Published on 7/11/2012 in the Prospect News Municipals Daily.
New Issue: Las Vegas Valley Water prices $399.31 million of G.O. bonds
By Sheri Kasprzak
New York, July 11 - The Las Vegas Valley Water District of Nevada sold $399.31 million of series 2012 general obligation bonds, according to a pricing sheet.
The bonds (Aa2/AA+/) were sold through Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. The co-managers were Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
The deal included $39.31 million of series 2012A limited tax water refunding bonds and $360 million of series 2012B limited tax water bonds.
The 2012A bonds are due 2028 to 2032 with 5% coupons. The 2012B bonds are due 2015 to 2033 with term bonds due in 2037 and 2042. The serial coupons range from 3% to 5%. The 2037 bonds have a split maturity with a 4% coupon priced at 98.907 and a 5% coupon priced at 110.542. The 2042 bonds have a 4% coupon priced at 98.283 and a 5% coupon priced at 110.023.
Proceeds will be used to acquire and construct water resources facilities for the Southern Nevada Water Authority and refund some of the district's existing water bonds.
| Issuer: | Las Vegas Valley Water District
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $399.31 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Pricing date: | July 11
|
| Settlement date: | July 31
|
|
|
| $39.31 million series 2012A limited tax water refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7,115,000 | 2028 | Serial | 5% | 114.414
|
| $7.47 million | 2029 | Serial | 5% | 113.787
|
| $7,845,000 | 2030 | Serial | 5% | 113.165
|
| $8,235,000 | 2031 | Serial | 5% | 112.635
|
| $8,645,000 | 2032 | Serial | 5% | 112.195
|
|
|
| $360 million series 2012B limited tax water bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,595,000 | 2015 | Serial | 3% | 106.266
|
| $6.79 million | 2016 | Serial | 4% | 111.413
|
| $7.06 million | 2017 | Serial | 4% | 112.807
|
| $2 million | 2018 | Serial | 4% | 113.194
|
| $5,345,000 | 2018 | Serial | 5% | 118.739
|
| $2 million | 2019 | Serial | 4% | 113.601
|
| $5.69 million | 2019 | Serial | 5% | 119.988
|
| $2 million | 2020 | Serial | 4% | 113.655
|
| $6,055,000 | 2020 | Serial | 5% | 120.843
|
| $8.44 million | 2021 | Serial | 3% | 105.482
|
| $575,000 | 2022 | Serial | 4% | 113.469
|
| $8,115,000 | 2022 | Serial | 5% | 122.159
|
| $1.4 million | 2023 | Serial | 4% | 111.616
|
| $7.72 million | 2023 | Serial | 5% | 120.222
|
| $9,565,000 | 2024 | Serial | 5% | 118.792
|
| $10.04 million | 2025 | Serial | 5% | 117.57
|
| $10,545,000 | 2026 | Serial | 5% | 116.547
|
| $11.07 million | 2027 | Serial | 5% | 115.718
|
| $11,625,000 | 2028 | Serial | 5% | 114.987
|
| $12,205,000 | 2029 | Serial | 5% | 114.352
|
| $12,815,000 | 2030 | Serial | 5% | 113.721
|
| $13,455,000 | 2031 | Serial | 5% | 113.184
|
| $14.13 million | 2032 | Serial | 5% | 112.739
|
| $14,835,000 | 2033 | Serial | 5% | 112.118
|
| $16,725,000 | 2037 | Term | 4% | 98.907
|
| $50.17 million | 2037 | Term | 5% | 110.542
|
| $29,875,000 | 2042 | Term | 4% | 98.283
|
| $73.16 million | 2042 | Term | 5% | 110.023
|
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