Published on 4/24/2013 in the Prospect News Municipals Daily.
New Issue: St. Paul Port Authority, Minn., sells $115.76 million lease revenue bonds
By Sheri Kasprzak
New York, April 24 - The St. Paul Port Authority of Minnesota priced $115.76 million of series 2013 lease revenue refunding bonds, according to a pricing sheet.
The deal included $52.9 million of series 2013-2 bonds and $62.86 million series 2013-3 bonds.
The 2013-2 bonds are due 2013 to 2025 with 0.8% to 5% coupons. The 2013-3 bonds are due 2013 to 2025 with 0.8% to 5% coupons.
RBC Capital Markets LLC was the senior manager for the offering (Aa2//AA).
Proceeds will be used to refund the authority's series 2002-9, 2002-10 and 2003-11 lease revenue bonds.
| Issuer: | St. Paul Port Authority, Minn.
|
| Issue: | Series 2013 lease revenue refunding bonds
|
| Amount: | $115.76 million
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC (lead)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | April 24
|
| Settlement date: | May 9
|
|
|
| $52.9 million series 2013-2 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,165,000 | 2013 | Serial | 0.8% | 100.285
|
| $3,705,000 | 2014 | Serial | 4% | 105.58
|
| $3.84 million | 2015 | Serial | 4% | 108.761
|
| $3,985,000 | 2016 | Serial | 4% | 111.473
|
| $4.13 million | 2017 | Serial | 4% | 113.534
|
| $4.3 million | 2018 | Serial | 4% | 115.076
|
| $4.46 million | 2019 | Serial | 5% | 122.351
|
| $4,675,000 | 2020 | Serial | 5% | 123.72
|
| $4.9 million | 2021 | Serial | 5% | 124.475
|
| $5.14 million | 2022 | Serial | 5% | 125.296
|
| $5,395,000 | 2023 | Serial | 5% | 125.613
|
| $5,655,000 | 2024 | Serial | 5% | 124.443
|
| $550,000 | 2025 | Serial | 2.5% | 99.039
|
|
|
| $62.86 million series 2013-3 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,355,000 | 2013 | Serial | 0.8% | 100.285
|
| $4.31 million | 2014 | Serial | 5% | 107.135
|
| $4,505,000 | 2015 | Serial | 5% | 111.301
|
| $4.72 million | 2016 | Serial | 5% | 114.982
|
| $4,945,000 | 2017 | Serial | 5% | 117.986
|
| $5.17 million | 2018 | Serial | 5% | 120.442
|
| $5,425,000 | 2019 | Serial | 5% | 122.351
|
| $5,685,000 | 2020 | Serial | 5% | 123.72
|
| $5,965,000 | 2021 | Serial | 5% | 124.475
|
| $6.25 million | 2022 | Serial | 5% | 125.296
|
| $6,555,000 | 2023 | Serial | 5% | 125.613
|
| $6.88 million | 2024 | Serial | 5% | 124.443
|
| $95,000 | 2025 | Serial | 5% | 99.039
|
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