Published on 4/30/2014 in the Prospect News Municipals Daily.
New Issue: Lubbock, Texas, sells $108.16 million of refunding bonds, certificates
By Sheri Kasprzak
New York, April 30 - The City of Lubbock, Texas, sold $108.16 million of series 2014 general obligation refunding bonds and tax and waterworks system surplus revenue certificates of obligation, according to a pricing sheet.
The deal included $45,065,000 series 2014 G.O. refunding bonds and $63,095,000 of series 2014 certificates of obligation.
The G.O. refunding bonds are due 2014 to 2026 with 2% to 5% coupons. The certificates are due 2015 to 2034 with 3% to 5% coupons.
The bonds (Aa2/AA+/AA+) were sold through senior manager Raymond James/Morgan Keegan.
Proceeds will be used to finance improvements and extensions to city streets, including sidewalks, street lights, traffic signals/controllers and traffic signal communication systems, signage, landscaping, utility improvements, extensions, relocations and acquisition of land and rights-of-way; the relocation and upgrade of public utility infrastructure; park and recreation system improvements; public safety radio communication systems upgrades; airport facility improvements; fire department facility improvements; animal shelter expansions; solid waste and wastewater system improvements; as well as to refund the city's series 2004, 2005, 2006 and 2007 G.O. bonds and certificates.
| Issuer: | City of Lubbock, Texas
|
| Issue: | Series 2014 general obligation refunding bonds and tax and waterworks system surplus revenue certificates of obligation
|
| Amount: | $108.16 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), Barclays, Citigroup Global Markets Inc. and Wells Fargo Securities LLC (co-managers)
|
| $45,065,000 series 2014 G.O. refunding bonds
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | April 30
|
| Settlement date: | May 13
|
|
|
| $45,065,000 series 2014 G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $655,000 | 2014 | Serial | 2% | 100.426
|
| $2,375,000 | 2015 | Serial | 4% | 102.757
|
| $2.38 million | 2016 | Serial | 3% | 104.514
|
| $240,000 | 2017 | Serial | 2% | 103.481
|
| $3.95 million | 2018 | Serial | 5% | 114.412
|
| $4,595,000 | 2021 | Serial | 5% | 118.662
|
| $4.84 million | 2022 | Serial | 5% | 119.409
|
| $5,085,000 | 2023 | Serial | 5% | 119.929
|
| $5,345,000 | 2024 | Serial | 5% | 120.512
|
| $9,665,000 | 2025 | Serial | 5% | 119.279
|
| $5,935,000 | 2026 | Serial | 5% | 118.434
|
|
|
| $63,095,000 series 2014 certificates of obligation
|
| Amount | Maturity | Type | Coupon | Price
|
| $2 million | 2015 | Serial | 4% | 102.757
|
| $2,755,000 | 2016 | Serial | 3% | 104.514
|
| $2.85 million | 2017 | Serial | 4% | 108.965
|
| $2,985,000 | 2018 | Serial | 5% | 114.412
|
| $3,135,000 | 2019 | Serial | 5% | 116.62
|
| $3.3 million | 2020 | Serial | 5% | 118.063
|
| $3,465,000 | 2021 | Serial | 5% | 118.662
|
| $3,645,000 | 2022 | Serial | 5% | 119.409
|
| $3,835,000 | 2023 | Serial | 5% | 119.929
|
| $4.03 million | 2024 | Serial | 5% | 120.512
|
| $2.46 million | 2025 | Serial | 5% | 119.279
|
| $2,585,000 | 2026 | Serial | 5% | 118.434
|
| $2,715,000 | 2027 | Serial | 5% | 117.41
|
| $2,855,000 | 2028 | Serial | 5% | 116.215
|
| $3 million | 2029 | Serial | 5% | 115.395
|
| $3,155,000 | 2030 | Serial | 5% | 114.673
|
| $3.32 million | 2031 | Serial | 5% | 113.956
|
| $3,485,000 | 2032 | Serial | 5% | 113.244
|
| $3,665,000 | 2033 | Serial | 5% | 112.538
|
| $3,855,000 | 2034 | Serial | 5% | 112.011
|
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