Published on 3/16/2011 in the Prospect News Municipals Daily.
New Issue: Lubbock, Texas, details $142.73 million sale of G.O.s and certificates
By Sheri Kasprzak
New York, March 16 - The City of Lubbock, Texas, released full details on its $142.725 million sale of series 2011 general obligation bonds and revenue certificates of obligation (Aa2/AA+/AA+) on Wednesday.
The sale included $14.155 million of series 2011 G.O. bonds, $16.315 million of series 2011 G.O. refunding bonds and $112.255 million of series 2011 tax and waterworks system revenue certificates of obligation.
The 2011 G.O. bonds are due 2012 to 2031 with 3% to 4.875% coupons.
The 2011 G.O. refunding bonds are due 2012 to 2022 with 2% to 5% coupons.
The 2011 revenue certificates of obligation are due 2012 to 2031 with 3% to 5% coupons.
Morgan Keegan & Co. Inc. was the senior manager. The co-managers were First Southwest Co. and Oppenheimer & Co. Inc.
Proceeds will be used to refund debt and to finance public safety, street and water, sewer and storm utilities improvements.
| Issuer: | Lubbock, Texas
|
| Issue: | Series 2011 general obligation bonds/revenue certificates of obligation
|
| Amount: | $142.725 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Keegan & Co. Inc. (lead), First Southwest Co. and Oppenheimer & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | March 15
|
|
|
| $14.155 million series 2011 G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $325,000 | 2012 | Serial | 3% | 102.011
|
| $525,000 | 2013 | Serial | 3% | 103.901
|
| $540,000 | 2014 | Serial | 3% | 104.926
|
| $560,000 | 2015 | Serial | 3% | 104.737
|
| $575,000 | 2016 | Serial | 3% | 104.591
|
| $590,000 | 2017 | Serial | 3% | 103.693
|
| $610,000 | 2018 | Serial | 3% | 102.427
|
| $630,000 | 2019 | Serial | 3% | 101.045
|
| $650,000 | 2020 | Serial | 3.25% | 101.149
|
| $670,000 | 2021 | Serial | 3.5% | 101.413
|
| $695,000 | 2022 | Serial | 3.5% | 99.105
|
| $720,000 | 2023 | Serial | 3.75% | 99.052
|
| $750,000 | 2024 | Serial | 4.25% | 101.524
|
| $785,000 | 2025 | Serial | 4.375% | 101.232
|
| $820,000 | 2026 | Serial | 4.5% | 101.265
|
| $855,000 | 2027 | Serial | 4.5% | 100.548
|
| $895,000 | 2028 | Serial | 4.625% | 100.821
|
| $940,000 | 2029 | Serial | 4.75% | 101.091
|
| $985,000 | 2030 | Serial | 4.75% | 100.306
|
| $1.035 million | 2031 | Serial | 4.875% | 100.576
|
|
|
| $16.315 million series 2011 G.O. refunding bonds
|
| Maturity | Type | Coupon | Price
|
| $60,000 | 2012 | Serial | 3% | 102.011
|
| $60,000 | 2013 | Serial | 3% | 103.901
|
| $3.92 million | 2014 | Serial | 2% | 102.143
|
| $4.07 million | 2015 | Serial | 5% | 112.18
|
| $2.65 million | 2016 | Serial | 4% | 109.086
|
| $1.04 million | 2017 | Serial | 2.5% | 101.085
|
| $1.065 million | 2018 | Serial | 3% | 102.553
|
| $1.1 million | 2019 | Serial | 3% | 101.185
|
| $1.145 million | 2020 | Serial | 3.25% | 101.304
|
| $1.18 million | 2021 | Serial | 3.5% | 101.497
|
| $25,000 | 2022 | Serial | 3.5% | 99.105
|
|
|
| $112.255 million series 2011 certificates of obligation
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.91 million | 2012 | Serial | 3% | 102.139
|
| $4.87 million | 2013 | Serial | 4% | 105.78
|
| $5.065 million | 2014 | Serial | 4% | 107.798
|
| $5.3 million | 2015 | Serial | 5% | 112.259
|
| $5.575 million | 2016 | Serial | 5% | 113.924
|
| $1.84 million | 2017 | Serial | 3.5% | 106.578
|
| $4 million | 2017 | Serial | 5% | 114.735
|
| $6.125 million | 2018 | Serial | 5% | 115.017
|
| $6.405 million | 2019 | Serial | 4% | 108.173
|
| $6.67 million | 2020 | Serial | 4% | 106.91
|
| $6.98 million | 2021 | Serial | 5% | 114.182
|
| $4.465 million | 2022 | Serial | 5% | 111.774
|
| $4.695 million | 2023 | Serial | 5% | 110.203
|
| $4.935 million | 2024 | Serial | 5% | 108.658
|
| $5.19 million | 2025 | Serial | 5% | 107.642
|
| $5.455 million | 2026 | Serial | 5% | 106.555
|
| $5.735 million | 2027 | Serial | 5% | 105.727
|
| $6.03 million | 2028 | Serial | 5% | 104.989
|
| $6.34 million | 2029 | Serial | 5% | 104.257
|
| $6.65 million | 2030 | Serial | 5% | 103.371
|
| $7.005 million | 2031 | Serial | 5% | 102.732
|
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