Published on 7/29/2015 in the Prospect News Municipals Daily.
New Issue: Cincinnati brings to market $211.79 million water system revenue bonds
By Sheri Kasprzak
New York, July 29 – Cincinnati, Ohio, priced $211.79 million of series 2015 water system revenue bonds, said a pricing sheet.
The deal included $47,115,000 of series 2015A revenue bonds, $76,085,000 of series 2015B refunding bonds and $88.59 million of series 2015C taxable bonds.
The 2015A bonds are due 2022 to 2037 with term bonds due in 2040 and 2045. The serial coupons range from 2.375% to 5%. The 2040 bonds have a 5% coupon and priced at 114.459. The 2045 bonds have a 4% coupon that priced at 98.269 and a 5% coupon that priced at 113.71.
The 2015B bonds are due 2022 to 2032 with coupons from 3.5% to 5%.
The 2015C bonds are due 2016 to 2022 with 0.75% to 2.768% coupons and all priced at par.
The bonds (Aaa/AAA/) were sold through Morgan Stanley & Co. LLC.
Proceeds will be used to finance capital improvements to the city’s water system, including the construction of new mains, as well as to refund the city’s series 2005B water system revenue bonds.
| Issuer: | City of Cincinnati
|
| Issue: | Series 2015 water system revenue bonds
|
| Amount: | $211.79 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Guggenheim Securities and Loop Capital Markets LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | July 29
|
| Settlement date: | Aug. 12
|
|
|
| $47,115,000 series 2015A revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.14 million | 2022 | Serial | 2.375% | 102.261
|
| $1.18 million | 2023 | Serial | 4% | 113.426
|
| $1,225,000 | 2024 | Serial | 4% | 113.623
|
| $1,275,000 | 2025 | Serial | 4% | 113.742
|
| $1,335,000 | 2026 | Serial | 5% | 121.465
|
| $1,395,000 | 2027 | Serial | 3.5% | 105.673
|
| $1,445,000 | 2028 | Serial | 4% | 109.452
|
| $1,505,000 | 2029 | Serial | 4% | 108.341
|
| $1,565,000 | 2030 | Serial | 4% | 107.152
|
| $1.63 million | 2031 | Serial | 4% | 106.067
|
| $1.7 million | 2032 | Serial | 4% | 105.174
|
| $1,775,000 | 2033 | Serial | 5% | 117.028
|
| $1,865,000 | 2034 | Serial | 5% | 116.643
|
| $1,965,000 | 2035 | Serial | 5% | 116.259
|
| $2,065,000 | 2036 | Serial | 5% | 115.877
|
| $2.17 million | 2037 | Serial | 5% | 115.497
|
| $7.2 million | 2040 | Term | 5% | 114.459
|
| $10.93 million | 2045 | Term | 4% | 98.269
|
| $3.75 million | 2045 | Term | 5% | 113.71
|
|
|
| $76,085,000 series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.62 million | 2022 | Serial | 5% | 119.986
|
| $18.83 million | 2023 | Serial | 5% | 120.97
|
| $11,625,000 | 2024 | Serial | 5% | 121.931
|
| $12,125,000 | 2025 | Serial | 5% | 122.784
|
| $3,915,000 | 2026 | Serial | 5% | 121.465
|
| $4.08 million | 2027 | Serial | 3.5% | 105.673
|
| $4.23 million | 2028 | Serial | 4% | 109.452
|
| $4.4 million | 2029 | Serial | 4% | 108.341
|
| $4.57 million | 2030 | Serial | 4% | 107.152
|
| $4,755,000 | 2031 | Serial | 4% | 106.067
|
| $4,935,000 | 2032 | Serial | 4% | 105.174
|
|
|
| $88.59 million series 2015C taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $475,000 | 2016 | Serial | 0.75% | 100
|
| $12.32 million | 2017 | Serial | 1.062% | 100
|
| $14,905,000 | 2018 | Serial | 1.497% | 100
|
| $15.17 million | 2019 | Serial | 1.955% | 100
|
| $15,465,000 | 2020 | Serial | 2.225% | 100
|
| $15.82 million | 2021 | Serial | 2.568% | 100
|
| $14,435,000 | 2022 | Serial | 2.768% | 100
|
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