Published on 9/24/2012 in the Prospect News Municipals Daily.
New Issue: Midland County Fresh Water, Texas, prices $196.58 million revenue bonds
By Sheri Kasprzak
New York, Sept. 24 - The Midland County Fresh Water Supply District of Texas priced $196,576,160.45 of series 2012 revenue refunding bonds and revenue notes, according to a term sheet.
The offering included $68.31 million of series 2012 revenue refunding bonds and $128,266,160.45 of series 2012A revenue notes, including $16,905,000 of current interest notes, $67,211,160.45 of capital appreciation notes and $44.15 million of term current interest notes.
The 2012 revenue refunding bonds are due 2014 to 2032 with 2% to 5% coupons and 0.46% to 3.57% yields.
The 2012A current interest bonds are due 2029 to 2031 with 3.25% to 5% coupons and 3.21% to 3.47% yields.
The 2012A zero-coupon capital appreciation notes are due 2031 to 2041 with 4.55% to 5.05% yields.
The 2012A term current interest notes are due in 2040 and have a 5% coupon to yield 3.66%.
The bonds and notes (Aa3/AA+/) were sold through Estrada Hinojosa & Co. Inc. and Wells Fargo Securities LLC. The co-managers were BOSC Inc., Frost Bank and J.P. Morgan Securities LLC.
Proceeds will be used to construct, acquire, develop, equip and renovate infrastructure to source and deliver groundwater from the T-Bar Ranch to the city of Midland, Texas, as well as to refund existing revenue notes.
| Issuer: | Midland County Fresh Water Supply District
|
| Issue: | Series 2012 revenue refunding bonds and revenue notes
|
| Amount: | $196,576,160.45
|
| Type: | Negotiated
|
| Underwriters: | Estrada Hinojosa & Co. Inc. and Wells Fargo Securities LLC (lead), BOSC Inc., Frost Bank and J.P. Morgan Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA+
|
| Pricing date: | Sept. 19
|
| Settlement date: | Sept. 26
|
|
|
| $68.31 million series 2012 revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $145,000 | 2014 | Serial | 2% | 0.46%
|
| $100,000 | 2015 | Serial | 2% | 0.60%
|
| $1.5 million | 2017 | Serial | 2.5% | 1.07%
|
| $1.44 million | 2018 | Serial | 2.5% | 1.40%
|
| $1,375,000 | 2019 | Serial | 3% | 1.75%
|
| $2,165,000 | 2020 | Serial | 3% | 2.04%
|
| $2.13 million | 2021 | Serial | 5% | 2.28%
|
| $2,135,000 | 2022 | Serial | 3% | 2.47%
|
| $2.95 million | 2023 | Serial | 5% | 2.60%
|
| $2,945,000 | 2024 | Serial | 5% | 2.69%
|
| $2,995,000 | 2025 | Serial | 3% | 3.16%
|
| $3,835,000 | 2026 | Serial | 5% | 2.93%
|
| $3,875,000 | 2027 | Serial | 3.125% | 3.29%
|
| $3.85 million | 2028 | Serial | 3.125% | 3.35%
|
| $15,375,000 | 2030 | Serial | 5% | 3.17%
|
| $9,495,000 | 2031 | Serial | 5% | 3.21%
|
| $12 million | 2032 | Serial | 3.375% | 3.57%
|
|
|
| $128,266,160.45 series 2012A revenue notes
|
|
|
| $16,905,000 current interest notes
|
| Amount | Maturity | Type | Coupon | Yield
|
| $3.27 million | 2029 | Serial | 3.25% | 3.41%
|
| $3.7 million | 2030 | Serial | 3.25% | 3.47%
|
| $9,935,000 | 2031 | Serial | 5% | 3.21%
|
|
|
| $67,211,160.45 capital appreciation notes
|
| Amount | Maturity | Type | Coupon | Yield
|
| $2,879,414.55 | 2031 | Serial | 0% | 4.55%
|
| $6,115,145.40 | 2032 | Serial | 0% | 4.59%
|
| $10,481,999.40 | 2033 | Serial | 0% | 4.66%
|
| $9,776,424.60 | 2034 | Serial | 0% | 4.77%
|
| $9,119,595.60 | 2035 | Serial | 0% | 4.87%
|
| $8,549,793.00 | 2036 | Serial | 0% | 4.94%
|
| $8,024,605.20 | 2037 | Serial | 0% | 5.00%
|
| $7,599,112.20 | 2038 | Serial | 0% | 5.02%
|
| $3,058,161.65 | 2040 | Serial | 0% | 5.04%
|
| $1,606,908.85 | 2041 | Serial | 0% | 5.05%
|
|
|
| $44.15 million term current interest notes
|
| Maturity | Type | Coupon | Yield
|
| 2040 | Term | 5% | 3.66%
|
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