New Issue: Cleveland sells $82.09 million water revenue bonds

By Sheri Kasprzak

New York, Sept. 22 - The City of Cleveland priced $82.09 million of series 2011W water revenue bonds, according to a pricing sheet.

The bonds (Aa1/AA) were sold through Loop Capital Markets LLC. The co-managers were Citigroup Global Markets Inc., Fifth Third Securities Inc., Janney Montgomery Scott LLC, PNC Capital Markets LLC and Sterne, Agee & Leach Inc.

The bonds are due 2013 to 2021 with a term bond due in 2026. The serial coupons range from 2% to 5%. The 2026 bonds have a split maturity with a 3.25% coupon to yield 3.38% and a 4% coupon also to yield 3.38%.

Proceeds will refund existing water revenue bonds.

Issuer:	City of Cleveland
Issue:	Series 2011W water revenue bonds
Amount:	$82.09 million
Type:	Negotiated
Underwriters:	Loop Capital Markets LLC (lead), Citigroup Global Markets Inc., Fifth Third Securities Inc., Janney Montgomery Scott LLC, PNC Capital Markets LLC and Sterne, Agee & Leach Inc. (co-managers)
Ratings:	Moody's: Aa1
	Standard & Poor's: AA
Pricing date:	Sept. 22
Settlement date:	Oct. 6
Amount	Maturity	Type	Coupon	Yield
$19.33 million	2013	Serial	3%	0.42%
$18.34 million	2014	Serial	4%	0.60%
$18.78 million	2015	Serial	5%	0.79%
$17.56 million	2016	Serial	5%	1.12%
$6.55 million	2017	Serial	5%	1.45%
$150,000	2018	Serial	2%	1.74%
$150,000	2019	Serial	2%	2.06%
$180,000	2020	Serial	2.25%	2.31%
$185,000	2021	Serial	2.375%	2.49%
$100,000	2026	Term	3.25%	3.38%
$765,000	2026	Term	4%	3.38%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.