Published on 2/20/2015 in the Prospect News Municipals Daily.
New Issue: New York City Muni Water brings $530 million water, sewer system bonds
By Sheri Kasprzak
New York, Feb. 20 – The New York City Municipal Water Authority sold $530 million of series 2015FF water and sewer second general resolution revenue bonds, according a pricing sheet.
The bonds were sold through senior manager Citigroup Global Markets Inc.
The bonds are due 2025 to 2032 with term bonds due in 2037 and 2039. The serial coupons range from 3% to 5% with 2.35% to 3% yields. The 2037 bonds have a 3.5% coupon priced at 99.079 to yield 3.56% and a 4% coupon priced at 104.094 to yield 3.52%. The 2039 bonds have a 5% coupon priced at 115.612 to yield 3.20%.
Proceeds will be used to finance improvements, extensions and repairs to the city’s water and sewer system.
| Issuer: | New York City Municipal Water Authority
|
| Issue: | Series 2015FF water and sewer second general resolution revenue bonds
|
| Amount: | $530 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Barclays, Ramirez & Co. Inc. and Raymond James/Morgan Keegan (co-senior managers)
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5 million | 2025 | Serial | 4% | 114.942 | 2.35%
|
| $13,355,000 | 2025 | Serial | 5% | 123.998 | 2.35%
|
| $28,225,000 | 2026 | Serial | 5% | 122.467 | 2.50%
|
| $73.84 million | 2027 | Serial | 5% | 121.058 | 2.64%
|
| $13,885,000 | 2028 | Serial | 3% | 100 | 3.00%
|
| $34,105,000 | 2028 | Serial | 5% | 119.866 | 2.76%
|
| $40 million | 2029 | Serial | 5% | 113.172 | 2.07%
|
| $25 million | 2029 | Serial | 5% | 119.078 | 2.84%
|
| $12.04 million | 2030 | Serial | 3.125% | 99.336 | 3.18%
|
| $6.06 million | 2030 | Serial | 5% | 118.395 | 2.91%
|
| $29,535,000 | 2031 | Serial | 5% | 117.909 | 2.96%
|
| $23.91 million | 2032 | Serial | 5% | 117.522 | 3.00%
|
| $25 million | 2037 | Term | 3.5% | 99.079 | 3.56%
|
| $20 million | 2037 | Term | 4% | 104.094 | 3.52%
|
| $180,045,000 | 2039 | Term | 5% | 115.612 | 3.20%
|
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