Greensboro, North Carolina, is expected to price $175 million of bonds next week, $25 million of which are
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BofA Securities is senior underwriter for the Greensboro bonds and Truist Securities and Ramirez & Co. serve as co-managers. DEC Associates is the financial advisor and Womble Bond Dickinson is the bond counsel.
U.S. Bank Trust Co., N.A. is the bond trustee.
The $25.1 million Series 2024A is taxable, while the $133.9 million Series 2024B is tax-exempt. Both have maturities out to 30 years. In addition, there is a $16.8 million Series 2024B premium bond piece.
The bonds are rated Aa1 by Moody’s Ratings and AAA by S&P Global Ratings.
The bonds will be used to redeem outstanding balances on Series 2022A and Series 2022B notes used for improvements to the city’s water and sewer systems.
The deal is subject to a city council vote expected on Tuesday.
The commission also approved a $275 million bond anticipation note Greensboro will privately place with PNC Bank, N.A., with a final maturity in June 2032, with proceeds used for water and wastewater projects.
BofA will be the lead underwriter on the Raleigh bonds and Wells Fargo Bank and Ramirez & Co. will serve as co-managers. DEC Associates will be the financial advisor and Womble Bond Dickinson will be the bond counsel. U.S. Bank Trust Co., N.A. will be the bond trustee.
The bonds will have maturities up to 15 years. They will be current-interest bonds with a par of $191.3 million and $21.1 million of premiums.
While the limited obligation bond hasn’t been rated yet, the outstanding equivalent bonds are now rated Aa1 by Moody’s, AA-plus by S&P, and AA-plus by Fitch Ratings.
The bonds will refund variable rate certificates of participation Series 2004A, 2005B-1, and 2005B-2, and limited obligation bonds Series 2014A and Series 2014B.