Published on 6/5/2014 in the Prospect News Municipals Daily.
New Issue: Jordan Valley Water Conservancy sells $62.96 million revenue bonds
By Sheri Kasprzak
New York, June 5 – The Jordan Valley Water Conservancy District of Utah sold $62.96 million of series 2014 water revenue and refunding bonds, said a pricing sheet.
The deal included $57.14 million of series 2014A water revenue and refunding bonds and $5.82 million of series 2014B taxable refunding bonds.
The 2014A bonds are due 2016 to 2045 with 4% to 5% coupons and yields from 0.38% to 4.06%.
The 2014B bonds are due 2014 to 2016 with coupons from 0.25% to 0.72% all priced at par.
The bonds (/AA+/AA) were sold through George K. Baum & Co. Inc.
Proceeds will be used to advance refund district’s series 2005A water revenue bonds.
The conservancy district is a wholesaler of water to cities and improvement districts within Salt Lake County. It is based in West Jordan, Utah.
| Issuer: | Jordan Valley Water Conservancy District
|
| Issue: | Series 2014 water revenue and refunding bonds
|
| Amount: | $62.96 million
|
| Type: | Negotiated
|
| Underwriters: | George K. Baum & Co. Inc. (lead) and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Ratings: | Standard & Poor’s: AA+
|
| Fitch: AA
|
| Pricing date: | May 30
|
| Settlement date: | July 2
|
|
|
| $57.14 million series 2014A water revenue and refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $605,000 | 2016 | Serial | 4% | 108.092 | 0.38%
|
| $2.57 million | 2017 | Serial | 4% | 110.575 | 0.70%
|
| $2.64 million | 2018 | Serial | 5% | 116.591 | 1.00%
|
| $1,275,000 | 2019 | Serial | 5% | 118.594 | 1.32%
|
| $1.34 million | 2020 | Serial | 5% | 117.872 | 1.45%
|
| $1.41 million | 2021 | Serial | 5% | 116.77 | 1.65%
|
| $1.48 million | 2022 | Serial | 55 | 116.278 | 1.74%
|
| $845,000 | 2023 | Serial | 5% | 115.679 | 1.85%
|
| $890,000 | 2024 | Serial | 5% | 115.193 | 1.94%
|
| $935,000 | 2025 | Serial | 5% | 114.601 | 2.05%
|
| $985,000 | 2026 | Serial | 5% | 113.641 | 2.23%
|
| $1,035,000 | 2027 | Serial | 5% | 113.165 | 2.32%
|
| $1,085,000 | 2028 | Serial | 5% | 112.585 | 2.43%
|
| $1.14 million | 2029 | Serial | 5% | 112.114 | 2.52%
|
| $1.2 million | 2030 | Serial | 5% | 111.697 | 2.60%
|
| $1.26 million | 2031 | Serial | 5% | 116.853 | 3.07%
|
| $1,325,000 | 2032 | Serial | 5% | 116.185 | 3.14%
|
| $1,395,000 | 2033 | Serial | 5% | 115.71 | 3.19%
|
| $1,465,000 | 2034 | Serial | 5% | 115.143 | 3.25%
|
| $1,545,000 | 2036 | Serial | NRO | NRO | NRO
|
| $1,615,000 | 2037 | Serial | NRO | NRO | NRO
|
| $6,655,000 | 2038 | Serial | 5% | 113.463 | 3.43%
|
| $1.75 million | 2039 | Serial | NRO | NRO | NRO
|
| $1.82 million | 2040 | Serial | NRO | NRO | NRO
|
| $1,905,000 | 2041 | Serial | NRO | NRO | NRO
|
| $2 million | 2042 | Serial | NRO | NRO | NRO
|
| $5 million | 2043 | Serial | 5% | 112.726 | 3.51%
|
| $7,645,000 | 2044 | Serial | 4% | 98.955 | 4.06%
|
| $2,325,000 | 2045 | Serial | NRO | NRO | NRO
|
|
|
| $5.82 million series 2014B taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,995,000 | 2014 | Serial | 0.25% | 100
|
| $1,905,000 | 2015 | Serial | 0.35% | 100
|
| $1.92 million | 2016 | Serial | 0.72% | 100
|
|
|
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