New Issue: Lubbock, Texas, brings $131.22 million of refunding bonds

By Sheri Kasprzak

New York, April 25 - The City of Lubbock, Texas, sold $131.22 million of series 2013 general obligation refunding bonds, said a pricing sheet.

The offering includes $42,075,000 of series 2013 G.O. refunding and improvement bonds, $39,705,000 of series 2013 taxable G.O. refunding bonds and $49.44 million of series 2013 tax and waterworks system surplus revenue certificates of obligation.

The 2013 G.O. refunding and improvement bonds are due 2013 to 2033 with 2% to 5% coupons.

The 2013 taxable G.O. refunding bonds are due 2013 to 2021 with 0.25% to 3% coupons.

The COPs are due 2014 to 2026 with term bonds due in 2030 and 2033. The serial coupons range from 2% to 5%. The 2030 bonds have a 4% coupon and priced at 106.125, and the 2033 bonds have a 4% coupon and priced at 104.847.

The bonds (Aa2/AA+/AA+) were sold through First Southwest Co.

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

Issuer:	City of Lubbock, Texas
Issue:	Series 2013 general obligation refunding bonds
Amount:	$131.22 million
Type:	Negotiated
Underwriters:	First Southwest Co. (lead), Citigroup Global Markets Inc. and Raymond James/Morgan Keegan (co-managers)
Ratings:	Moody's: Aa2
	Standard & Poor's: AA+
	Fitch: AA+
Pricing date:	April 25
Settlement date:	May 21
$42,075,000 series 2013 G.O. refunding and improvement bonds
Amount	Maturity	Type	Coupon	Price
$450,000	2013	Serial	2%	100.407
$260,000	2014	Serial	2%	101.207
$1.41 million	2015	Serial	3%	104.415
$280,000	2016	Serial	2%	103.595
$2,625,000	2017	Serial	3%	107.960
$3,095,000	2018	Serial	4%	113.834
$7.24 million	2019	Serial	5%	120.868
$7,615,000	2020	Serial	5%	122.621
$3,475,000	2021	Serial	5%	123.734
$3,645,000	2022	Serial	5%	124.652
$3.83 million	2023	Serial	5%	125.305
$4.03 million	2024	Serial	5%	123.914
$400,000	2025	Serial	3%	100.333
$415,000	2026	Serial	3%	98.951
$430,000	2027	Serial	3.125%	98.839
$440,000	2028	Serial	3.125%	97.739
$455,000	2029	Serial	3.25%	98.180
$470,000	2030	Serial	3.25%	97.345
$485,000	2031	Serial	3.375%	98.225
$505,000	2032	Serial	3.375%	97.482
$520,000	2033	Serial	3.5%	98.453
$39,705,000 series 2013 taxable G.O. refunding bonds
Amount	Maturity	Type	Coupon	Price
$625,000	2013	Serial	0.25%	100
$870,000	2014	Serial	0.35%	100
$1.1 million	2015	Serial	0.58%	100
$2,455,000	2016	Serial	0.78%	100
$500,000	2016	Serial	3%	105.991
$2.54 million	2017	Serial	1.04%	100
$10.53 million	2018	Serial	1.23%	100
$9.32 million	2019	Serial	1.46%	100
$6.92 million	2020	Serial	1.77%	100
$4,845,000	2021	Serial	2.11%	100
$49.44 million series 2013 tax and waterworks system surplus revenue certificates of obligation
Amount	Maturity	Type	Coupon	Price
$2,025,000	2014	Serial	2%	101.207
$2.51 million	2015	Serial	3%	104.361
$2,585,000	2016	Serial	3%	106.299
$2.69 million	2017	Serial	5%	115.296
$2,785,000	2018	Serial	2%	104.611
$2,855,000	2019	Serial	3%	109.826
$2.96 million	2020	Serial	4%	116.230
$3.08 million	2021	Serial	4%	116.520
$3,185,000	2022	Serial	3%	108.643
$3.3 million	2023	Serial	4%	116.548
$1.78 million	2024	Serial	4%	114.091
$1,855,000	2025	Serial	4%	111.967
$1.93 million	2026	Serial	4%	110.248
$8.54 million	2030	Term	4%	106.125
$7.36 million	2033	Term	4%	104.847

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