Published on 8/29/2013 in the Prospect News Municipals Daily.
New Issue: Oklahoma Water sells $41.41 million revolving fund revenue bonds
By Sheri Kasprzak
New York, Aug. 29 - The Oklahoma Water Resources Board sold $41.41 million of series 2013 revolving fund revenue bonds, a deal downsized from $76,645,000, according to an official statement.
The bonds (Aaa/AAA/AAA) were sold through BofA Merrill Lynch.
The bonds are due 2015 to 2034 with a term bond due in 2043. The serial coupons range from 3% to 5% and yields range from 0.45% to 4.63%. The 2043 bonds have a 4.75% coupon to yield 4.85%.
Proceeds will be used to make subsidized loans to qualified local government entities for water development projects, as well as to refund the board's series 2003 revolving fund revenue bonds.
| Issuer: | Oklahoma Water Resources Board
|
| Issue: | Series 2013 revolving fund revenue bonds
|
| Amount: | $41.41 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), BOSC Inc., J.P. Morgan Securities LLC and Wells Nelson & Associates LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Aug. 20
|
| Settlement date: | Sept. 19
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $2.19 million | 2015 | Serial | 3% | 0.45%
|
| $2,215,000 | 2016 | Serial | 4% | 0.75%
|
| $2.1 million | 2017 | Serial | 5% | 1.11%
|
| $1.91 million | 2018 | Serial | 4% | 1.53%
|
| $2,755,000 | 2019 | Serial | 5% | 1.90%
|
| $2,995,000 | 2020 | Serial | 5% | 2.31%
|
| $3.26 million | 2021 | Serial | 5% | 2.66%
|
| $3,385,000 | 2022 | Serial | 5% | 2.93%
|
| $3,655,000 | 2023 | Serial | 5% | 3.09%
|
| $3,385,000 | 2024 | Serial | 4% | 3.35%
|
| $945,000 | 2025 | Serial | 4% | 3.63%
|
| $105,000 | 2026 | Serial | 4% | 3.86%
|
| $1,235,000 | 2027 | Serial | 4% | 4.05%
|
| $510,000 | 2028 | Serial | 4% | 4.18%
|
| $625,000 | 2029 | Serial | 4.125% | 4.30%
|
| $675,000 | 2030 | Serial | 4.25% | 4.39%
|
| $330,000 | 2031 | Serial | 4.25% | 4.47%
|
| $1.57 million | 2032 | Serial | 4.375% | 4.53%
|
| $1.58 million | 2033 | Serial | 4.5% | 4.58%
|
| $1.74 million | 2034 | Serial | 4.5% | 4.63%
|
| $4,245,000 | 2043 | Term | 4.75% | 4.85%
|
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