Published on 3/11/2013 in the Prospect News Municipals Daily.
New Issue: Narragansett Bay Commission, R.I., brings $71.48 million revenue bonds
By Sheri Kasprzak
New York, March 11 - The Narragansett Bay Commission of Rhode Island sold $71.48 million of series 2013A wastewater system revenue bonds, according to a pricing sheet.
The bonds (/AA-/) were sold through US Bancorp Investments Inc. and Morgan Stanley & Co. LLC.
The bonds are due 2025 to 2026 with term bonds due in 2038 and 2043. The serial bonds have 5% coupons with 2.53% to 2.63% yields. The 2038 bonds have a 5% coupon to yield 3.39% and the 2043 bonds have a 4% coupon to yield 3.94%.
Proceeds will be used to refund bond anticipation notes, which were issued to finance improvements to the commission's wastewater treatment facilities.
| Issuer: | Narragansett Bay Commission
|
| Issue: | Series 2013A wastewater system revenue bonds
|
| Amount: | $71.48 million
|
| Type: | Negotiated
|
| Underwriters: | US Bancorp Investments Inc. and Morgan Stanley & Co. LLC (lead), Janney Montgomery Scott LLC and TD Securities (USA) Inc. (co-managers)
|
| Rating: | Standard & Poor's: AA-
|
| Pricing date: | March 6
|
| Settlement date: | March 21
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $3.1 million | 2025 | Serial | 5% | 2.53%
|
| $1,545,000 | 2026 | Serial | 5% | 2.63%
|
| $23.1 million | 2038 | Term | 5% | 3.39%
|
| $43,735,000 | 2043 | Term | 4% | 3.94%
|
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