Published on 6/22/2016 in the Prospect News Municipals Daily.
New Issue: Gilbert Water, Ariz., prices $115.94 million water refunding bonds
By Sheri Kasprzak
New York, June 22 – The Gilbert Water Resources Municipal Property Corp. of Arizona priced $115.94 million of series 2016 senior lien water system revenue and refunding bonds, according to a pricing sheet. The deal was upsized from $110,025,000.
The bonds (/AAA/AA+) were sold through J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
The bonds are due 2017 to 2036 with 2.25% to 5% coupons and yields from 0.61% to 2.49%.
Proceeds will be used to finance water system capital improvements and refund the corporation’s series 2007 water system revenue bonds.
| Issuer: | Gilbert Water Resources Municipal Property Corp.
|
| Issue: | Series 2016 senior lien water system revenue and refunding bonds
|
| Amount: | $115.94 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Ratings: | S&P: AAA
|
| Fitch: AA+
|
| Pricing date: | June 21
|
| Settlement date: | June 30
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.83 million | 2017 | Serial | 4% | 103.383 | 0.61%
|
| $5,055,000 | 2018 | Serial | 5% | 108.474 | 0.73%
|
| $5,285,000 | 2019 | Serial | 5% | 112.309 | 0.84%
|
| $5,545,000 | 2020 | Serial | 5% | 115.827 | 0.96%
|
| $5,835,000 | 2021 | Serial | 5% | 119.148 | 1.06%
|
| $6,115,000 | 2022 | Serial | 5% | 121.88 | 1.21%
|
| $6,445,000 | 2023 | Serial | 5% | 124.537 | 1.32%
|
| $6.75 million | 2024 | Serial | 5% | 126.991 | 1.42%
|
| $7.08 million | 2025 | Serial | 5% | 129.079 | 1.53%
|
| $7,455,000 | 2026 | Serial | 4% | 121.484 | 1.66%
|
| $7.74 million | 2027 | Serial | 5% | 129.597 | 1.76%
|
| $8,125,000 | 2028 | Serial | 2.25% | 101.618 | 2.07%
|
| $8,315,000 | 2029 | Serial | 3% | 107.427 | 2.17%
|
| $8.55 million | 2030 | Serial | 4% | 117.159 | 2.09%
|
| $6,835,000 | 2031 | Serial | 4% | 115.985 | 2.21%
|
| $2.95 million | 2032 | Serial | 4% | 114.92 | 2.32%
|
| $3.07 million | 2033 | Serial | 4% | 114.344 | 2.38%
|
| $3.19 million | 2034 | Serial | 4% | 113.867 | 2.43%
|
| $3.32 million | 2035 | Serial | 4% | 113.581 | 2.46%
|
| $3.45 million | 2036 | Serial | 4% | 113.297 | 2.49%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
