Published on 12/17/2014 in the Prospect News Municipals Daily.
New Issue: Las Vegas Valley Water prices $332.41 million general obligation bonds
By Sheri Kasprzak
New York, Dec. 17 – The Las Vegas Valley Water District of Nevada sold $332,405,000 of series 2015 limited tax general obligation water refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA+/) were sold through senior manager Citigroup Global Markets Inc.
The bonds are due 2031 to 2034 with a term bond due in 2039. The serial bonds have 5% coupons with 2.9% to 3.04% yields. The 2039 bonds have a 4% coupon priced at 102.878 to yield 3.65% and a 5% coupon priced at 115.145 to yield 3.2%.
Proceeds will be used to refinance outstanding bonds.
Issuer: | Las Vegas Valley Water District
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Issue: | Series 2015 limited tax general obligation water refunding bonds
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Amount: | $332,405,000
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Type: | Negotiated
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Underwriters: | Citigroup Global Markets Inc. (lead), J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-managers)
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Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AA+
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Pricing date: | Dec. 12
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Settlement date: | Jan. 13
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Amount | Maturity | Type | Coupon | Price | Yield
|
$6.44 million | 2031 | Serial | 5% | 117.93 | 2.9%
|
$23,245,000 | 2032 | Serial | 5% | 117.46 | 2.95%
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$37,245,000 | 2033 | Serial | 5% | 116.993 | 3%
|
$39.1 million | 2034 | Serial | 5% | 116.62 | 3.04%
|
$201,375,000 | 2039 | Term | 5% | 115.145 | 3.2%
|
$25 million | 2039 | Term | 4% | 102.878 | 3.65%
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