Published on 9/17/2013 in the Prospect News Municipals Daily.
New Issue: Colorado Springs, Colo., sells $127.95 million of utilities system debt
By Sheri Kasprzak
New York, Sept. 17 - The City of Colorado Springs, Colo., sold $127.95 million of series 2013B utilities system refunding revenue bonds, said a pricing sheet.
The bonds (Aa2//AA) were sold through J.P. Morgan Securities LLC.
The deal includes $59,095,000 of series 2013B-1 bonds and $68,855,000 of series 2013B-2 bonds.
The 2013B-1 bonds are due 2014 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 1.5% to 5%. The 2038 bonds have a 5% coupon priced at 102.47, and the 2043 bonds have a 5% coupon priced at 101.743.
The 2013B-2 bonds are due 2014 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 2% to 5%. The 2038 bonds have a 5% coupon priced at 102.47, and the 2043 bonds have a 5% coupon priced at 101.743.
Proceeds will be used to finance a portion of the capital improvement costs of the city's Southern Delivery System as well as to refund existing debt.
| Issuer: | Colorado Springs, Colo.
|
| Issue: | Series 2013B utilities system refunding revenue bonds
|
| Amount: | $127.95 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | Sept. 17
|
| Settlement date: | Oct. 1
|
|
|
| $59,095,000 series 2013B-1 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $745,000 | 2014 | Serial | 2% | 101.8
|
| $1.1 million | 2015 | Serial | 3% | 105.074
|
| $1,135,000 | 2016 | Serial | 3% | 106.323
|
| $1.17 million | 2017 | Serial | 1.5% | 100.639
|
| $1,185,000 | 2018 | Serial | 4% | 110.562
|
| $1,235,000 | 2019 | Serial | 4% | 110.376
|
| $1,285,000 | 2020 | Serial | 4% | 110.14
|
| $1,335,000 | 2021 | Serial | 5% | 116.275
|
| $1.4 million | 2022 | Serial | 5% | 115.767
|
| $1.47 million | 2023 | Serial | 5% | 115.549
|
| $1,545,000 | 2024 | Serial | 5% | 113.602
|
| $1,625,000 | 2025 | Serial | 5% | 111.874
|
| $1,705,000 | 2026 | Serial | 5% | 110.443
|
| $1.79 million | 2027 | Serial | 5% | 109.473
|
| $205,000 | 2028 | Serial | 4% | 99.1
|
| $1,675,000 | 2028 | Serial | 5% | 108.425
|
| $1.97 million | 2030 | Serial | 5% | 106.451
|
| $2.07 million | 2031 | Serial | 5% | 105.775
|
| $2,175,000 | 2032 | Serial | 5% | 105.104
|
| $2,275,000 | 2033 | Serial | 4.5% | 99.471
|
| $13.18 million | 2038 | Term | 5% | 102.47
|
| $16.82 million | 2043 | Term | 5% | 101.743
|
|
|
| $68,855,000 series 2013B-2 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $785,000 | 2014 | Serial | 2% | 101.8
|
| $1.21 million | 2015 | Serial | 3% | 105.074
|
| $1,245,000 | 2016 | Serial | 4% | 109.392
|
| $1,295,000 | 2017 | Serial | 4% | 110.631
|
| $1.35 million | 2018 | Serial | 5% | 115.43
|
| $1,415,000 | 2019 | Serial | 5% | 116.077
|
| $1,485,000 | 2020 | Serial | 5% | 116.64
|
| $1.56 million | 2021 | Serial | 5% | 116.275
|
| $1.64 million | 2022 | Serial | 5% | 115.767
|
| $1.72 million | 2023 | Serial | 5% | 115.549
|
| $1,805,000 | 2024 | Serial | 5% | 113.602
|
| $1,895,000 | 2025 | Serial | 5% | 111.874
|
| $1.99 million | 2026 | Serial | 5% | 110.443
|
| $2.09 million | 2027 | Serial | 5% | 109.473
|
| $2,195,000 | 2028 | Serial | 5% | 108.425
|
| $2,305,000 | 2030 | Serial | 5% | 106.451
|
| $2.42 million | 2031 | Serial | 5% | 105.775
|
| $2.54 million | 2032 | Serial | 5% | 105.104
|
| $2.67 million | 2033 | Serial | 5% | 104.521
|
| $15.48 million | 2038 | Term | 5% | 102.47
|
| $19.76 million | 2043 | Term | 5% | 101.743
|
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