Philadelphia readies $71.17 million sale of water and wastewater bonds

By Sheri Kasprzak

New York, Oct. 15 - The City of Philadelphia plans to price $71.17 million of series 2012 water and wastewater revenue refunding bonds, according to a preliminary official statement.

The bonds (A1/A/A+) will be sold on a negotiated basis with Siebert Brandford Shank & Co. LLC and Ramirez & Co. Inc. as the senior managers. The co-managers are Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.

The bonds are due 2013 to 2014 and 2025 to 2028.

Proceeds will be used to current refund the city's series 2001A-B water and wastewater revenue bonds, as well as to make a deposit to a debt service reserve fund.

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