Published on 12/9/2015 in the Prospect News Municipals Daily.
New Issue: Oklahoma Water Resources prices $100.62 million of revolving fund bonds
By Sheri Kasprzak
New York, Dec. 9 – The Oklahoma Water Resources Board priced $100.62 million of series 2015 master trust revolving fund revenue bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through senior manager BofA Merrill Lynch.
The bonds are due 2017 to 2035 with a term bond due in 2040. The serial coupons range from 2% to 5% and yields from 0.52% to 3.32%. The 2040 bonds have a 4% coupon priced at 104.984 to yield 3.37%.
Proceeds will be used to make loans to local government entities for clean water projects.
| Issuer: | Oklahoma Water Resources Board
|
| Issue: | Series 2015 master trust revolving fund revenue bonds
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| Amount: | $100.62 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), BOSC Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
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| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 18
|
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|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,675,000 | 2017 | Serial | 5% | 105.746 | 0.52%
|
| $725,000 | 2018 | Serial | 3% | 104.932 | 0.82%
|
| $6.97 million | 2018 | Serial | 5% | 109.457 | 0.82%
|
| $4,215,000 | 2019 | Serial | 2% | 103.226 | 1.00%
|
| $4,875,000 | 2019 | Serial | 5% | 112.908 | 1.00%
|
| $1.3 million | 2020 | Serial | 3% | 107.588 | 1.18%
|
| $11.45 million | 2020 | Serial | 5% | 115.928 | 1.18%
|
| $950,000 | 2021 | Serial | 3% | 108.234 | 1.38%
|
| $12.73 million | 2021 | Serial | 5% | 118.4 | 1.38%
|
| $370,000 | 2022 | Serial | 2% | 102.564 | 1.57%
|
| $12,115,000 | 2022 | Serial | 5% | 120.461 | 1.57%
|
| $750,000 | 2023 | Serial | 3% | 108.588 | 1.74%
|
| $11.45 million | 2023 | Serial | 5% | 122.223 | 1.74%
|
| $1,585,000 | 2024 | Serial | 3% | 107.919 | 1.96%
|
| $2.2 million | 2025 | Serial | 3% | 107.732 | 2.08%
|
| $2,765,000 | 2026 | Serial | 5% | 123.215 | 2.22%
|
| $2.19 million | 2027 | Serial | 5% | 122.462 | 2.30%
|
| $2,245,000 | 2028 | Serial | 5% | 121.529 | 2.40%
|
| $2,185,000 | 2029 | Serial | 5% | 120.513 | 2.51%
|
| $2.07 million | 2030 | Serial | 5% | 120.237 | 2.54%
|
| $1,845,000 | 2031 | Serial | 3% | 98.546 | 3.12%
|
| $1,265,000 | 2032 | Serial | 5% | 119.052 | 2.67%
|
| $1,265,000 | 2033 | Serial | 3.125% | 98.744 | 3.22%
|
| $1.78 million | 2034 | Serial | 3.125% | 98.283 | 3.25%
|
| $1,335,000 | 2035 | Serial | 3.25% | 99.005 | 3.32%
|
| $4,315,000 | 2040 | Term | 4% | 104.984 | 3.37%
|
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