Lubbock, Texas, to sell $95.83 million of G.O. bonds and certificates

By Sheri Kasprzak

New York, March 16 - The City of Lubbock, Texas, is set to price $95.83 million of series 2012 general obligation bonds and certificates of obligation on Wednesday, according to a preliminary official statement.

The deal includes $11,845,000 of series 2012 G.O. bonds, $15,845,000 of series 2012 G.O. refunding bonds and $68.14 million of series 2012 tax and waterworks system revenue certificates of obligation.

The bonds (Aa2/AA+/AA+) will be sold on a negotiated basis with Citigroup Global Markets Inc. The co-managers are Barclays Capital Inc., Hutchinson Shockey Erley & Co. Inc. and Morgan Keegan & Co. Inc.

The 2012 G.O. bonds are due 2013 to 2032, and the G.O refunding bonds are due 2013 to 2031. The 2012 certificates of obligation are due 2013 to 2032.

Proceeds will be used to finance firefighting facilities and equipment; street improvements, including drainage, curbs, gutters, landscaping, sidewalks, curb ramps, utility line relocation and traffic signalization; improvements and renovations to city hall; the construction of a new land application office; improvements and renovations to the city's solid waste disposal system; improvements and renovations to the city's municipal drainage system; improvement, renovation, replacement and relocation of the city's waterworks system; the refund of existing debt; and other improvements within the city.

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