Published on 4/28/2015 in the Prospect News Municipals Daily.
New Issue: Genesee County, Mich., brings to market $60 million water system bonds
By Sheri Kasprzak
New York, April 28 – Genesee County, Mich., sold $60 million of series 2015 limited tax general obligation water supply system revenue bonds, according to a pricing sheet.
The bonds (A2) were sold through J.P. Morgan Securities LLC and Stifel, Nicolaus & Co. LLC.
The bonds are due 2018 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 3.625% to 5% with 1.33% to 4% yields. The 2040 bonds have a 5.25% coupon priced at 111.287 to yield 3.85%. The 2045 bonds have a 4% coupon priced at 97.445 to yield 4.15%.
Proceeds will be used to construct and acquire improvements to the county’s water treatment plant and raw water impoundment station.
| Issuer: | Genesee County, Mich.
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| Issue: | Series 2015 limited tax general obligation water supply system revenue bonds
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| Amount: | $60 million
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC and Stifel, Nicolaus & Co. LLC (lead)
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| Rating: | Moody’s: A2
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| Pricing date: | April 28
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| Settlement date: | April 30
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $605,000 | 2018 | Serial | 5% | 109.885 | 1.33%
|
| $625,000 | 2019 | Serial | 5% | 112.217 | 1.63%
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| $670,000 | 2020 | Serial | 5% | 114.168 | 1.87%
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| $705,000 | 2021 | Serial | 5% | 115.634 | 2.10%
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| $740,000 | 2022 | Serial | 5% | 116.658 | 2.32%
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| $770,000 | 2023 | Serial | 5% | 117.208 | 2.54%
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| $775,000 | 2024 | Serial | 5% | 117.563 | 2.73%
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| $775,000 | 2025 | Serial | 5% | 117.91 | 2.88%
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| $810,000 | 2026 | Serial | 5% | 116.338 | 3.05%
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| $870,000 | 2027 | Serial | 5% | 114.972 | 3.20%
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| $940,000 | 2028 | Serial | 5% | 113.626 | 3.35%
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| $1 million | 2029 | Serial | 5% | 112.738 | 3.45%
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| $1.12 million | 2030 | Serial | 5% | 112.122 | 3.52%
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| $2.01 million | 2031 | Serial | 3.625% | 98.168 | 3.78%
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| $2,185,000 | 2032 | Serial | 3.625% | 97.116 | 3.86%
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| $2.31 million | 2033 | Serial | 3.75% | 97.71 | 3.93%
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| $2.4 million | 2034 | Serial | 3.75% | 97.105 | 3.97%
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| $2.49 million | 2035 | Serial | 3.75% | 96.603 | 4.00%
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| $15.88 million | 2040 | Term | 5.25% | 111.287 | 3.85%
|
| $22.32 million | 2045 | Term | 4% | 97.445 | 4.15%
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