Published on 8/27/2013 in the Prospect News Municipals Daily.
New Issue: Odessa, Texas, completes $50.9 million certificates of obligation sale
By Sheri Kasprzak
New York, Aug. 27 - The City of Odessa, Texas, sold $50.9 million of series 2013 combination tax and revenue certificates of obligation, according to a pricing sheet. The deal was downsized from $55 million.
The certificates (Aa2/AA/) were sold through senior manager J.P. Morgan Securities LLC.
The certificates are due 2014 to 2033 with 2% to 5% coupons.
Proceeds will be used for improvements to the city's parks, drainage improvements and paving, curb and gutter improvements, as well as street improvements.
| Issuer: | City of Odessa, Texas
|
| Issue: | Series 2013 combination tax and revenue certificates of obligation
|
| Amount: | $50.9 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), BofA Merrill Lynch, Stephens Inc., Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | Aug. 27
|
| Settlement date: | Sept. 1
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.76 million | 2014 | Serial | 2% | 100.792
|
| $1.65 million | 2015 | Serial | 2.5% | 102.858
|
| $1.7 million | 2016 | Serial | 3% | 105.122
|
| $1.76 million | 2017 | Serial | 2% | 102.208
|
| $1.84 million | 2018 | Serial | 5% | 113.721
|
| $1,935,000 | 2019 | Serial | 5% | 113.885
|
| $2,035,000 | 2020 | Serial | 5% | 114.01
|
| $2.14 million | 2021 | Serial | 5% | 113.524
|
| $2.25 million | 2022 | Serial | 5% | 112.977
|
| $2,365,000 | 2023 | Serial | 5% | 111.569
|
| $2,485,000 | 2024 | Serial | 4.25% | 103.219
|
| $2,615,000 | 2025 | Serial | 4.375% | 102.516
|
| $2.75 million | 2026 | Serial | 5% | 107.171
|
| $2.89 million | 2027 | Serial | 5% | 105.776
|
| $3,035,000 | 2028 | Serial | 5% | 104.906
|
| $3,195,000 | 2029 | Serial | 5% | 104.044
|
| $3,355,000 | 2030 | Serial | 5% | 103.12
|
| $3.53 million | 2031 | Serial | 5% | 102.556
|
| $3.71 million | 2032 | Serial | 5% | 101.996
|
| $3.9 million | 2033 | Serial | 5% | 101.648
|
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