By Sheri Kasprzak
New York, Nov. 7 - The Nassau County Sewer and Storm Water Finance Authority in New York priced $152.24 million in series 2008A system revenue bonds, said an official statement released Friday.
The bonds (Aaa/AAA/) were sold on a negotiated basis with Citigroup Global Market as the lead manager. The co-managers were J.P. Morgan Securities Inc.; Sterne, Agee & Leach; Depfa First Albany Securities; Lebenthal & Co.; Roosevelt & Cross; and Wachovia Bank.
The serial bonds are due 2009 to 2018 with coupons from 3% to 5% and yields from 2.35% to 4.64%. The 2023 term bonds have a 5.125% coupon to yield 5.19% and the 2028 term bonds have a 5.375% coupon, priced at par.
Proceeds will be used to refinance outstanding commercial paper notes, refinance the authority's outstanding series 2004A bonds and make capital improvements to the county's sewer and storm water system.
| Issuer: | Nassau County Sewer and Storm Water Finance Authority
|
| Issue: | Series 2008A system revenue bonds
|
| Amount: | $152.24 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets (lead); J.P. Morgan Securities Inc.; Sterne, Agee & Leach; Depfa First Albany Securities; Lebenthal & Co.; Roosevelt & Cross; and Wachovia Bank (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Nov. 4
|
| Settlement date: | Nov. 18
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 5% | 2.35%
|
| 2010 | Serial | 3% | 3.16%
|
| 2010 | Serial | 5% | 3.16%
|
| 2011 | Serial | 3.25% | 3.50%
|
| 2011 | Serial | 5% | 3.50%
|
| 2012 | Serial | 3.75% | 3.82%
|
| 2012 | Serial | 5% | 3.82%
|
| 2013 | Serial | 4% | 4.04%
|
| 2013 | Serial | 5% | 4.04%
|
| 2014 | Serial | 4% | 3.91%
|
| 2015 | Serial | 4% | 4.10%
|
| 2016 | Serial | 4.5% | 4.27%
|
| 2017 | Serial | 5% | 4.45%
|
| 2018 | Serial | 5% | 4.64%
|
| 2023 | Term | 5.125% | 5.19%
|
| 2028 | Term | 5.375% | 5.375%
|
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