Philadelphia scheduled to price $185 million water and wastewater bonds Wednesday

By Sheri Kasprzak

New York, July 26 - The City of Philadelphia is expected to price $185 million of series 2010C water and wastewater revenue bonds on Wednesday, said a sales calendar.

The bonds (A1/A/A+) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager. The co-managers are Barclays Capital Inc., Loop Capital Markets LLC, PNC Capital Markets LLC and Siebert Brandford Shank & Co. LLC.

The bonds are due 2016 to 2030 with term bonds due 2035 and 2040.

Proceeds will be used to finance capital improvements to the city's water and wastewater system, as well as terminate a portion of a 2007 swap agreement.

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