By Sheri Kasprzak
New York, Sept. 9 - Galveston County in Texas priced $137.69 million in series 2009 road, building and flood bonds (Aa2//AA) on Wednesday, according to a pricing sheet.
The sale included $75 million in series 2009A unlimited tax road Build America Bonds, $45 million in series 2009B taxable county building Build America Bonds and $17.69 million in series 2009C taxable flood bonds.
The 2009A bonds are due 2011 to 2023 with a term bond due 2029. The coupons range from 1.248% to 5.408%, all priced at par. The 2029 bonds have a 6.205% coupon, also priced at par.
The 2009B bonds are due 2011 to 2019 with a term bond due 2029. The serials have coupons from 1.248% to 4.708%, all priced at par. The 2029 bonds have a 5.905% coupon, priced at par.
The 2009C bonds are due 2011 to 2031 with coupons from 4% to 5.625%. A 2029 term bond has a 6.205% coupon, priced at par, and a 2036 term bond has a 6% coupon, priced at par.
Coastal Securities Inc. was the senior manager.
Proceeds will fund roadway, public building and drainage improvements.
| Issuer: | Galveston County, Texas
|
| Issue: | Series 2009 road, building and flood bonds
|
| Amount: | $137.69 million
|
| Type: | Negotiated
|
| Underwriter: | Coastal Securities Inc.
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | Sept. 9
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 1.248% | Par
|
| 2012 | Serial | 1.865% | Par
|
| 2013 | Serial | 2.365% | Par
|
| 2014 | Serial | 3.007% | Par
|
| 2015 | Serial | 3.407% | Par
|
| 2016 | Serial | 3.900% | Par
|
| 2017 | Serial | 4.200% | Par
|
| 2018 | Serial | 4.508% | Par
|
| 2019 | Serial | 4.708% | Par
|
| 2020 | Serial | 4.908% | Par
|
| 2021 | Serial | 5.108% | Par
|
| 2022 | Serial | 5.308% | Par
|
| 2023 | Serial | 5.408% | Par
|
| 2029 | Term | 6.205% | Par
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 1.248% | Par
|
| 2012 | Serial | 1.865% | Par
|
| 2013 | Serial | 2.365% | Par
|
| 2014 | Serial | 3.007% | Par
|
| 2015 | Serial | 3.407% | Par
|
| 2016 | Serial | 3.900% | Par
|
| 2017 | Serial | 4.200% | Par
|
| 2018 | Serial | 4.508% | Par
|
| 2019 | Serial | 4.708% | Par
|
| 2029 | Term | 5.905% | Par
|
|
|
| Series 2009C
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 4% | 101.852
|
| 2012 | Serial | 4% | 102.072
|
| 2013 | Serial | 4% | 101.815
|
| 2014 | Serial | 4% | 101.111
|
| 2015 | Serial | 4% | 100.000
|
| 2016 | Serial | 4% | 99.102
|
| 2017 | Serial | 4.125% | 98.832
|
| 2018 | Serial | 4.25% | 98.537
|
| 2019 | Serial | 4.375% | 98.22
|
| 2020 | Serial | 4.5% | 98.303
|
| 2021 | Serial | 4.6% | 98.196
|
| 2022 | Serial | 4.75% | 98.572
|
| 2023 | Serial | 5% | 100.000
|
| 2024 | Serial | 5% | 98.595
|
| 2025 | Serial | 5% | 97.84
|
| 2026 | Serial | 5.125% | 98.056
|
| 2027 | Serial | 5.25% | 98.286
|
| 2028 | Serial | 5.375% | 98.536
|
| 2029 | Serial | 5.5% | 98.803
|
| 2030 | Serial | 5.5% | 97.568
|
| 2031 | Serial | 5.625% | 97.839
|
| 2029 | Term | 6.205% | 100.000
|
| 2036 | Term | 6.00% | 100.000
|
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