Published on 8/13/2015 in the Prospect News Municipals Daily.
New Issue: Charlotte, N.C., brings to market $462.8 million water and sewer bonds
By Sheri Kasprzak
New York, Aug. 13 – The City of Charlotte, N.C., sold $462.8 million of series 2015 water and sewer revenue refunding bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through Wells Fargo Securities LLC.
The bonds are due 2016 to 2036 with term bonds due in 2040 and 2045. The serial coupons range from 1% to 5%. The 2040 bonds have a 5% coupon priced at 116.471 and the 2045 bonds have a 4% coupon priced at 103.203.
Proceeds will be used to refund the city’s series 2002B-C variable-rate bonds, series 2005A bonds and series 2006A bonds, as well as terminate a related interest rate swap agreement.
| Issuer: | City of Charlotte, N.C.
|
| Issue: | Series 2015 water and sewer revenue refunding bonds
|
| Amount: | $462.8 million
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | Aug. 13
|
| Settlement date: | Aug. 27
|
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|
| Amount | Maturity | Type | Coupon | Price
|
| $11,965,000 | 2016 | Serial | 1% | 100.317
|
| $17.21 million | 2016 | Serial | 2% | 101.543
|
| $22,865,000 | 2017 | Serial | 5% | 108.077
|
| $24,975,000 | 2018 | Serial | 5% | 111.517
|
| $26.16 million | 2019 | Serial | 5% | 114.559
|
| $27,395,000 | 2020 | Serial | 5% | 117.008
|
| $28,695,000 | 2021 | Serial | 5% | 118.589
|
| $7,345,000 | 2022 | Serial | 2% | 100.766
|
| $20 million | 2022 | Serial | 5% | 119.948
|
| $28.63 million | 2023 | Serial | 5% | 121.273
|
| $24.44 million | 2024 | Serial | 5% | 122.751
|
| $18.15 million | 2025 | Serial | 5% | 123.96
|
| $19 million | 2026 | Serial | 5% | 122.771
|
| $19.89 million | 2027 | Serial | 5% | 121.888
|
| $8.42 million | 2028 | Serial | 5% | 121.207
|
| $8,755,000 | 2029 | Serial | 5% | 120.53
|
| $9.1 million | 2030 | Serial | 5% | 119.954
|
| $9.55 million | 2031 | Serial | 5% | 119.286
|
| $10,025,000 | 2032 | Serial | 5% | 118.811
|
| $10,465,000 | 2033 | Serial | 4% | 106.793
|
| $10,875,000 | 2034 | Serial | 4% | 106.358
|
| $11.37 million | 2035 | Serial | 4% | 105.925
|
| $11.93 million | 2036 | Serial | 4% | 105.581
|
| $29.92 million | 2040 | Term | 5% | 116.471
|
| $45.67 million | 2045 | Term | 4% | 103.203
|
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