Published on 8/4/2015 in the Prospect News Municipals Daily.
New Issue: Philadelphia prices $261.79 million gas works revenue refunding bonds
By Sheri Kasprzak
New York, Aug. 4 – The City of Philadelphia sold $261.79 million of series 13 gas works revenue refunding bonds, according to a pricing sheet. The deal was downsized from $270.46 million.
The bonds (Baa1/A-/BBB+) were sold through Wells Fargo Securities LLC and PNC Capital Markets LLC.
The bonds are due 2016 to 2034 with 3% to 5% coupons.
Proceeds will be used to refund, redeem and defease all of the city’s outstanding series 1998 gas works revenue bonds.
| Issuer: | City of Philadelphia
|
| Issue: | Series 13 gas works revenue refunding bonds
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| Amount: | $261.79 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and PNC Capital Markets LLC (lead), BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC and Williams Capital Group LP (co-managers)
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: A-
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| Fitch: BBB+
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| Pricing date: | Aug. 4
|
| Settlement date: | Aug. 18
|
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|
| Amount | Maturity | Type | Coupon | Price
|
| $16,305,000 | 2016 | Serial | 3% | 102.277
|
| $18,075,000 | 2017 | Serial | 4% | 105.727
|
| $17.27 million | 2018 | Serial | 4% | 107.585
|
| $16,435,000 | 2019 | Serial | 5% | 112.645
|
| $15.72 million | 2020 | Serial | 5% | 114.434
|
| $19.63 million | 2021 | Serial | 5% | 115.3
|
| $19,125,000 | 2022 | Serial | 5% | 115.518
|
| $19.29 million | 2023 | Serial | 5% | 116.05
|
| $18.7 million | 2024 | Serial | 5% | 116.281
|
| $12.62 million | 2025 | Serial | 5% | 116.442
|
| $12,865,000 | 2026 | Serial | 5% | 115.421
|
| $9,735,000 | 2027 | Serial | 5% | 114.229
|
| $10,225,000 | 2028 | Serial | 5% | 113.322
|
| $10,735,000 | 2029 | Serial | 5% | 112.602
|
| $11,275,000 | 2030 | Serial | 5% | 112.066
|
| $11,835,000 | 2031 | Serial | 5% | 111.799
|
| $12.42 million | 2032 | Serial | 5% | 111.356
|
| $4.65 million | 2033 | Serial | 5% | 110.651
|
| $4.88 million | 2034 | Serial | 5% | 110.301
|
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