Published on 10/15/2014 in the Prospect News Municipals Daily.
New Issue: Hamilton County, Ohio, brings $217.23 million of Cincinnati sewer bonds
By Sheri Kasprzak
New York, Oct. 15 – Hamilton County, Ohio, sold $217.23 million of series 2014/2015 sewer system revenue refunding bonds for the Metropolitan Sewer District of Greater Cincinnati, according to a pricing sheet.
The deal included $164.63 million of series 2014A bonds and $52.6 million of series 2015A bonds.
The 2014A bonds are due 2016 to 2032 with 4% to 5% coupons. The 2015A bonds are due 2015 to 2025 with 3% to 5% coupons.
The bonds (Aa2/AA+/) were sold through senior managers Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and RBC Capital Markets LLC.
Proceeds will be used to refund the district’s series 2003A, 2005A-B, 2006A and 2007A sewer revenue bonds.
| Issuer: | Hamilton County, Ohio/Metropolitan Sewer District of Greater Cincinnati
|
| Issue: | Series 2014/2015 sewer system revenue refunding bonds
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| Amount: | $217.23 million
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| Type: | Negotiated
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| Underwriters: | Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and RBC Capital Markets LLC (lead), BofA Merrill Lynch, Fifth Third Securities Inc., Loop Capital Markets LLC and Stifel, Nicolaus & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AA+
|
| Pricing date: | Oct. 15
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| Settlement date: | Nov. 19 (for 2014A); March 3, 2015 (for 2015A)
|
|
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| $164.63 million series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,135,000 | 2016 | Serial | 4% | 107.409
|
| $5.21 million | 2017 | Serial | 4% | 110.204
|
| $7,765,000 | 2018 | Serial | 5% | 116.333
|
| $8,155,000 | 2019 | Serial | 5% | 118.937
|
| $15.35 million | 2020 | Serial | 5% | 121.209
|
| $8,995,000 | 2021 | Serial | 5% | 122.605
|
| $9.44 million | 2022 | Serial | 5% | 123.749
|
| $9.91 million | 2023 | Serial | 5% | 125.525
|
| $10,405,000 | 2024 | Serial | 5% | 127.149
|
| $10,935,000 | 2025 | Serial | 5% | 126.215
|
| $11.73 million | 2026 | Serial | 5% | 125.187
|
| $12.29 million | 2027 | Serial | 5% | 124.27
|
| $12,895,000 | 2028 | Serial | 5% | 123.764
|
| $13,285,000 | 2029 | Serial | 5% | 123.462
|
| $13,945,000 | 2030 | Serial | 5% | 123.16
|
| $8,785,000 | 2031 | Serial | 5% | 122.261
|
| $3.4 million | 2032 | Serial | 5% | 121.271
|
|
|
| $52.6 million series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,725,000 | 2015 | Serial | 3% | 101.869
|
| $9,345,000 | 2016 | Serial | 5% | 107.477
|
| $11.55 million | 2017 | Serial | 5% | 111.001
|
| $4,295,000 | 2018 | Serial | 5% | 113.792
|
| $4,575,000 | 2019 | Serial | 5% | 116.117
|
| $4.56 million | 2020 | Serial | 5% | 117.865
|
| $3,685,000 | 2021 | Serial | 5% | 118.906
|
| $1,825,000 | 2022 | Serial | 5% | 119.755
|
| $1.92 million | 2023 | Serial | 5% | 121.185
|
| $2.01 million | 2024 | Serial | 5% | 122.273
|
| $2.11 million | 2025 | Serial | 5% | 121.401
|
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