Published on 7/10/2014 in the Prospect News Municipals Daily.
New Issue: North Texas Municipal Water brings $171.43 million of water system debt
By Sheri Kasprzak
New York, July 10 – The North Texas Municipal Water District sold $171.43 million of series 2014 water system revenue refunding and improvement bonds, said a pricing sheet.
The bonds (Aa2/AAA/) were sold through BofA Merrill Lynch.
The bonds are due 2015 to 2034 with coupons from 3% to 5% coupons and yields from 0.15% to 3.69%.
Proceeds will be used to improve the district’s water system through the acquisition of property and design of the dam for Lower Bois d’Arc Creek Reservoir, the construction of Wylie Water Treatment Plant II Filter Underdrain improvements, construction of the Shiloh Pump Station Improvements and other related system improvements, as well as to refund existing debt.
| Issuer: | North Texas Municipal Water District
|
| Issue: | Series 2014 water system revenue refunding and improvement bonds
|
| Amount: | $171.43 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Citigroup Global Markets Inc. and RBC Capital Markets LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AAA
|
| Pricing date: | July 10
|
| Settlement date: | July 31
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.94 million | 2015 | Serial | 3% | 103.083 | 0.15%
|
| $2.26 million | 2016 | Serial | 4% | 107.547 | 0.36%
|
| $2.35 million | 2017 | Serial | 5% | 113.125 | 0.69%
|
| $2.47 million | 2018 | Serial | 5% | 115.877 | 1.02%
|
| $12,815,000 | 2019 | Serial | 5% | 117.603 | 1.40%
|
| $13.45 million | 2020 | Serial | 5% | 118.675 | 1.75%
|
| $10,475,000 | 2021 | Serial | 5% | 119.501 | 2.03%
|
| $10,995,000 | 2022 | Serial | 5% | 120.055 | 2.27%
|
| $15,575,000 | 2023 | Serial | 5% | 120.47 | 2.47%
|
| $16.35 million | 2024 | Serial | 5% | 120.334 | 2.59%
|
| $17.17 million | 2025 | Serial | 5% | 118.747 | 2.76%
|
| $18.03 million | 2026 | Serial | 5% | 117.824 | 2.86%
|
| $3.83 million | 2027 | Serial | 5% | 117.002 | 2.95%
|
| $4.02 million | 2028 | Serial | 5% | 116.276 | 3.03%
|
| $4,225,000 | 2029 | Serial | 3.5% | 100.973 | 3.38%
|
| $16.33 million | 2030 | Serial | 3.5% | 100.402 | 3.45%
|
| $4,525,000 | 2031 | Serial | 3.75% | 101.854 | 3.52%
|
| $4,695,000 | 2032 | Serial | 3.75% | 101.366 | 3.58%
|
| $4.87 million | 2033 | Serial | 3.75% | 100.88 | 3.64%
|
| $5,055,000 | 2034 | Serial | 3.75% | 100.478 | 3.69%
|
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