|
|
|
| G.O. refunding bonds
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 5% | 0.95%
|
| 2011 | Serial | 5% | 1.72%
|
| 2012 | Serial | 5% | 2.10%
|
| 2013 | Serial | 5% | 2.56%
|
| 2014 | Serial | 5% | 2.96%
|
| 2015 | Serial | 3.25% | 3.17%
|
| 2016 | Serial | 3.5% | 3.40%
|
| 2017 | Serial | 3.75% | 3.59%
|
| 2018 | Serial | 4% | 3.78%
|
| 2019 | Serial | 4.25% | 3.98%
|
| 2020 | Serial | 4.125% | 4.25%
|
| 2021 | Serial | 4.25% | 4.41%
|
| 2022 | Serial | 4.375% | 4.55%
|
| 2023 | Serial | 4.5% | 4.68%
|
| 2024 | Serial | 5.25% | 4.84%
|
| 2025 | Serial | 5.25% | 4.96%
|
| 2026 | Serial | 5% | 5.01%
|
| 2027 | Serial | 5% | 5.09%
|
| 2028 | Serial | 5% | 5.13%
|
| 2029 | Serial | 5% | 5.17%
|
|
|
| Certificates of obligation
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 4% | 1.05%
|
| 2011 | Serial | 4% | 1.72%
|
| 2012 | Serial | 5% | 2.10%
|
| 2013 | Serial | 5% | 2.56%
|
| 2014 | Serial | 5% | 2.96%
|
| 2015 | Serial | 5% | 3.17%
|
| 2016 | Serial | 3.5% | 3.40%
|
| 2017 | Serial | 3.75% | 3.59%
|
| 2018 | Serial | 4% | 3.78%
|
| 2019 | Serial | 4.5% | 3.98%
|
| 2020 | Serial | 5.25% | 4.20%
|
| 2021 | Serial | 5.25% | 4.36%
|
| 2022 | Serial | 5.25% | 4.50%
|
| 2023 | Serial | 5.25% | 4.62%
|
| 2024 | Serial | 5.25% | 4.77%
|
| 2025 | Serial | 5.25% | 4.90%
|
| 2026 | Serial | 5.25% | 5.01%
|
| 2027 | Serial | 5% | 5.09%
|
| 2028 | Serial | 5% | 5.13%
|
| 2029 | Serial | 5% | 5.17%
|
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