New Issue: Augusta, Ga., prices $134.86 million of water and sewerage bonds

By Sheri Kasprzak

New York, Oct. 16 - The Consolidated Government of Augusta, Ga., sold $134,855,000 of series 2012 water and sewerage revenue refunding and improvement bonds, according to a pricing sheet.

The bonds (A1) were sold competitively with Barclays winning the bid with a 3.343123% true interest cost, said Dianne McNabb with The PFM Group, the city's financial adviser.

The bonds are due 2018 and 2023 to 2032 with a term bond due in 2042. The serial coupons range from 3% to 5%. The 2042 bonds have a 3.5% coupon priced at 99.008.

Proceeds will be used to finance water and sewerage capital projects and refund a portion of the system's series 2002 bonds for a net present value savings equal to 16.8% of refunded principal with no extension of maturity.

Issuer:	Consolidated Government of Augusta, Ga.
Issue:	Series 2012 water and sewerage revenue and refunding and improvement bonds
Amount:	$134,855,000
Type:	Competitive
Underwriter:	Barclays
TIC:	3.343123%
Ratings:	Moody's: A1
Pricing date:	Oct. 16
Settlement date:	Nov. 8
Amount	Maturity	Type	Coupon	Price
$4.25 million	2018	Serial	5%	122.208
$5,375,000	2023	Serial	5%	123.675
$5,655,000	2024	Serial	5%	122.88
$5,935,000	2025	Serial	5%	122.189
$6.23 million	2026	Serial	5%	121.503
$6,545,000	2027	Serial	5%	120.822
$6.87 million	2028	Serial	4%	109.583
$7.14 million	2029	Serial	4%	109.043
$7.43 million	2030	Serial	3%	99.312
$19,415,000	2031	Serial	4%	107.972
$20.19 million	2032	Serial	3%	97.793
$39.82 million	2042	Term	3.5%	99.008

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