Published on 1/19/2012 in the Prospect News Municipals Daily.
New Issue: Nashville and Davidson County, Tenn., prices $129.63 million water, sewer revenue bonds
By Sheri Kasprzak
New York, Jan. 19 - The Metropolitan Government of Nashville and Davidson County in Tennessee came to market with $129,625,000 of series 2012 subordinate-lien water and sewer revenue refunding bonds, according to a pricing sheet.
The bonds (/A+/) were sold through Morgan Stanley & Co. LLC. The co-managers were Morgan Keegan & Co. Inc., Piper Jaffray & Co., Wiley Bros. - Aintree Capital LLC, Rice Financial Products Co., Stephens Inc. and Terminus Securities LLC.
The bonds are due 2012 to 2013 and 2016 to 2023 with 1% to 5% coupons.
Proceeds will be used to fully repay the government's outstanding refunding obligations.
| Issuer: | Metropolitan Government of Nashville and Davidson County, Tenn.
|
| Issue: | Series 2012 subordinate-lien water and sewer revenue refunding bonds
|
| Amount: | $129,625,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Morgan Keegan & Co. Inc., Piper Jaffray & Co., Wiley Bros. - Aintree Capital LLC, Rice Financial Products Co., Stephens Inc. and Terminus Securities LLC (co-managers)
|
| Rating: | Standard & Poor's A+
|
| Pricing date: | Jan. 19
|
| Settlement date: | Feb. 2
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,215,000 | 2012 | Serial | 1% | NRO
|
| $4,905,000 | 2013 | Serial | 3% | 103.676
|
| $10.3 million | 2016 | Serial | 5% | 116.945
|
| $17,825,000 | 2017 | Serial | 5% | 119.338
|
| $17,665,000 | 2018 | Serial | 5% | 121.052
|
| $17.57 million | 2019 | Serial | 5% | 122.503
|
| $17,525,000 | 2020 | Serial | 5% | 123.298
|
| $17.32 million | 2021 | Serial | 5% | 123.977
|
| $8 million | 2022 | Serial | 2.5% | 101.655
|
| $9.27 million | 2022 | Serial | 5% | 124.665
|
| $7.03 million | 2023 | Serial | 5% | 123.207
|
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