By Aaron Hochman-Zimmerman
New York, April 8 - Pennsylvania Economic Development Financing Authority priced $80 million in tax-exempt water facility revenue bonds (A3/A/) on behalf of the Pennsylvania American Water of American Water Works Co., Inc., a press release said.
Morgan Stanley acted as underwriter for the deal.
The bonds priced with a coupon of 6.2% and mature on April 1, 2039.
Proceeds will be used to fund capital improvement projects.
Under the new American Recovery and Reinvestment Act, the interest in the bonds is not subject to Alternative Minimum Tax.
American Water Works Co. Inc. is located in Voorhees, N.J.
Issuer: Pennsylvania Economic Development Financing Authority (Pennsylvania American Water subsidiary of American Water Works Co., Inc.)
Issue: Tax-exempt water facility revenue bonds
| Amount: | $80 million
|
| Maturity: | April 1, 2039
|
| Coupon: | 6.2%
|
| Underwriter: | Morgan Stanley
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
