Published on 2/3/2015 in the Prospect News Municipals Daily.
New Issue: Waco, Texas, brings to market $86.55 million G.O.s and certificates
By Sheri Kasprzak
New York, Feb. 3 – The City of Waco, Texas, sold $86,545,000 of series 2015 general obligation refunding bonds and combination tax and revenue certificates of obligation, according to a pricing sheet.
The deal included $73.31 million of series 2015 G.O. refunding bonds and $13,235,000 of series 2015 certificates.
The 2015 G.O.s are due 2016 to 2036 with 2% to 5% coupons and 0.24% to 3.29% yields.
The 2015 certificates are due 2016 to 2035 with 2% to 4% coupons with 0.24% to 3.31% yields.
The bonds (/AA/) were sold through RBC Capital Markets LLC.
Proceeds will be used to refund the city’s series 2006 certificates and 2007 certificates and its series 2007 G.O. bonds.
| Issuer: | City of Waco, Texas
|
| Issue: | Series 2015 general obligation refunding bonds and certificates of obligation
|
| Amount: | $86,545,000
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Citigroup Global Markets Inc. and Raymond James/Morgan Keegan (co-managers)
|
| Rating: | Standard & Poor’s: AA
|
| Pricing date: | Feb. 3
|
| Settlement date: | Feb. 24
|
|
|
| $73.31 million series 2015 general obligation refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $840,000 | 2016 | Serial | 2% | 101.644 | 0.24%
|
| $865,000 | 2017 | Serial | 4% | 106.534 | 0.60%
|
| $910,000 | 2018 | Serial | 4% | 109.297 | 0.79%
|
| $935,000 | 2019 | Serial | 4% | 111.509 | 1.01%
|
| $6.19 million | 2020 | Serial | 5% | 118 | 1.23%
|
| $6,535,000 | 2021 | Serial | 5% | 120.12 | 1.45%
|
| $6.81 million | 2022 | Serial | 5% | 121.79 | 1.66%
|
| $7.17 million | 2023 | Serial | 5% | 123.066 | 1.86%
|
| $7.55 million | 2024 | Serial | 5% | 124.159 | 2.03%
|
| $7.95 million | 2025 | Serial | 5% | 123.057 | 2.15%
|
| $8,375,000 | 2026 | Serial | 5% | 122.147 | 2.25%
|
| $5,425,000 | 2027 | Serial | 4% | 110.51 | 2.67%
|
| $995,000 | 2028 | Serial | 5% | 120.352 | 2.45%
|
| $1,035,000 | 2029 | Serial | 3% | 99.547 | 3.04%
|
| $1,075,000 | 2030 | Serial | 3% | 98.928 | 3.09%
|
| $1.12 million | 2031 | Serial | 5% | 118.85 | 2.62%
|
| $4,465,000 | 2032 | Serial | 4% | 106.654 | 3.14%
|
| $1.19 million | 2033 | Serial | 4% | 106.333 | 3.18%
|
| $1.24 million | 2034 | Serial | 4% | 106.013 | 3.22%
|
| $1,295,000 | 2035 | Serial | 4% | 105.694 | 3.26%
|
| $1.34 million | 2036 | Serial | 4% | 105.456 | 3.29%
|
|
|
| $13,235,000 series 2015 combination tax and revenue certificates of obligation
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $345,000 | 2016 | Serial | 2% | 101.644 | 0.24%
|
| $525,000 | 2017 | Serial | 2% | 102.69 | 0.60%
|
| $540,000 | 2018 | Serial | 2% | 103.504 | 0.79%
|
| $550,000 | 2019 | Serial | 2% | 103.81 | 1.01%
|
| $560,000 | 2020 | Serial | 2% | 103.676 | 1.23%
|
| $575,000 | 2021 | Serial | 2% | 103.117 | 1.45%
|
| $585,000 | 2022 | Serial | 2% | 102.152 | 1.67%
|
| $595,000 | 2023 | Serial | 2% | 100.954 | 1.87%
|
| $610,000 | 2024 | Serial | 2% | 99.674 | 2.04%
|
| $625,000 | 2025 | Serial | 4% | 114.354 | 2.22%
|
| $650,000 | 2026 | Serial | 4% | 111.266 | 2.58%
|
| $675,000 | 2027 | Serial | 4% | 110.426 | 2.68%
|
| $705,000 | 2028 | Serial | 4% | 109.593 | 2.78%
|
| $735,000 | 2029 | Serial | 4% | 108.849 | 2.87%
|
| $765,000 | 2030 | Serial | 4% | 108.439 | 2.92%
|
| $790,000 | 2031 | Serial | 3% | 98.253 | 3.14%
|
| $815,000 | 2032 | Serial | 3% | 97.527 | 3.19%
|
| $835,000 | 2033 | Serial | 3% | 96.885 | 3.23%
|
| $860,000 | 2034 | Serial | 3.125% | 97.963 | 3.27%
|
| $895,000 | 2035 | Serial | 3.125% | 97.314 | 3.31%
|
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