Published on 7/23/2013 in the Prospect News Municipals Daily.
New Issue: District of Columbia Water and Sewer sells $300 million revenue bonds
By Sheri Kasprzak
New York, July 23 - The District of Columbia Water and Sewer Authority sold $300 million of series 2013A public utility subordinate lien revenue bonds, said a pricing sheet.
The bonds (Aa3/AA/AA-) were sold through Barclays and Loop Capital Markets LLC.
The bonds are due 2041, 2044 and 2048. The 2041 bonds have a 4.75% coupon priced at 98.466, and the 2044 bonds have a 5% coupon priced at 100.866. The 2048 bonds have a 5% coupon priced at 99.337.
Proceeds will be used to finance capital improvements to the city's water and sewer systems.
| Issuer: | District of Columbia Water and Sewer Authority
|
| Issue: | Series 2013A public utility subordinate lien revenue bonds
|
| Amount: | $300 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Loop Capital Markets LLC (lead), BofA Merrill Lynch, Goldman Sachs & Co., Ramirez & Co., Jefferies & Co., Lebenthal & Co. LLC and Raymond James/Morgan Keegan (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA-
|
| Pricing date: | July 23
|
| Settlement date: | Aug. 1
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.3 million | 2041 | Term | 4.75% | 98.466
|
| $197.7 million | 2044 | Term | 5% | 100.866
|
| $100 million | 2048 | Term | 5% | 99.337
|
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