New Issue: Philadelphia brings $140 million revenue bonds to yield 3.85%-5.33%

By Sheri Kasprzak

New York, May 14 - The city of Philadelphia sold $140 million in series 2009 water and wastewater revenue bonds, said Rebecca Rhynhart, the city's treasurer.

The bonds (A3/A/A-) were sold through Banc of America Securities LLC.

The bonds are due 2017 to 2029 with term bonds due 2032, 2033 and 2036. The coupons on the serial bonds range from 4% to 5.75% and the yields on the serial bonds range from 3.85% to 5.3%. The 2032 bonds have a 5.25% to yield 5.29% and the 2033 bonds have a 5.25% coupon to yield 5.3%. The 2036 bonds have a 5.25% coupon to yield 5.33%.

Proceeds will be used to fund improvements to the city's water and wastewater systems.

Issuer:	Philadelphia
Issue:	Series 2009 water and wastewater revenue bonds
Amount:	$140 million
Type:	Negotiated
Underwriter:	Banc of America Securities LLC (lead)
Ratings:	Moody's: A3
	Standard & Poor's: A
	Fitch: A-
Pricing date:	May 14
Maturity	Type	Coupon	Yield
2017	Serial	4%	3.85%
2017	Serial	5. 75%	3.85%
2018	Serial	5%	4.05%
2018	Serial	5.75%	4.05%
2019	Serial	4.125%	4.25%
2019	Serial	5.75%	4.25%
2020	Serial	4.25%	4.40%
2020	Serial	5%	4.40%
2021	Serial	4.375%	4.54%
2021	Serial	5.25%	4.54%
2022	Serial	4.5%	4.62%
2022	Serial	5.25%	4.62%
2023	Serial	5.25%	4.73%
2024	Serial	5.25%	486%
2025	Serial	5%	4.98%
2025	Serial	5.25%	4.98%
2026	Serial	5%	5.07%
2027	Serial	5%	5.13%
2028	Serial	5.125%	5.20%
2029	Serial	5.25%	5.28%
2032	Term	5.25%	5.29%
2033	Term	5.25%	5.30%
2036	Term	5.25%	5.33%

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