By Sheri Kasprzak
New York, Nov. 4 - The Multi-State United States Steel Corp. sold $162.72 million of series 2011 non-AMT environmental improvement revenue refunding bonds, according to an official statement.
The offering included the following:
• $55 million of series 2011 bonds sold through the Indiana Finance Authority;
• $28.58 million of series 2011 bonds sold through the Allegheny County Industrial Development Authority;
• $19.46 million of series 2011 bonds sold through the Bucks County Industrial Development Authority;
• $10.6 million of bonds sold through the Gulf Coast Waste Disposal Authority of Texas;
• $21.8 million of bonds sold through the Ohio Water Development Authority;
• $10.16 million of bonds sold through the Ohio Air Quality Development Authority; and
• $17.12 million of bonds sold through the City of Fairfield, Ala.
Morgan Stanley & Co. LLC was the senior manager. The co-managers were Barclays Capital Inc. and Citigroup Global Markets Inc.
The Indiana bonds are due Dec. 1, 2019 and have a 6% coupon priced at par.
The Allegheny bonds have a split maturity on Dec. 1, 2027 with a 6.55% coupon priced at par and a 6.75% coupon priced at 101.451.
The Bucks County bonds are due June 1, 2026 and have a 6.75% coupon priced at 101.819.
The Gulf Coast bonds are due Sept. 1, 2017 and have a 5.75% coupon priced at par.
The Ohio Water bonds are due May 1, 2029 and have a 6% coupon priced at par.
The Ohio Air bonds are due Nov. 1, 2015 and have a 5.375% coupon priced at par.
The Fairfield bonds are due June 1, 2015 and have a 5.375% coupon priced at par.
Proceeds will be used to refund bonds issued through the authorities.
| Issuer: | Multi-State United States Steel Corp.
|
| Issue: | Series 2011 non-AMT environmental improvement revenue refunding bonds
|
| Amount: | $162.72 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Barclays Capital Inc. and Citigroup Global Markets Inc. (co-managers)
|
| Pricing date: | Nov. 3
|
| Settlement date: | Dec. 1
|
|
|
| $55 million series 2011 bonds through Indiana Finance Authority
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2019 | Term | 6% | 100
|
|
|
| $28.58 million series 2011 bonds through Allegheny County Industrial Development Authority
|
| Amount | Maturity | Type | Coupon | Price
|
| $13.58 million | Dec. 1, 2027 | Term | 6.55% | 100
|
| $15 million | Dec. 1, 2027 | Term | 6.75% | 101.451
|
|
|
| $19.46 million series 2011 bonds through Bucks County Industrial Development Authority
|
| Maturity | Type | Coupon | Price
|
| June 1, 2026 | Term | 6.75% | 101.819
|
|
|
| $10.6 million series 2011 bonds through Gulf Coast Waste Disposal Authority, Texas
|
| Maturity | Type | Coupon | Price
|
| Sept. 1, 2017 | Term | 5.75% | 100
|
|
|
| $21.8 million series 2011 bonds through Ohio Water Development Authority
|
| Maturity | Type | Coupon | Price
|
| May 1, 2029 | Term | 6% | 100
|
|
|
| $10.16 million series 2011 bonds through Ohio Air Quality Development Authority
|
| Maturity | Type | Coupon | Price
|
| Nov. 1, 2015 | Term | 5.375% | 100
|
|
|
| $17.12 million series 2011 bonds through Fairfield, Ala.
|
| Maturity | Type | Coupon | Price
|
| June 1, 2015 | Term | 5.375% | 100
|
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