Published on 12/10/2014 in the Prospect News Municipals Daily.
New Issue: Northeast Ohio Regional Sewer prices $414.55 million of refunding bonds
By Sheri Kasprzak
New York, Dec. 10 – The Northeast Ohio Regional Sewer District sold $414.55 million of series 2014 wastewater improvement revenue and refunding bonds, according to a pricing sheet.
The bonds were sold through BofA Merrill Lynch and KeyBanc Capital Markets Inc.
The bonds are due 2017 to 2034 with term bonds due in 2039, 2044 and 2049. The serial coupons range from 1.75% to 5%. The 2039 bonds have a 5% coupon priced at 116.007, and the 2044 bonds have a 5% coupon priced at 115.086. The 2049 bonds have a 4% coupon priced at 100.24 and a 5% coupon priced at 113.992.
Proceeds will be used to finance wastewater capital improvements and to refund the district’s series 2007 wastewater improvement revenue bonds.
| Issuer: | Northeast Ohio Region Sewer District
|
| Issue: | Series 2014 wastewater improvement revenue and refunding bonds
|
| Amount: | $414.55 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and KeyBanc Capital Markets Inc. (lead), Loop Capital Markets LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 18
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.75 million | 2017 | Serial | 4% | 109.422
|
| $12.25 million | 2017 | Serial | 5% | 112.295
|
| $7,045,000 | 2018 | Serial | 5% | 115.293
|
| $2.15 million | 2019 | Serial | 1.75% | 102.132
|
| $1.04 million | 2019 | Serial | 3% | 108.057
|
| $3,005,000 | 2019 | Serial | 5% | 117.537
|
| $3,265,000 | 2020 | Serial | 5% | 119.218
|
| $3.43 million | 2021 | Serial | 5% | 120.482
|
| $1,525,000 | 2022 | Serial | 3% | 107.052
|
| $2 million | 2022 | Serial | 5% | 121.596
|
| $3.71 million | 2023 | Serial | 5% | 122.991
|
| $3,895,000 | 2024 | Serial | 4% | 114.984
|
| $4,055,000 | 2025 | Serial | 5% | 122.606
|
| $5.84 million | 2026 | Serial | 5% | 121.72
|
| $6.13 million | 2027 | Serial | 5% | 120.94
|
| $6,435,000 | 2028 | Serial | 5% | 120.261
|
| $400,000 | 2029 | Serial | 3% | 97.99
|
| $6.36 million | 2029 | Serial | 5% | 119.972
|
| $7,085,000 | 2030 | Serial | 5% | 119.3
|
| $8.39 million | 2031 | Serial | 5% | 118.918
|
| $8.81 million | 2032 | Serial | 5% | 118.443
|
| $5.09 million | 2033 | Serial | 4% | 105.526
|
| $4,165,000 | 2033 | Serial | 5% | 117.875
|
| $3,435,000 | 2034 | Serial | 3.375% | 97.934
|
| $24,855,000 | 2039 | Term | 5% | 116.007
|
| $72.9 million | 2044 | Term | 5% | 115.086
|
| $125 million | 2049 | Term | 4% | 100.24
|
| $80,535,000 | 2049 | Term | 5% | 113.992
|
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