By Sheri Kasprzak
New York, June 2 - The New York City Municipal Water Finance Authority priced $504.905 million in series 2008DD water and sewer system revenue bonds, according to an official statement released Monday.
The bonds (Aa3/AA/AA) are term bonds.
The $15.705 million in bonds due 2031 have a 4.625% coupon, priced at par. The $36.23 million in bonds due 2031 have a 4.625% coupon to yield 4.7%. The $40.985 million in bonds due 2032 have a 4.5% coupon to yield 4.7%. The $67.08 million in bonds due 2032 have a 5% coupon to yield 4.57%. The $169.905 million in bonds due 2037 have a 5% coupon to yield 4.63%. The $100 million in bonds due 2038 have a 4.5% coupon to yield 4.76%. The $75 million in bonds due 2039 have a 4.5% coupon to yield 4.7%
The lead manager was Siebert Brandford Shank & Co. The co-managers were Depfa First Albany; M.R. Beal & Co.; Merrill Lynch; Banc of America Securities; Bear, Stearns & Co.; Citigroup Global Markets; Goldman, Sachs & Co.; JPMorgan; Lehman Brothers; Loop Capital Markets; Morgan Stanley; Raymond James & Associates; Wachovia Bank; Piper Jaffray; Prager, Sealy & Co.; RBC Capital Markets; and Roosevelt & Cross.
Proceeds from the deal will be used for the payment of commercial paper notes and a deposit to a construction fund.
| Issuer: | New York City Municipal Water Finance Authority
|
| Issue: | Series 2008DD water and sewer system revenue bonds
|
| Amount: | $504.905 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. (lead); Depfa First Albany; M.R. Beal & Co.; Merrill Lynch; Banc of America Securities; Bear, Stearns & Co.; Citigroup Global Markets; Goldman, Sachs & Co.; JPMorgan; Lehman Brothers; Loop Capital Markets; Morgan Stanley; Raymond James & Associates; Wachovia Bank; Piper Jaffray; Prager, Sealy & Co.; RBC Capital Markets; Roosevelt & Cross
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | May 29
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2031 | Term | 4.625% | 4.625%
|
| 2031 | Term | 4.625% | 4.70%
|
| 2032 | Term | 4.5% | 4.70%
|
| 2032 | Term | 5% | 4.57%
|
| 2037 | Term | 5% | 4.63%
|
| 2038 | Term | 4.5% | 4.76%
|
| 2039 | Term | 4.5% | 4.70%
|
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