Published on 9/21/2010 in the Prospect News Municipals Daily.
New Issue: New York City Municipal Water Finance Authority sells $210 million water and sewer bonds
By Sheri Kasprzak
New York, Sept. 21 - The New York City Municipal Water Finance Authority priced Tuesday $210 million in an upsized offering of series 2011BB water and sewer system second general resolution revenue bonds, said a term sheet. The authority intended to sell $200 million of the bonds.
The bonds (Aa2/AA+/AA+) were sold through Rice Financial Products Co. The co-senior managers were Barclays Capital Inc., Jefferies & Co., Morgan Keegan & Co. Inc., M.R. Beal & Co. Inc. and Ramirez & Co. The co-managers included Bank of America Merrill Lynch, Citigroup Global Markets Inc., Fidelity Capital Markets LLC, Goldman, Sachs & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., Raymond James & Associates Inc., RBC Capital Markets Corp., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC, Wells Fargo Bank, NA, BB&T Capital Markets Inc., Lebenthal & Co. LLC, Oppenheimer & Co. Inc., Piper Jaffray & Co., Stifel, Nicolaus & Co. and Stone & Youngberg.
The bonds are due 2011 and 2014 to 2017 with term bonds due 2019, 2025, 2030 and 2031. Coupons range from 3% to 5%. The full details of the offering were not immediately available.
Proceeds will be used to refund existing debt.
| Issuer: | New York City Municipal Water Finance Authority
|
| Issue: | Series 2011BB water and sewer system second general resolution revenue bonds
|
| Amount: | $210 million
|
| Type: | Negotiated
|
| Underwriters: | Rice Financial Products Co. (senior); Barclays Capital Inc., Jefferies & Co., Morgan Keegan & Co. Inc., M.R. Beal & Co. Inc. and Ramirez & Co. (co-senior); Bank of America Merrill Lynch, Citigroup Global Markets Inc., Fidelity Capital Markets LLC, Goldman, Sachs & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., Raymond James & Associates Inc., RBC Capital Markets Corp., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC, Wells Fargo Bank, NA, BB&T Capital Markets Inc., Lebenthal & Co. LLC, Oppenheimer & Co. Inc., Piper Jaffray & Co., Stifel, Nicolaus & Co. and Stone & Youngberg (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 30
|
|
|
| Maturity | Type | Coupon
|
| 2011 | Term | 3%
|
| 2014 | Serial | 3%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 4%
|
| 2017 | Serial | 4%
|
| 2019 | Term | 5%
|
| 2025 | Term | 3%
|
| 2025 | Term | 5%
|
| 2030 | Term | 3.5%
|
| 2030 | Term | 5%
|
| 2031 | Term | 5%
|
© 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.
