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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
AmountMaturityTypeCouponPrice
$745,0002014Serial2%101.8
$1.1 million2015Serial3%105.074
$1,135,0002016Serial3%106.323
$1.17 million2017Serial1.5%100.639
$1,185,0002018Serial4%110.562
$1,235,0002019Serial4%110.376
$1,285,0002020Serial4%110.14
$1,335,0002021Serial5%116.275
$1.4 million2022Serial5%115.767
$1.47 million2023Serial5%115.549
$1,545,0002024Serial5%113.602
$1,625,0002025Serial5%111.874
$1,705,0002026Serial5%110.443
$1.79 million2027Serial5%109.473
$205,0002028Serial4%99.1
$1,675,0002028Serial5%108.425
$1.97 million2030Serial5%106.451
$2.07 million2031Serial5%105.775
$2,175,0002032Serial5%105.104
$2,275,0002033Serial4.5%99.471
$13.18 million2038Term5%102.47
$16.82 million2043Term5%101.743
$68,855,000 series 2013B-2 bonds
AmountMaturityTypeCouponPrice
$785,0002014Serial2%101.8
$1.21 million2015Serial3%105.074
$1,245,0002016Serial4%109.392
$1,295,0002017Serial4%110.631
$1.35 million2018Serial5%115.43
$1,415,0002019Serial5%116.077
$1,485,0002020Serial5%116.64
$1.56 million2021Serial5%116.275
$1.64 million2022Serial5%115.767
$1.72 million2023Serial5%115.549
$1,805,0002024Serial5%113.602
$1,895,0002025Serial5%111.874
$1.99 million2026Serial5%110.443
$2.09 million2027Serial5%109.473
$2,195,0002028Serial5%108.425
$2,305,0002030Serial5%106.451
$2.42 million2031Serial5%105.775
$2.54 million2032Serial5%105.104
$2.67 million2033Serial5%104.521
$15.48 million2038Term5%102.47
$19.76 million2043Term5%101.743

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