Lubbock, Texas, prepares $170.99 million G.O. refunding offering

By Sheri Kasprzak

New York, April 19 - The City of Lubbock, Texas, is set to price $170.99 million of series 2013 general obligation refunding bonds, said a preliminary official statement.

The deal includes $81,845,000 of series 2013 G.O. refunding and improvement bonds, $41,075,000 of series 2013 taxable G.O. refunding bonds and $48.07 million of series 2013 tax and waterworks system surplus revenue certificates of obligation.

The bonds will be sold through senior manager First Southwest Co. The co-managers are Citigroup Global Markets Inc. and Raymond James/Morgan Keegan.

The G.O. refunding and improvement bonds are due 2013 to 2033. The taxable G.O. refunding bonds are due 2013 to 2024. The certificates are due 2014 to 2033.

Proceeds will be used to finance the purchase of firefighting equipment, for street improvements and to refund the city's series 2002A, 2004, 2005 and 2006 revenue and G.O. bonds.

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