City Of Kansas City: City Completes $204.7M Special Obligation Bond Issuance

Kansas City MO

30 April, 2022

1:06 PM

Description

Press release from the City of Kansas City: April 28, 2022 The City of Kansas City, Missouri, recently issued $204.7 million in special obligation improvement and refunding bonds to fund various capital improvement projects and refinancing of previously issued bonds for debt service savings of $1.6 million. The Series 2022 bonds were issued in three series: Series 2022A tax-exempt bonds were issued to fund $2.9 million in capital improvements to the City Hall parking garage. Series 2022B taxable bonds were issued to fund an additional $34 million in capital improvements, including Three Light and the North Soccer Complex. Series 2022C tax-exempt bonds were issued to fund approximately $116.4 million in costs for a portion of the Main Street Streetcar Extension Project, fund a debt service reserve and to refund outstanding bonds for the debt service savings noted above. The overall effective interest rates for the Series 2022A tax-exempt, the Series 2022B taxable and the Series 2022C taxable bonds are 3.65 percent, 4.37 percent and 3.72 percent. The underlying credit ratings on the transaction were AA- and A2 by Standard & Poor's and Moody's Investors Service, respectively. The City used the negotiated method of sale for the Series 2022 bonds with Stifel serving as Senior Manager along with Piper Sandler & Co.; Loop Capital; Barclays; Blaylock Van, LLC; and Valdés & Moreno, Inc. (City-certified M/DBE firm). Hilltop Securities and Moody Reid Financial Advisors served the City on the transaction as co-financial advisers. Kutak Rock and the Hardwick Law Firm served as co-bond counsel and co-disclosure counsel. Fisher Broyles served as counsel to the underwriters. Media inquiries and other requests for more information about this issue should be directed to City Treasurer Kimberly Carter at 816-513-1024. This press release was produced by the City of Kansas City. The views expressed here are the author's own.