Published on 7/9/2015 in the Prospect News Green Finance Daily and Prospect News Municipals Daily.
New Issue: Rhode Island Clean Water sells $52.98 million pollution control bonds
By Sheri Kasprzak
New York, July 9 – The Rhode Island Clean Water Finance Agency sold $52.98 million of series 2015A water pollution control revolving fund green revenue bonds, according to a pricing sheet.
The bonds (/AAA/AAA) were sold through Morgan Stanley & Co. LLC and Oppenheimer & Co.
The bonds are due 2017 to 2035 with a term bond due in 2044. The serial coupons range from 2% to 5%. The 2044 bonds have a 4% coupon priced at 111.507 and a 5% coupon priced at 115.226.
Proceeds will be used to finance clean water initiatives for the Narragansett Bay Commission, City of Newport, City of Warwick, City of Woonsocket and Town of Burrillville.
| Issuer: | Rhode Island Clean Water Finance Agency
|
| Issue: | Series 2015A water pollution control revolving fund green revenue bonds
|
| Amount: | $52.98 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Oppenheimer & Co. (lead), Roosevelt & Cross Inc., BofA Merrill Lynch and TD Securities (USA) LLC (co-managers)
|
| Ratings: | Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | July 9
|
| Settlement date: | July 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,285,000 | 2017 | Serial | 3% | 104.766
|
| $1.35 million | 2018 | Serial | 4% | 109.106
|
| $1,415,000 | 2019 | Serial | 4% | 110.965
|
| $1,505,000 | 2020 | Serial | 2% | 102.226
|
| $1.61 million | 2021 | Serial | 2.75% | 105.283
|
| $1.71 million | 2022 | Serial | 3.25% | 107.546
|
| $1.85 million | 2023 | Serial | 2.5% | 101.705
|
| $1,965,000 | 2024 | Serial | 5% | 121.466
|
| $2,105,000 | 2025 | Serial | 5% | 120.187
|
| $2,245,000 | 2026 | Serial | 5% | 118.657
|
| $2.38 million | 2027 | Serial | 5% | 117.679
|
| $2,525,000 | 2028 | Serial | 5% | 116.885
|
| $2,675,000 | 2029 | Serial | 5% | 116.099
|
| $2,835,000 | 2030 | Serial | 5% | 115.491
|
| $3,015,000 | 2031 | Serial | 5% | 114.493
|
| $3.2 million | 2032 | Serial | 5% | 114.544
|
| $3,395,000 | 2033 | Serial | 3.5% | 97.239
|
| $3.59 million | 2034 | Serial | 3.5% | 96.6
|
| $950,000 | 2035 | Serial | 3.625% | 97.684
|
| $2.88 million | 2044 | Term | 4% | 111.507
|
| $8,495,000 | 2044 | Term | 5% | 115.226
|
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