Published on 3/27/2012 in the Prospect News Municipals Daily.
New Issue: Kentucky Infrastructure brings $111.35 million of wastewater bonds
By Sheri Kasprzak
New York, March 27 - The Kentucky Infrastructure Authority sold $111,345,000 of series 2012A wastewater and drinking water revolving fund revenue bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through senior manager Morgan Stanley & Co. LLC. The co-managers were J.B. Hilliard, W.L. Lyons LLC; PNC Capital Markets LLC; Morgan Keegan & Co. Inc.; Stifel, Nicolaus & Co. Inc.; Edward D. Jones & Co. LP; First Kentucky Securities Inc.; Sterne, Agee & Leach Inc.; and Ross, Sinclaire & Associates LLC.
The bonds are due 2013 to 2032 with coupons from 2% to 5%.
Proceeds will be used to finance loans to political subdivisions for wastewater and drinking water projects.
| Issuer: | Kentucky Infrastructure Authority
|
| Issue: | Series 2012A wastewater and drinking water revolving fund revenue bonds
|
| Amount: | $111,345,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead); J.B. Hilliard, W.L. Lyons LLC; PNC Capital Markets LLC; Morgan Keegan & Co. Inc.; Stifel, Nicolaus & Co. Inc.; Edward D. Jones & Co. LP; First Kentucky Securities Inc.; Sterne, Agee & Leach Inc.; and Ross, Sinclaire & Associates LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | March 27
|
| Settlement date: | April 19
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.35 million | 2013 | Serial | 2% | NRO
|
| $2,215,000 | 2014 | Serial | 2% | 102.695
|
| $2,895,000 | 2014 | Serial | 3% | 104.469
|
| $3 million | 2015 | Serial | 3% | 106.299
|
| $3.16 million | 2015 | Serial | 4% | 109.05
|
| $2 million | 2016 | Serial | 2% | 103.702
|
| $2.24 million | 2016 | Serial | 4% | 111.109
|
| $2.08 million | 2016 | Serial | 5% | 114.812
|
| $2 million | 2017 | Serial | 2% | 103.754
|
| $2,395,000 | 2017 | Serial | 3% | 108.39
|
| $2.04 million | 2017 | Serial | 4% | 113.026
|
| $2 million | 2018 | Serial | 2% | 102.702
|
| $2,205,000 | 2018 | Serial | 4% | 113.738
|
| $2 million | 2018 | Serial | 5% | 119.255
|
| $3.36 million | 2019 | Serial | 4% | 114.124
|
| $2,995,000 | 2019 | Serial | 5% | 120.486
|
| $3.2 million | 2020 | Serial | 2% | 100
|
| $3.05 million | 2020 | Serial | 4% | 114.346
|
| $3,355,000 | 2021 | Serial | 4% | 114.13
|
| $2,955,000 | 2021 | Serial | 5% | 122.07
|
| $275,000 | 2022 | Serial | 3% | 105.023
|
| $5.94 million | 2022 | Serial | 4% | 113.687
|
| $6,285,000 | 2023 | Serial | 5% | 120.61
|
| $5.89 million | 2024 | Serial | 5% | 119.56
|
| $5,545,000 | 2025 | Serial | 5% | 118.521
|
| $5.43 million | 2026 | Serial | 5% | 117.585
|
| $2 million | 2027 | Serial | 4% | 106.67
|
| $3.3 million | 2027 | Serial | 5% | 116.843
|
| $5,265,000 | 2028 | Serial | 5% | 116.107
|
| $1.39 million | 2029 | Serial | 3.5% | 98.868
|
| $2.85 million | 2029 | Serial | 5% | 115.467
|
| $7,275,000 | 2030 | Serial | 5% | 114.831
|
| $7,155,000 | 2031 | Serial | 5% | 114.29
|
| $2.25 million | 2032 | Serial | 3.625% | 98.26
|
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