By Sheri Kasprzak
New York, Nov. 18 - Aqua America, Inc. sold $75 million of series 2009 tax-exempt first mortgage bonds for subsidiary Aqua Pennsylvania, said a company statement.
The sale was conducted in two tranches - a $13 million tranche and a $62 million tranche.
The $13 million tranche has a 4.75% coupon to yield 4.9%. The $62 million tranche has a 5% coupon to yield 4.875%.
Both bonds (/AA-/) are due 2040.
Jefferies & Co., PNC Capital Markets, Janney Montgomery Scott LLC, Hilliard Lyons and Boenning & Scattergood were the underwriters.
Proceeds will be used to fund infrastructure improvements in Pennsylvania, which will be funded by internally generated cash and retained earnings.
Aqua America has headquarters in Bryn Mawr, Pa.
| Issuer: | Aqua America, Inc./Aqua Pennsylvania
|
| Issue: | Series 2009 tax-exempt first mortgage bonds
|
| Amount: | $75 million
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co., PNC Capital Markets, Janney Montgomery Scott LLC, Hilliard Lyons and Boenning & Scattergood
|
| Ratings: | Standard & Poor's: AA-
|
| Pricing date: | Nov. 18
|
|
|
| $13 million tranche
|
| Maturity | Type | Coupon | Yield
|
| 2040 | Term | 4.75% | 4.9%
|
|
|
| $62 million tranche
|
| Maturity | Type | Coupon | Yield
|
| 2040 | Term | 5% | 4.875%
|
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