Published on 3/23/2012 in the Prospect News Municipals Daily.
New Issue: Lubbock, Texas, prices $93.67 million G.O.s, certificates of obligation
By Sheri Kasprzak
New York, March 23 - The City of Lubbock, Texas, sold $93.67 million of series 2012 general obligation bonds and certificates of obligation, according to a pricing sheet.
The deal included $12,395,000 of series 2012 G.O. bonds, $15.2 million of series 2012 G.O. refunding bonds and $66,075,000 of series 2012 tax and waterworks system revenue certificates of obligation.
The G.O. bonds are due 2013 to 2032 with 2% to 4% coupons. The G.O. refunding bonds are due 2013 to 2031 with 2% to 5% coupons. The certificates are due 2013 to 2032 with 2% to 5% coupons.
The bonds (Aa2/AA+/AA+) were sold through senior manager Citigroup Global Markets Inc. The co-managers were Barclays Capital Inc., Hutchinson Shockey Erley & Co. Inc. and Morgan Keegan & Co. Inc.
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; improve and renovate the city's solid waste disposal system.
| Issuer: | Lubbock, Texas
|
| Issue: | Series 2012 general obligation, refunding and tax and waterworks revenue certificates of obligation
|
| Amount: | $93.67 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Barclays Capital Inc., Hutchinson Shockey Erley & Co. Inc. and Morgan Keegan & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | March 22
|
| Settlement date: | April 1
|
|
|
| $12,395,000 G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $330,000 | 2013 | Serial | 2% | 101.353
|
| $470,000 | 2014 | Serial | 2% | 102.533
|
| $480,000 | 2015 | Serial | 2% | 103.143
|
| $495,000 | 2016 | Serial | 3% | 106.858
|
| $510,000 | 2017 | Serial | 3% | 107.579
|
| $525,000 | 2018 | Serial | 3% | 106.603
|
| $540,000 | 2019 | Serial | 3% | 105.625
|
| $560,000 | 2020 | Serial | 4% | 111.12
|
| $580,000 | 2021 | Serial | 4% | 110.306
|
| $605,000 | 2022 | Serial | 4% | 109.519
|
| $630,000 | 2023 | Serial | 3% | 98.902
|
| $645,000 | 2024 | Serial | 3% | 97.463
|
| $665,000 | 2025 | Serial | 3% | 95.767
|
| $690,000 | 2026 | Serial | 3.25% | 97.168
|
| $710,000 | 2027 | Serial | 3.25% | 96.114
|
| $735,000 | 2028 | Serial | 3.5% | 98.087
|
| $760,000 | 2029 | Serial | 3.5% | 97.385
|
| $790,000 | 2030 | Serial | 4% | NRO
|
| $820,000 | 2031 | Serial | 4% | NRO
|
| $855,000 | 2032 | Serial | 4% | NRO
|
|
|
| $15.2 million G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.17 million | 2013 | Serial | 2% | 101.353
|
| $20,000 | 2014 | Serial | 2% | 102.422
|
| $160,000 | 2015 | Serial | 2% | 103.143
|
| $1,005,000 | 2016 | Serial | 3% | 106.858
|
| $560,000 | 2017 | Serial | 3% | 107.579
|
| $580,000 | 2018 | Serial | 3% | 106.603
|
| $600,000 | 2019 | Serial | 3% | 105.625
|
| $615,000 | 2020 | Serial | 4% | 111.12
|
| $135,000 | 2021 | Serial | 4% | 110.306
|
| $1,335,000 | 2022 | Serial | 4% | 109.519
|
| $1.2 million | 2023 | Serial | 5% | 117.739
|
| $1.25 million | 2024 | Serial | 5% | 115.886
|
| $1.46 million | 2029 | Serial | 4% | 102.779
|
| $1,525,000 | 2030 | Serial | 4% | 102.364
|
| $1,585,000 | 2031 | Serial | 3.75% | 98.533
|
|
|
| $66,075,000 certificates of obligation
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,095,000 | 2013 | Serial | 2% | 101.353
|
| $3.01 million | 2014 | Serial | 2% | 102.588
|
| $3,075,000 | 2015 | Serial | 2% | 103.199
|
| $3.15 million | 2016 | Serial | 3% | 106.858
|
| $3,245,000 | 2017 | Serial | 3% | 107.579
|
| $3,345,000 | 2018 | Serial | 3% | 106.603
|
| $3,445,000 | 2019 | Serial | 3% | 105.625
|
| $3.57 million | 2020 | Serial | 4% | 111.12
|
| $3,715,000 | 2021 | Serial | 4% | 110.306
|
| $3,865,000 | 2022 | Serial | 4% | 109.519
|
| $2,655,000 | 2023 | Serial | 5% | 117.739
|
| $2.79 million | 2024 | Serial | 5% | 115.886
|
| $2.93 million | 2025 | Serial | 5% | 114.973
|
| $3.08 million | 2026 | Serial | 5% | 114.068
|
| $3.24 million | 2027 | Serial | 5% | 113.35
|
| $3,405,000 | 2028 | Serial | 5% | 112.726
|
| $3.58 million | 2029 | Serial | 5% | 112.283
|
| $3,765,000 | 2030 | Serial | 5% | 111.842
|
| $3,955,000 | 2031 | Serial | 5% | 111.404
|
| $4.16 million | 2032 | Serial | 5% | 110.88
|
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