Published on 4/21/2015 in the Prospect News Municipals Daily.
New Issue: Phoenix Civic Improvement, Ariz., prices $380.2 million refunding bonds
By Sheri Kasprzak
New York, April 21 – The Phoenix Civic Improvement Corp. of Arizona sold $380,205,000 of series 2015 excise tax revenue refunding bonds, according to a pricing sheet. The offering was downsized from $391.34 million.
The bonds (Aa3/AA+/) were sold through senior manager Wells Fargo Securities LLC.
The deal included $319,305,000 of series 2015A refunding bonds and $60.9 million of series 2015B taxable refunding bonds.
The 2015A bonds are due 2017 to 2037 with a term bond due in 2041. The serial coupons range from 3% to 5%. The 2041 bonds have a 5% coupon priced at 115.005.
The 2015B bonds are due 2016 to 2030 with a term bond due in 2035. The serial coupons range from 0.41% to 3.702% all priced at par. The 2035 bonds have a 3.992% coupon priced at par.
Proceeds will be used to refund existing G.O. debt.
| Issuer: | Phoenix Civic Improvement Corp.
|
| Issue: | Series 2015 excise tax revenue refunding bonds
|
| Amount: | $380,205,000
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA+
|
| Pricing date: | April 21
|
| Settlement date: | May 12
|
|
|
| $319,305,000 series 2015A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,635,000 | 2017 | Serial | 4% | 106.962
|
| $6.96 million | 2018 | Serial | 4% | 109.141
|
| $7,255,000 | 2019 | Serial | 5% | 114.807
|
| $1.9 million | 2020 | Serial | 3% | 107.387
|
| $5,745,000 | 2020 | Serial | 5% | 117.237
|
| $8.01 million | 2021 | Serial | 5% | 119.343
|
| $8,435,000 | 2022 | Serial | 5% | 120.668
|
| $8,885,000 | 2023 | Serial | 5% | 122.001
|
| $9.36 million | 2024 | Serial | 5% | 123.243
|
| $17.05 million | 2025 | Serial | 5% | 124.081
|
| $17.93 million | 2026 | Serial | 5% | 122.56
|
| $11.83 million | 2027 | Serial | 5% | 121.162
|
| $10.77 million | 2028 | Serial | 5% | 119.88
|
| $2,545,000 | 2029 | Serial | 3% | 99.086
|
| $8.76 million | 2029 | Serial | 5% | 119
|
| $11,825,000 | 2030 | Serial | 5% | 118.325
|
| $12,415,000 | 2031 | Serial | 5% | 117.747
|
| $13.04 million | 2032 | Serial | 5% | 116.888
|
| $13.69 million | 2033 | Serial | 5% | 116.509
|
| $14,375,000 | 2034 | Serial | 5% | 116.131
|
| $15,095,000 | 2035 | Serial | 5% | 115.848
|
| $15.85 million | 2036 | Serial | 5% | 115.566
|
| $16.64 million | 2037 | Serial | 5% | 115.285
|
| $75,305,000 | 2041 | Term | 5% | 115.005
|
|
|
| $60.9 million series 2015B taxable G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,555,000 | 2016 | Serial | 0.41% | 100
|
| $2,775,000 | 2017 | Serial | 0.974% | 100
|
| $2,805,000 | 2018 | Serial | 1.406% | 100
|
| $2.84 million | 2019 | Serial | 1.781% | 100
|
| $4,575,000 | 2020 | Serial | 2.001% | 100
|
| $4.66 million | 2021 | Serial | 2.364% | 100
|
| $4,765,000 | 2022 | Serial | 2.614% | 100
|
| $4,885,000 | 2023 | Serial | 2.802% | 100
|
| $5,005,000 | 2024 | Serial | 2.902% | 100
|
| $2.07 million | 2025 | Serial | 3.052% | 100
|
| $2.12 million | 2026 | Serial | 3.252% | 100
|
| $2.19 million | 2027 | Serial | 3.352% | 100
|
| $2.26 million | 2028 | Serial | 3.502% | 100
|
| $2,345,000 | 2029 | Serial | 3.602% | 100
|
| $2,425,000 | 2030 | Serial | 3.702% | 100
|
| $13,625,000 | 2035 | Term | 3.992% | 100
|
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