By Sheri Kasprzak
New York, June 11 - The New York City Municipal Water Finance Authority sold $500 million in series 2009GG water system second resolution revenue bonds on Wednesday, according to an official statement.
The bonds (Aa3/AA+/AA) were sold through lead manager M.R. Beal & Co. The co-managers were Jefferies & Co. LLC; Merrill Lynch & Co. Inc.; Siebert Brandford Shank & Co. LLC; Barclays Capital Inc.; Citigroup Global Markets Inc.; Goldman, Sachs & Co.; J.P. Morgan Securities Inc.; Loop Capital Markets LLC; Morgan Stanley & Co. Inc.; Raymond James & Associates Inc.; Wachovia Bank; Piper Jaffray & Co.; Prager, Sealy & Co. LLC; RBC Capital Markets Inc.; and Roosevelt & Cross Inc.
The deal includes $304.785 million in series 2009GG-1 bonds and $195.215 million in series 2009GG-2 bonds.
The 2009GG-1 bonds are due 2024 to 2032 with a term bond due 2039. The serials have coupons from 4.125% to 5.25% and yields from 4.28% to 5.04%. The 2039 bonds have a 5% coupon to yield 5.15%.
The 2009GG-2 bonds are due 2035 and 2040. The 2035 bonds have a 5% coupon to yield 5.06% and the 2040 bonds have a 5.25% coupon to yield 5.1%.
Proceeds will be used to repay commercial paper and to pay for construction projects.
| Issuer: | New York City Municipal Water Finance Authority
|
| Issue: | Series 2009GG
|
| Amount: | $500 million
|
| Type: | Negotiated
|
| Underwriters: | M.R. Beal & Co. (lead); Jefferies & Co. LLC; Merrill Lynch & Co. Inc.; Siebert Brandford Shank & Co. LLC; Barclays Capital Inc.; Citigroup Global Markets Inc.; Goldman, Sachs & Co.; J.P. Morgan Securities Inc.; Loop Capital Markets LLC; Morgan Stanley & Co. Inc.; Raymond James & Associates Inc.; Wachovia Bank; Piper Jaffray & Co.; Prager, Sealy & Co. LLC; RBC Capital Markets Inc.; and Roosevelt & Cross Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | June 10
|
|
|
| Series 2009GG-1
|
| Maturity | Type | Coupon | Yield
|
| 2024 | Serial | 4.125 | 4.28%
|
| 2025 | Serial | 5% | 4.34%
|
| 2026 | Serial | 4.375% | 4.49%
|
| 2026 | Serial | 5.25% | 4.49%
|
| 2027 | Serial | 4.5% | 4.59%
|
| 2028 | Serial | 4.625% | 4.68%
|
| 2029 | Serial | 4.625% | 4.77%
|
| 2030 | Serial | 5.25% | 4.84%
|
| 2031 | Serial | 5.25% | 4.92%
|
| 2032 | Serial | 5.25% | 5.04%
|
| 2039 | Term | 5% | 5.15%
|
|
|
| Series 2009GG-2
|
| Maturity | Type | Coupon | Yield
|
| 2035 | Term | 5% | 5.06%
|
| 2040 | Term | 5.25% | 5.10%
|
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