Published on 7/15/2015 in the Prospect News Municipals Daily.
New Issue: Charleston, S.C., brings $140.11 million of waterworks and sewer bonds
By Sheri Kasprzak
New York, July 15 – The City of Charleston, S.C., sold $140,105,000 of series 2015 waterworks and sewer capital improvement revenue bonds, according to a pricing sheet. The offering was downsized from $147,835,000.
The bonds (Aaa//AA+) were sold through Wells Fargo Securities LLC.
The bonds are due 2020 to 2037 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 5%. The 2040 bonds have a 5% coupon priced at 113.062 and the 2045 bonds have a 5% coupon priced at 112.375.
Proceeds will be used to finance capital improvements to the city’s waterworks and sewer systems.
| Issuer: | City of Charleston, S.C.
|
| Issue: | Series 2015 waterworks and sewer capital improvement revenue bonds
|
| Amount: | $140,105,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead), BofA Merrill Lynch and Rice Financial Products Co. (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AA+
|
| Pricing date: | July 15
|
| Settlement date: | July 29
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.79 million | 2020 | Serial | 5% | 116.13
|
| $2.93 million | 2021 | Serial | 5% | 118.16
|
| $3,075,000 | 2022 | Serial | 5% | 119.324
|
| $3.23 million | 2023 | Serial | 3% | 106.651
|
| $3,325,000 | 2024 | Serial | 5% | 121.503
|
| $3,495,000 | 2025 | Serial | 5% | 122.279
|
| $3,665,000 | 2026 | Serial | 5% | 120.869
|
| $3.85 million | 2027 | Serial | 5% | 119.755
|
| $4,045,000 | 2028 | Serial | 5% | 118.744
|
| $4,245,000 | 2029 | Serial | 5% | 117.744
|
| $4.46 million | 2030 | Serial | 5% | 116.933
|
| $4.68 million | 2031 | Serial | 5% | 116.396
|
| $4,915,000 | 2032 | Serial | 5% | 115.951
|
| $5.16 million | 2033 | Serial | 5% | 115.419
|
| $5.42 million | 2034 | Serial | 5% | 114.978
|
| $5.69 million | 2035 | Serial | 5% | 114.627
|
| $5,975,000 | 2036 | Serial | 5% | 114.277
|
| $6.27 million | 2037 | Serial | 5% | 113.928
|
| $20.76 million | 2040 | Term | 5% | 113.062
|
| $42,125,000 | 2045 | Term | 5% | 112.375
|
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