By Sheri Kasprzak
New York, July 9 - The New Jersey Economic Development Authority sold $150 million of series 2010 refunding revenue bonds for the American Water Co., Inc., said a pricing sheet and a statement from the company.
The offering included $15.3 million of series 2010A non-AMT bonds, $110 million of series 2010B AMT bonds and $24.7 million of series 2010C AMT bonds.
The 2010A bonds are due June 1, 2023 and have a 4.45% coupon priced at par. The 2010B bonds are due Nov. 1, 2034 and have a 5.6% coupon priced at par. The 2010C bonds are due June 1, 2023 with a 5.1% coupon priced at par.
Morgan Stanley & Co. Inc. was the senior manager.
The proceeds will be used to refund four of the company's outstanding bonds.
The Trenton-based authority provides funding for economic development projects. Based in Voorhees, N.J., the company is an investor-owned water and wastewater utility.
Issuer: | New Jersey Economic Development Authority/American Water Co., Inc.
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Issue: | Series 2010 refunding revenue bonds
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Amount: | $150 million
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Type: | Negotiated
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Underwriter: | Morgan Stanley & Co. Inc. (lead)
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Pricing date: | July 1
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Settlement date: | July 9
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Series 2010A
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Maturity | Type | Coupon | Price
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June 1, 2023 | Term | 4.45% | 100
|
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Series 2010B
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Maturity | Type | Coupon | Price
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Nov. 1, 2034 | Term | 5.6% | 100
|
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Series 2010C
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Maturity | Type | Coupon | Price
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June 1, 2023 | Term | 5.1% | 100
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