Published on 8/14/2015 in the Prospect News Municipals Daily.
New Issue: CivicVentures, Alaska, prices $93.79 million Anchorage Convention bonds
By Sheri Kasprzak
New York, Aug. 14 – CivicVentures sold $93.79 million of series 2015 revenue refunding bonds for the Anchorage Convention Center, according to a pricing sheet.
The bonds (/A/AA-) were sold through Citigroup Global Markets Inc.
The bonds are due 2016 to 2033 with a term bond due in 2038. The serial coupons range from 2% to 5% with yields from 0.45% to 3.64%. The 2038 bonds have a 4% coupon priced at 97.211 to yield 4.19%.
Proceeds will be used to refund CivicVentures’s series 2006 revenue bonds, which were used to acquire Block 80 in downtown Anchorage for the construction of the civic center.
| Issuer: | CivicVentures/Anchorage Convention Center
|
| Issue: | Series 2015 revenue refunding bonds
|
| Amount: | $93.79 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), BofA Merrill Lynch, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Standard & Poor’s: A
|
| Fitch: AA-
|
| Pricing date: | Aug. 13
|
| Settlement date: | Aug. 28
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.79 million | 2016 | Serial | 2% | 101.557 | 0.45%
|
| $1,935,000 | 2017 | Serial | 3% | 103.865 | 1.05%
|
| $2.08 million | 2018 | Serial | 4% | 107.663 | 1.39%
|
| $2.24 million | 2019 | Serial | 4% | 108.997 | 1.67%
|
| $2,405,000 | 2020 | Serial | 4% | 109.436 | 2.01%
|
| $2.58 million | 2021 | Serial | 5% | 114.768 | 2.35%
|
| $2.79 million | 2022 | Serial | 5% | 115.009 | 2.64%
|
| $3,015,000 | 2023 | Serial | 5% | 115.762 | 2.79%
|
| $3,245,000 | 2024 | Serial | 5% | 116.371 | 2.92%
|
| $3.49 million | 2025 | Serial | 5% | 116.897 | 3.03%
|
| $3.75 million | 2026 | Serial | 5% | 115.868 | 3.14%
|
| $4.1 million | 2027 | Serial | 5% | 114.757 | 3.26%
|
| $4,305,000 | 2028 | Serial | 5% | 114.023 | 3.34%
|
| $4.52 million | 2029 | Serial | 5% | 113.476 | 3.40%
|
| $4,745,000 | 2030 | Serial | 5% | 112.843 | 3.47%
|
| $4.98 million | 2031 | Serial | 5% | 112.213 | 3.54%
|
| $5.23 million | 2032 | Serial | 5% | 111.66 | 3.59%
|
| $2,835,000 | 2033 | Serial | 5% | 111.322 | 3.64%
|
| $33,755,000 | 2038 | Term | 4% | 97.211 | 4.19%
|
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