Published on 7/17/2012 in the Prospect News Municipals Daily.
New Issue: Clairton Municipal Authority, Pa., prices $56.1 million of sewer revenue bonds
By Sheri Kasprzak
New York, July 17 - The Clairton Municipal Authority of Pennsylvania on Tuesday sold $56.1 million of series 2012 sewer revenue and refunding bonds, according to a term sheet.
The deal included $8.07 million of series 2012A refunding bonds and $48.03 million of series 2012B revenue bonds.
The 2012A bonds are due 2015 to 2022 with term bonds due in 2026, 2031, 2036 and 2042. The serial coupons range from 2.5% to 3.75%. The 2026 bonds have a 4.125% coupon priced at 97.72, the 2031 bonds have a 4.625% coupon priced at 98.176, the 2036 bonds have a 5% coupon priced at 98.882 and the 2042 bonds have a 5% coupon priced at 98.079.
The 2012B bonds are due 2013 to 2022 with term bonds due in 2032, 2037 and 2042. The serial coupons range from 2% to 4%. The 2032 bonds have a 4.5% coupon priced at 97.012, the 2037 bonds have a 5% coupon priced at par and the 2042 bonds have a 5% coupon priced at 99.22.
The bonds were sold through senior manager Piper Jaffray & Co.
Proceeds will be used to finance capital improvements to the city's sewer system and to refund existing sewer revenue bonds.
| Issuer: | Clairton Municipal Authority, Pa.
|
| Issue: | Series 2012 sewer revenue and refunding bonds
|
| Amount: | $56.1 million
|
| Type: | Negotiated
|
| Underwriters: | Piper Jaffray & Co. (lead)
|
| Pricing date: | July 17
|
| Settlement date: | Aug. 9
|
|
|
| $8.07 million series 2012A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $165,000 | 2015 | Serial | 3% | 103.186
|
| $170,000 | 2016 | Serial | 3% | 103.271
|
| $175,000 | 2017 | Serial | 2.5% | 99.701
|
| $180,000 | 2018 | Serial | 2.75% | 99.366
|
| $185,000 | 2019 | Serial | 3% | 99.153
|
| $190,000 | 2020 | Serial | 3.25% | 98.918
|
| $195,000 | 2021 | Serial | 3.5% | 98.899
|
| $200,000 | 2022 | Serial | 3.75% | 99.319
|
| $885,000 | 2026 | Term | 4.125% | 97.72
|
| $1,345,000 | 2031 | Term | 4.625% | 98.176
|
| $1,705,000 | 2036 | Term | 5% | 98.882
|
| $2,675,000 | 2042 | Term | 5% | 98.079
|
|
|
| $48.03 million series 2012B revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $855,000 | 2013 | Serial | 2% | 100.567
|
| $870,000 | 2014 | Serial | 2% | 100.494
|
| $885,000 | 2015 | Serial | 4% | 106.374
|
| $925,000 | 2016 | Serial | 3% | 103.271
|
| $950,000 | 2017 | Serial | 3% | 102.169
|
| $980,000 | 2018 | Serial | 2.5% | 97.932
|
| $1,005,000 | 2019 | Serial | 3% | 99.153
|
| $1,035,000 | 2020 | Serial | 5% | 111.494
|
| $1,085,000 | 2021 | Serial | 4% | 102.817
|
| $1.13 million | 2022 | Serial | 4% | 101.432
|
| $5 million | 2032 | Term | 4.5% | 97.012
|
| $20,045,000 | 2037 | Term | 5% | 100
|
| $13,265,000 | 2042 | Term | 5% | 99.22
|
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