Published on 8/9/2016 in the Prospect News Municipals Daily.
New Issue: Louisville and Jefferson Sewer, Ky., prices $150 million revenue bonds
By Sheri Kasprzak
New York, Aug. 9 – The Louisville and Jefferson County Metropolitan Sewer District of Kentucky sold $150 million of series 2016A sewer and drainage system revenue bonds, according to a pricing sheet.
The bonds (Aa3/AA/) were sold competitively, but the issuer did not immediately respond to requests for the winning bidder.
The bonds are due 2018 to 2043 with term bonds due in 2046 and 2047. The serial coupons range from 3% to 5% with yields from 0.65% to 3.15%. The 2046 bonds have a 3% coupon priced at 96.553 to yield 3.18% and the 2047 bonds have a 3% coupon priced at 96.104 to yield 3.2%.
Proceeds will be used to finance capital improvements to the metropolitan area’s sewer and drainage system, as well as to refund the district’s series 2008A and 2009A-B revenue bonds.
| Issuer: | Louisville and Jefferson County Metropolitan Sewer District, Ky.
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| Issue: | Series 2016A sewer and drainage system revenue bonds
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| Amount: | $150 million
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| Type: | Competitive
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| Ratings: | Moody’s: Aa3
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| S&P: AA
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| Pricing date: | Aug. 9
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| Settlement date: | Aug. 19
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $240,000 | 2018 | Serial | 5% | 107.377 | 0.65%
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| $230,000 | 2019 | Serial | 5% | 111.257 | 0.79%
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| $240,000 | 2020 | Serial | 5% | 114.8 | 0.93%
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| $875,000 | 2021 | Serial | 5% | 117.896 | 1.09%
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| $915,000 | 2022 | Serial | 5% | 120.474 | 1.27%
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| $960,000 | 2023 | Serial | 5% | 122.971 | 1.40%
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| $1.07 million | 2024 | Serial | 5% | 125.22 | 1.52%
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| $1.18 million | 2025 | Serial | 5% | 127.253 | 1.63%
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| $1.35 million | 2026 | Serial | 5% | 127.526 | 1.75%
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| $450,000 | 2027 | Serial | 5% | 126.264 | 1.88%
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| $3,335,000 | 2028 | Serial | 3% | 106.204 | 2.25%
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| $3.44 million | 2029 | Serial | 3.25% | 107.068 | 2.39%
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| $3,555,000 | 2030 | Serial | 3.5% | 108.52 | 2.46%
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| $3,705,000 | 2031 | Serial | 3.5% | 107.835 | 2.54%
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| $3.86 million | 2032 | Serial | 4% | 113.145 | 2.40%
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| $4,075,000 | 2033 | Serial | 4% | 112.705 | 2.45%
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| $4,295,000 | 2034 | Serial | 3% | 100.8 | 2.90%
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| $4.53 million | 2035 | Serial | 3% | 100 | 3.00%
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| $4.67 million | 2036 | Serial | 3% | 99.26 | 3.05%
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| $4.72 million | 2037 | Serial | 3% | 98.779 | 3.08%
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| $4.88 million | 2038 | Serial | 3% | 98.425 | 3.10%
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| $5.55 million | 2039 | Serial | 3% | 98.215 | 3.11%
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| $5,835,000 | 2040 | Serial | 3% | 97.997 | 3.12%
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| $6,025,000 | 2041 | Serial | 3% | 97.771 | 3.13%
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| $6.23 million | 2042 | Serial | 3% | 97.539 | 3.14%
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| $6.55 million | 2043 | Serial | 3% | 97.301 | 3.15%
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| $47,535,000 | 2046 | Term | 3% | 96.553 | 3.18%
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| $19.7 million | 2047 | Term | 3% | 96.104 | 3.20%
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