Published on 7/20/2015 in the Prospect News Municipals Daily.
New Issue: Cleveland sells $60.9 million general obligation refunding bonds
By Sheri Kasprzak
New York, July 20 – The City of Cleveland sold $60,905,000 of series 2015 various purpose general obligation refunding bonds, according to a pricing sheet.
The bonds (A1/AA) were sold through Siebert Brandford Shank & Co. LLC.
The bonds are due 2016 to 2029 with 2.5% to 5% coupons and 0.6% to 3.25% yields.
Proceeds will be used to refund existing G.O. bonds.
| Issuer: | City of Cleveland
|
| Issue: | Series 2015 various purpose general obligation refunding bonds
|
| Amount: | $60,905,000
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC (lead), CastleOak Securities LP, Drexel Hamilton LLC, PNC Capital Markets LLC and U.S. Bancorp Investments Inc. (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: AA
|
| Pricing date: | July 10
|
| Settlement date: | Aug. 6
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $395,000 | 2016 | Serial | 3% | 103.148 | 0.60%
|
| $345,000 | 2017 | Serial | 4% | 107.027 | 0.93%
|
| $3.43 million | 2018 | Serial | 5% | 112.154 | 1.25%
|
| $5.05 million | 2019 | Serial | 5% | 114.628 | 1.49%
|
| $5.3 million | 2020 | Serial | 5% | 116.271 | 1.78%
|
| $5,565,000 | 2021 | Serial | 5% | 117.204 | 2.08%
|
| $2.25 million | 2022 | Serial | 2.5% | 100.934 | 2.36%
|
| $4.61 million | 2022 | Serial | 5% | 117.647 | 2.36%
|
| $7.15 million | 2023 | Serial | 5% | 118.587 | 2.51%
|
| $550,000 | 2024 | Serial | 2.5% | 98.685 | 2.66%
|
| $6.35 million | 2024 | Serial | 5% | 119.198 | 2.66%
|
| $5.85 million | 2025 | Serial | 5% | 119.496 | 2.81%
|
| $5.5 million | 2026 | Serial | 5% | 117.73 | 2.99%
|
| $4,195,000 | 2027 | Serial | 5% | 116.762 | 3.09%
|
| $2,135,000 | 2028 | Serial | 5% | 115.804 | 3.19%
|
| $2.23 million | 2029 | Serial | 5% | 115.234 | 3.25%
|
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