Published on 6/12/2015 in the Prospect News Municipals Daily.
New Issue: Auburn, Ala., prices $78.15 million of sewer general obligation bonds
By Sheri Kasprzak
New York, June 12 – The City of Auburn, Ala., sold $78,145,000 of series 2015 sewer general obligation bonds, according to a pricing sheet.
The bonds (Aa2/AA+) were sold through the Frazier Lanier Co. Inc.
The bonds are due 2021 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 2.25% to 5% with 1.96% to 3.51% yields. The 2040 bonds have a 4% coupon priced at 98.14 to yield 4.12% and a 5.25% coupon priced at 113.405 to yield 3.62%. The 2045 bonds have a 4% coupon priced at 97.108 to yield 4.17%.
Proceeds will be used to finance sewer system capital improvements.
| Issuer: | Auburn, Ala.
|
| Issue: | Series 2015 sewer general obligation bonds
|
| Amount: | $78,145,000
|
| Type: | Negotiated
|
| Underwriter: | The Frazier Lanier Co. Inc.
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Pricing date: | June 3
|
| Settlement date: | June 23
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $750,000 | 2021 | Serial | 2.25% | 101.595 | 1.96%
|
| $500,000 | 2022 | Serial | 5% | 117.864 | 2.18%
|
| $1.2 million | 2023 | Serial | 5% | 118.825 | 2.36%
|
| $1.2 million | 2024 | Serial | 5% | 119.308 | 2.55%
|
| $1.2 million | 2025 | Serial | 5% | 120.166 | 2.66%
|
| $2,545,000 | 2026 | Serial | 5% | 118.924 | 2.79%
|
| $2.62 million | 2027 | Serial | 5% | 117.792 | 2.91%
|
| $2,705,000 | 2028 | Serial | 5% | 116.858 | 3.01%
|
| $2,795,000 | 2029 | Serial | 5% | 116.025 | 3.10%
|
| $2.89 million | 2030 | Serial | 3.25% | 96.781 | 3.53%
|
| $2,995,000 | 2031 | Serial | 3.375% | 97.06 | 3.62%
|
| $3,105,000 | 2032 | Serial | 3.5% | 97.627 | 3.69%
|
| $3.22 million | 2033 | Serial | 5% | 113.031 | 3.43%
|
| $3,345,000 | 2034 | Serial | 5% | 112.674 | 3.47%
|
| $3,475,000 | 2035 | Serial | 5% | 112.319 | 3.51%
|
| $16,595,000 | 2040 | Term | 4% | 98.14 | 4.12%
|
| $3 million | 2040 | Term | 5.25% | 113.405 | 3.62%
|
| $24,005,000 | 2045 | Term | 4% | 97.108 | 4.17%
|
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