Published on 2/13/2013 in the Prospect News Municipals Daily.
New Issue: Oklahoma City Water sells $167.76 million revenue refunding bonds
By Sheri Kasprzak
New York, Feb. 13 - The Oklahoma City Water Utilities Trust sold $167.76 million of series 2013 water and sewer system revenue refunding bonds, according to a pricing sheet.
The bonds (Aa1/AAA/) were sold through BofA Merrill Lynch.
The bonds are due 2017 to 2034 with term bonds due in 2037 and 2042. The serial coupons range from 3% to 5%. The 2037 bonds have a split maturity with a 3.375% coupon priced at 99.421 and a 4% coupon priced at 107.33. The 2042 bonds have a 5% coupon priced at 116.731.
Proceeds will be used to refund existing commercial paper notes and to refund the trust's series 2004 and 2008 water and sewer system revenue bonds.
| Issuer: | Oklahoma City Water Utilities Trust
|
| Issue: | Series 2013 water and sewer system revenue refunding bonds
|
| Amount: | $167.76 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), BOSC Inc., Raymond James/Morgan Keegan and Wells Nelson & Associates (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Pricing date: | Feb. 13
|
| Settlement date: | March 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.54 million | 2017 | Serial | 4% | 113.626
|
| $7,745,000 | 2018 | Serial | 5% | 120.585
|
| $7.14 million | 2019 | Serial | 5% | 122.775
|
| $6,795,000 | 2020 | Serial | 4% | 117.519
|
| $5,565,000 | 2021 | Serial | 5% | 125.786
|
| $5.75 million | 2022 | Serial | 5% | 126.692
|
| $9.24 million | 2023 | Serial | 5% | 127.469
|
| $11,205,000 | 2024 | Serial | 5% | 126.091
|
| $6,755,000 | 2025 | Serial | 4% | 114.714
|
| $7.03 million | 2026 | Serial | 5% | 124.315
|
| $7.38 million | 2027 | Serial | 5% | 123.592
|
| $7,745,000 | 2028 | Serial | 3% | 100
|
| $7.99 million | 2029 | Serial | 5% | 122.264
|
| $7,805,000 | 2030 | Serial | 3% | 99.196
|
| $3,795,000 | 2031 | Serial | 3% | 98.746
|
| $4,255,000 | 2031 | Serial | 5% | 121.153
|
| $8.38 million | 2032 | Serial | 5% | 120.652
|
| $8,795,000 | 2033 | Serial | 3% | 97.174
|
| $9.07 million | 2034 | Serial | 3.25% | 100
|
| $12,575,000 | 2037 | Term | 3.375% | 99.421
|
| $1.77 million | 2037 | Term | 4% | 107.33
|
| $14,435,000 | 2042 | Term | 5% | 116.731
|
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