Published on 3/11/2016 in the Prospect News Municipals Daily.
New Issue: Las Vegas Valley Water District, Nev., brings $605.15 million bond deal
By Sheri Kasprzak
New York, March 11 – The Las Vegas Valley Water District of Nevada sold $605.15 million of series 2016 water system improvement and refunding bonds, according to a pricing sheet.
The deal included $497,635,000 of series 2016A water improvement and refunding bonds and $107,515,000 of series 2016B refunding bonds.
The 2016A bonds are due 2017 to 2038 with term bonds due in 2041 and 2046. The serial coupons range from 3% to 5% with yields from 0.6% to 3.07%. The 2041 bonds have a 5% coupon priced at 115.682 to yield 3.18%, and the 2046 bonds have a 5% coupon priced at 115.119 to yield 3.24%.
The 2016B bonds are due 2017 to 2036 with coupons from 2.5% to 5% and yields from 0.65% to 3%.
The bonds (Aa1/AA+/) were sold through senior manager Morgan Stanley & Co. LLC.
Proceeds will finance capital improvements to the district’s water system and refund existing debt.
| Issuer: | Las Vegas Valley Water District
|
| Issue: | Series 2016 water system improvement and refunding bonds
|
| Amount: | $605.15 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Pricing date: | March 10
|
| Settlement date: | April 6
|
|
|
| $497,635,000 series 2016A water improvement and refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,465,000 | 2017 | Serial | 3% | 102.752 | 0.60%
|
| $11,045,000 | 2018 | Serial | 3% | 104.751 | 0.77%
|
| $12,395,000 | 2019 | Serial | 4% | 109.45 | 0.95%
|
| $12.97 million | 2020 | Serial | 4% | 111.394 | 1.18%
|
| $15.64 million | 2021 | Serial | 5% | 117.834 | 1.40%
|
| $16,425,000 | 2022 | Serial | 5% | 120.039 | 1.57%
|
| $17.25 million | 2023 | Serial | 5% | 121.608 | 1.77%
|
| $18.11 million | 2024 | Serial | 5% | 122.884 | 1.95%
|
| $9.6 million | 2025 | Serial | 5% | 124.031 | 2.10%
|
| $1.61 million | 2026 | Serial | 3% | 106.959 | 2.23%
|
| $11,405,000 | 2027 | Serial | 5% | 123.707 | 2.36%
|
| $11,975,000 | 2028 | Serial | 5% | 122.593 | 2.47%
|
| $12,575,000 | 2029 | Serial | 5% | 121.69 | 2.56%
|
| $13,205,000 | 2030 | Serial | 5% | 120.894 | 2.64%
|
| $13,865,000 | 2031 | Serial | 5% | 120.104 | 2.72%
|
| $14,555,000 | 2032 | Serial | 5% | 119.224 | 2.81%
|
| $15,285,000 | 2033 | Serial | 5% | 118.64 | 2.87%
|
| $16.05 million | 2034 | Serial | 5% | 118.157 | 2.92%
|
| $16.85 million | 2035 | Serial | 5% | 117.676 | 2.97%
|
| $17,695,000 | 2036 | Serial | 5% | 117.389 | 3.00%
|
| $18.58 million | 2037 | Serial | 5% | 117.102 | 3.03%
|
| $19,505,000 | 2038 | Serial | 5% | 116.721 | 3.07%
|
| $64,565,000 | 2041 | Term | 5% | 115.682 | 3.18%
|
| $131,015,000 | 2046 | Term | 5% | 115.119 | 3.24%
|
|
|
| $107,515,000 series 2016B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,715,000 | 2017 | Serial | 5% | 104.986 | 0.65%
|
| $3.56 million | 2018 | Serial | 3% | 104.751 | 0.77%
|
| $3,665,000 | 2019 | Serial | 4% | 109.45 | 0.95%
|
| $3,815,000 | 2020 | Serial | 4% | 111.394 | 1.18%
|
| $3.96 million | 2021 | Serial | 5% | 117.834 | 1.40%
|
| $4.16 million | 2022 | Serial | 5% | 120.039 | 1.57%
|
| $4.37 million | 2023 | Serial | 5% | 121.608 | 1.77%
|
| $4.59 million | 2024 | Serial | 5% | 122.884 | 1.95%
|
| $2.85 million | 2025 | Serial | 2.5% | 103.313 | 2.10%
|
| $1.97 million | 2025 | Serial | 5% | 124.031 | 2.10%
|
| $5.06 million | 2026 | Serial | 5% | 125.039 | 2.23%
|
| $5.31 million | 2027 | Serial | 5% | 123.707 | 2.36%
|
| $5,575,000 | 2028 | Serial | 5% | 122.593 | 2.47%
|
| $5,855,000 | 2029 | Serial | 5% | 121.69 | 2.56%
|
| $6,145,000 | 2030 | Serial | 5% | 120.894 | 2.64%
|
| $6,455,000 | 2031 | Serial | 5% | 120.104 | 2.72%
|
| $6.78 million | 2032 | Serial | 5% | 119.224 | 2.81%
|
| $7,115,000 | 2033 | Serial | 5% | 118.64 | 2.87%
|
| $7,475,000 | 2034 | Serial | 5% | 118.157 | 2.92%
|
| $7.85 million | 2035 | Serial | 5% | 117.676 | 2.97%
|
| $8.24 million | 2036 | Serial | 5% | 117.389 | 3.00%
|
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