Published on 7/21/2015 in the Prospect News Municipals Daily.
New Issue: Nashville and Davidson County Metro Government brings $347.46 million
By Sheri Kasprzak
New York, July 21 – The Metropolitan Government of Nashville and Davidson County, Tenn., priced $347.46 million of series 2015C general obligation improvement bonds, according to a pricing sheet.
The bonds (Aa2/AA/) were sold competitively with Morgan Stanley & Co. LLC winning the bid at a 3.175497% true interest cost.
The bonds are due 2017 to 2034 with 4% to 5.5% coupons and yields from 0.70% to 3.43%.
Proceeds will be used to finance long-term public works projects through the retirement of commercial paper bond anticipation notes.
| Issuer: | Metropolitan Government of Nashville and Davidson County
|
| Issue: | Series 2015C general obligation improvement bonds
|
| Amount: | $347.46 million
|
| Type: | Competitive
|
| Underwriter: | Morgan Stanley & Co. LLC (winner)
|
| TIC: | 3.175497%
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | July 21
|
| Settlement date: | July 22
|
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $12,205,000 | 2017 | Serial | 5% | 108.183 | 0.70%
|
| $12.83 million | 2018 | Serial | 5% | 111.479 | 1.00%
|
| $13.49 million | 2019 | Serial | 5.5% | 116.33 | 1.22%
|
| $14.18 million | 2020 | Serial | 5% | 116.744 | 1.46%
|
| $14,905,000 | 2021 | Serial | 5% | 118.198 | 1.75%
|
| $15.67 million | 2022 | Serial | 5% | 118.938 | 2.05%
|
| $16,475,000 | 2023 | Serial | 5% | 120.166 | 2.21%
|
| $17.32 million | 2024 | Serial | 4% | 113.205 | 2.35%
|
| $18,205,000 | 2025 | Serial | 4% | 113.104 | 2.50%
|
| $19.14 million | 2026 | Serial | 5% | 120.378 | 2.65%
|
| $20,125,000 | 2027 | Serial | 5% | 119.703 | 2.72%
|
| $21,155,000 | 2028 | Serial | 5% | 118.841 | 2.81%
|
| $22.24 million | 2029 | Serial | 5% | 118.082 | 2.89%
|
| $23.38 million | 2030 | Serial | 5% | 117.422 | 2.96%
|
| $24.58 million | 2031 | Serial | 5% | 116.86 | 3.02%
|
| $25.84 million | 2032 | Serial | 5% | 116.394 | 3.07%
|
| $27,165,000 | 2033 | Serial | 4.5% | 109.281 | 3.39%
|
| $28,555,000 | 2034 | Serial | 4.5% | 108.929 | 3.43%
|
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