Published on 11/20/2015 in the Prospect News Municipals Daily.
New Issue: New York City Municipal Water sells $349.85 million revenue bonds
By Sheri Kasprzak
New York, Nov. 20 – The New York City Municipal Water Finance Authority priced $349,845,000 of series 2016BB water and sewer second general resolution revenue bonds, according to a pricing sheet.
The bonds (Aa1/AA+/AA+) were offered through senior manager Ramirez & Co. Inc.
The deal included $328.03 million of series 2016BB-1 bonds and $21,815,000 of series 2016BB-2 bonds.
The 2016BB-1 bonds are due in 2046 and have a 4% coupon priced to yield 3.82% and a 5% coupon priced to yield 3.49%.
The 2016BB-2 bonds are due in 2021 and have a 5% coupon to yield 1.2%.
Proceeds will be used to refund the authority’s series 2012GG revenue bonds.
| Issuer: | New York City Municipal Water Finance Authority
|
| Issue: | Series 2016BB water and sewer second general resolution revenue bonds
|
| Amount: | $349,845,000
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. (lead), Barclays, Citigroup Global Markets Inc., Raymond James/Morgan Keegan, BofA Merrill Lynch, Fidelity Capital Markets LLC, Goldman Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC, TD Securities (USA) Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, Piper Jaffray & Co., Cabrera Capital Markets LLC, Lebenthal & Co. LLC, Northern Trust Co. and Williams Capital Group LP (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 1
|
|
|
| $328.03 million series 2016BB-1 bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $143.03 million | 2046 | Term | 4% | 3.82%
|
| $185 million | 2046 | Term | 5% | 3.49%
|
|
|
| $21,815,000 series 2016BB-2 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2021 | Term | 5% | 1.20%
|
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