Published on 1/14/2014 in the Prospect News Municipals Daily.
New Issue: Philadelphia offers up $123.07 million of water and wastewater bonds
By Sheri Kasprzak
New York, Jan. 14 - The City of Philadelphia priced $123,065,000 of series 2014A water and wastewater revenue refunding bonds, according to a pricing sheet. The offering was upsized from $63.95 million.
The bonds (A1/A/A+) were sold through Ramirez & Co. Inc. and RBC Capital Markets LLC.
The bonds are due 2016 to 2027 with a term bond due in 2043. The serial coupons range from 3% to 5%. The 2043 bonds have a 5% coupon priced at 102.449.
Proceeds will be used to refund the city's series 2005A water and wastewater revenue bonds.
| Issuer: | City of Philadelphia
|
| Issue: | Series 2014A water and wastewater revenue refunding bonds
|
| Amount: | $123,065,000
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. and RBC Capital Markets LLC (lead), BofA Merrill Lynch, Wells Fargo Securities LLC and PNC Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 23
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1 million | 2016 | Serial | 3% | 105.927
|
| $4.91 million | 2016 | Serial | 5% | 110.765
|
| $1 million | 2017 | Serial | 3% | 107.447
|
| $5.18 million | 2017 | Serial | 5% | 114.217
|
| $6,475,000 | 2018 | Serial | 5% | 116.33
|
| $6.8 million | 2019 | Serial | 5% | 117.698
|
| $7.14 million | 2020 | Serial | 5% | 117.642
|
| $2,445,000 | 2021 | Serial | 4% | 110.337
|
| $5,045,000 | 2021 | Serial | 5% | 117.094
|
| $2.82 million | 2022 | Serial | 4% | 108.805
|
| $5.02 million | 2022 | Serial | 5% | 116.268
|
| $3.21 million | 2023 | Serial | 4% | 107.654
|
| $4.99 million | 2023 | Serial | 5% | 117.798
|
| $8,595,000 | 2024 | Serial | 5% | 115.384
|
| $9.02 million | 2025 | Serial | 5% | 113.676
|
| $9.47 million | 2026 | Serial | 5% | 111.813
|
| $9,945,000 | 2027 | Serial | 5% | 110.713
|
| $30 million | 2043 | Term | 5% | 102.449
|
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