By Sheri Kasprzak
New York, Nov. 1 - The Phoenix Civic Improvement Corp. of Arizona Tuesday sold $167.51 million of series 2011 junior-lien water system revenue refunding bonds, according to a pricing sheet.
The bonds (Aa2/AAA/) were sold on a negotiated basis with Morgan Stanley & Co. LLC as the senior manager. The co-managers were Citigroup Global Markets Inc.; Goldman Sachs & Co.; Rice Financial Products Co.; Siebert Brandford Shank & Co. LLC; Fidelity Capital Markets LLC; Hutchinson, Shockey, Erley & Co.; and Raymond James & Associates Inc.
The bonds are due 2014 to 2026 with 2% to 5% coupons.
Proceeds will be used to refund the corporation's series 2002 water system revenue bonds.
The corporation assists the city in acquiring and financing municipal property and equipment.
| Issuer: | Phoenix Civic Improvement Corp.
|
| Issue: | Series 2011 junior-lien water system revenue refunding bonds
|
| Amount: | $167.51 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead); | Citigroup Global Markets Inc.; Goldman Sachs & Co.; Rice Financial Products Co.; Siebert Brandford Shank & Co. LLC; Fidelity Capital Markets LLC; Hutchinson, Shockey, Erley & Co.; and Raymond James & Associates Inc. (co-managers)
|
| Ratings: | Moody's Aa2
|
| Standard & Poor's: AAA
|
| Pricing date: | Nov. 1
|
| Settlement date: | Nov. 22
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.62 million | 2014 | Serial | 4% | NRO
|
| $1.1 million | 2015 | Serial | 2% | 102.744
|
| $9.195 million | 2015 | Serial | 4% | 109.783
|
| $10.685 million | 2016 | Serial | 5% | 115.237
|
| $11.215 million | 2017 | Serial | 5% | 116.821
|
| $3.405 million | 2018 | Serial | 2.5% | 102.268
|
| $8.37 million | 2018 | Serial | 5% | 117.602
|
| $4.06 million | 2019 | Serial | 3% | 103.936
|
| $8.225 million | 2019 | Serial | 5% | 117.751
|
| $4.845 million | 2020 | Serial | 3% | 102.443
|
| $7.975 million | 2020 | Serial | 5% | 117.726
|
| $13.36 million | 2021 | Serial | 5% | 118.326
|
| $1.56 million | 2022 | Serial | 4% | 109.076
|
| $12.47 million | 2022 | Serial | 5% | 117.405
|
| $14.715 million | 2023 | Serial | 5% | 116.131
|
| $15.45 million | 2024 | Serial | 5% | 114.695
|
| $16.225 million | 2025 | Serial | 5% | 113.632
|
| $705,000 | 2026 | Serial | 4% | 104.546
|
| $16.33 million | 2026 | Serial | 5% | 112.668
|
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