By Sheri Kasprzak
New York, Nov. 15 - The New York City Municipal Water Finance Authority sold on Tuesday $450 million of series 2012BB water and sewer system second general resolution revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA+/AA+) were sold on a negotiated basis. The senior manager for the offering was Barclays Capital Inc. The co-managers were Jefferies & Co.; Morgan Keegan & Co. Inc.; M.R. Beal & Co.; Ramirez & Co. Inc.; Bank of America Merrill Lynch; Citigroup Global Markets Inc.; Fidelity Capital Markets LLC; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; Raymond James & Associates Inc.; RBC Capital Markets LLC; Rice Financial Products Co.; Roosevelt & Cross Inc.; Siebert Brandford Shank & Co. LLC; Wells Fargo Bank, NA; BB&T Capital Markets LLC; Lebenthal & Co. LLC; Oppenheimer & Co. Inc.; Piper Jaffray & Co.; and Stifel, Nicolaus & Co.
The bonds are due in 2039 and 2044. The 2039 bonds have a split maturity with a 4.125% coupon and a 5% coupon. The 2044 bonds also have a split maturity with a 5% coupon and a 5.25% coupon.
Proceeds will be used to fund the costs of improvements to the city's water and sewer system, as well as to repay commercial paper.
| Issuer: | New York City Municipal Water Finance Authority
|
| Issue: | Series 2012BB water and sewer system second general resolution revenue bonds
|
| Amount: | $450 million
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| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. (lead); Jefferies & Co.; Morgan Keegan & Co. Inc.; M.R. Beal & Co.; Ramirez & Co. Inc.; Bank of America Merrill Lynch; Citigroup Global Markets Inc.; Fidelity Capital Markets LLC; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; Raymond James & Associates Inc.; RBC Capital Markets LLC; Rice Financial Products Co.; Roosevelt & Cross Inc.; Siebert Brandford Shank & Co. LLC; Wells Fargo Bank, NA; BB&T Capital Markets LLC; Lebenthal & Co. LLC; Oppenheimer & Co. Inc.; Piper Jaffray & Co.; and Stifel, Nicolaus & Co. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 29
|
|
|
| Maturity | Type | Coupon
|
| 2039 | Term | 4.125%
|
| 2039 | Term | 5%
|
| 2044 | Term | 5%
|
| 2044 | Term | 5.25%
|
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