Published on 3/6/2014 in the Prospect News Municipals Daily.
New Issue: Memphis, Tenn., sells $104.04 million general improvement bonds
By Sheri Kasprzak
New York, March 6 - The City of Memphis, Tenn., sold $104.04 million of series 2014A general improvement bonds, according to a pricing sheet.
The bonds (/AA/) were sold through senior manager Raymond James/Morgan Keegan.
The bonds are due 2016 to 2025 with 2.25% to 5% coupons.
Proceeds will be used to refund the city's series 2004, 2006A and 2007A bonds, as well as commercial paper.
| Issuer: | Memphis, Tenn.
|
| Issue: | Series 2014A general improvement bonds
|
| Amount: | $104.04 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keen (lead), Morgan Stanley & Co. LLC, Ramirez & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Rating: | Standard & Poor's: AA
|
| Pricing date: | March 6
|
| Settlement date: | March 25
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,825,000 | 2016 | Serial | 5% | 111.83
|
| $10.8 million | 2017 | Serial | 5% | 115.414
|
| $11,355,000 | 2018 | Serial | 5% | 117.839
|
| $11.94 million | 2019 | Serial | 5% | 119.502
|
| $3,195,000 | 2020 | Serial | 2.25% | 102.85
|
| $4 million | 2020 | Serial | 4% | 113.698
|
| $2.49 million | 2021 | Serial | 4% | 112.905
|
| $5 million | 2021 | Serial | 5% | 119.882
|
| $14,285,000 | 2022 | Serial | 5% | 119.92
|
| $24.87 million | 2023 | Serial | 5% | 119.989
|
| $1.97 million | 2024 | Serial | 3% | 101.925
|
| $5 million | 2024 | Serial | 5% | 118.682
|
| $7.31 million | 2025 | Serial | 5% | 117.118
|
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