Published on 4/10/2013 in the Prospect News Municipals Daily.
New Issue: Nashville, Davidson County brings $237.87 million water, sewer bonds
By Sheri Kasprzak
New York, April 10 - The Metropolitan Government of Nashville and Davidson County, Tenn., sold $237,865,000 of series 2013 water and sewer revenue bonds, according to a pricing sheet.
The bonds (Aa3/AA-/) were sold through senior manager Morgan Stanley & Co. LLC.
The bonds are due 2022 to 2033 with term bonds due in 2040 and 2043. The serial coupons range from 3% to 5%. The 2040 bonds have a 5% coupon priced at 113.209, and the 2043 bonds have a 4% coupon priced at 101.671.
Proceeds will be used to retire $125 million outstanding water and sewer commercial paper bond anticipation notes on or before May 7 and finance various capital improvements.
| Issuer: | Metropolitan Government of Nashville and Davidson County, Tenn.
|
| Issue: | Series 2013 water and sewer revenue bonds
|
| Amount: | $237,865,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Jefferies & Co.; Raymond James/Morgan Keegan; Piper Jaffray & Co.; Rice Financial Products Co. and Wiley Bros.-Aintree Capital, LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | April 10
|
| Settlement date: | April 25
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $525,000 | 2022 | Serial | 3% | 109.316
|
| $5,725,000 | 2022 | Serial | 5% | 126.103
|
| $3 million | 2023 | Serial | 3% | 108.306
|
| $3,535,000 | 2023 | Serial | 5% | 126.564
|
| $6.84 million | 2024 | Serial | 5% | 124.796
|
| $7.19 million | 2025 | Serial | 5% | 123.159
|
| $7.56 million | 2026 | Serial | 5% | 121.447
|
| $7,945,000 | 2027 | Serial | 5% | 120.354
|
| $8.28 million | 2028 | Serial | 3.25% | 100
|
| $8.63 million | 2029 | Serial | 5% | 117.914
|
| $9,075,000 | 2030 | Serial | 5% | 117.337
|
| $9.54 million | 2031 | Serial | 5% | 116.859
|
| $10.03 million | 2032 | Serial | 5% | 116.384
|
| $10.54 million | 2033 | Serial | 5% | 115.91
|
| $90,275,000 | 2040 | Term | 5% | 113.209
|
| $49,175,000 | 2043 | Term | 4% | 101.671
|
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