Published on 1/24/2012 in the Prospect News Municipals Daily.
New Issue: New York City Municipal Water Finance prices $400 million revenue bonds
By Sheri Kasprzak
New York, Jan. 24 - The New York City Municipal Water Finance Authority sold $400 million of series 2012 water and sewer system second general resolution revenue bonds, said a statement from the authority.
The deal included $350 million of series 2012CC bonds and $50 million of series 2012DD bonds.
The 2012CC bonds are due June 15, 2045 and have a 5% coupon to yield 3.94%.
The 2012DD bonds are due 2018 and 2027. The 2018 bonds have a split maturity, with a 3% and a 4% coupon to yield 1.22%. The 2027 bonds have a 5% coupon. The full pricing details of the 2027 maturity bonds were unavailable Tuesday.
The bonds (Aa2/AA+/AA+) were sold through senior manager Ramirez & Co. Inc. The co-managers were Barclays Capital Inc., Jefferies & Co., Morgan Keegan & Co. Inc., M.R. Beal & 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. Inc.
Proceeds will be used to make a deposit to a construction fund and to refund existing commercial paper notes.
| Issuer: | New York City Municipal Water Finance Authority
|
| Issue: | Series 2012 water and sewer system second general resolution revenue bonds
|
| Amount: | $400 million
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. (lead), Barclays Capital Inc., Jefferies & Co., Morgan Keegan & Co. Inc., M.R. Beal & 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. Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 30
|
|
|
| $350 million series 2012CC bonds
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| Maturity | Type | Coupon | Yield
|
| June 15, 2045 | Term | 5% | 3.94%
|
|
|
| $50 million series 2012DD bonds
|
| Maturity | Type | Coupon | Yield
|
| 2018 | Term | 3% | 1.22%
|
| 2018 | Term | 4% | 1.22%
|
| 2027 | Term | 5%
|
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