Published on 12/7/2011 in the Prospect News Municipals Daily.
New Issue: Phoenix Civic Improvement, Ariz., sells $118.29 million revenue bonds
By Sheri Kasprzak
New York, Dec. 7 - The Phoenix Civic Improvement Corp. of Arizona priced $118.29 million of series 2011 junior-lien wastewater system revenue bonds, according to a term sheet.
The bonds (Aa2/AA+/) were sold through J.P. Morgan Securities LLC.
The bonds are due 2014 to 2024 with 2% to 5% coupons.
Proceeds will be used to refund previously issued junior-lien wastewater revenue bonds.
| Issuer: | Phoenix Civic Improvement Corp.
|
| Issue: | Series 2011 junior-lien wastewater revenue bonds
|
| Amount: | $118.29 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 22
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.5 million | 2014 | Serial | 3% | 105.488
|
| $4.48 million | 2014 | Serial | 5% | 110.477
|
| $405,000 | 2015 | Serial | 2% | 102.998
|
| $2.5 million | 2016 | Serial | 3% | 107.446
|
| $5.49 million | 2016 | Serial | 5% | 116.208
|
| $3 million | 2017 | Serial | 3% | 107.649
|
| $5.34 million | 2017 | Serial | 5% | 118.199
|
| $3 million | 2018 | Serial | 2% | 101.102
|
| $10.46 million | 2018 | Serial | 5% | 119.48
|
| $3 million | 2019 | Serial | 3% | 106.233
|
| $11.04 million | 2019 | Serial | 5% | 120.087
|
| $3 million | 2020 | Serial | 3% | 104.915
|
| $11.685 million | 2020 | Serial | 5% | 120.277
|
| $3.25 million | 2021 | Serial | 4% | 112.372
|
| $12.11 million | 2021 | Serial | 5% | 120.789
|
| $395,000 | 2022 | Serial | 3% | 102.547
|
| $15.7 million | 2022 | Serial | 5% | 120.745
|
| $275,000 | 2023 | Serial | 3% | 100.875
|
| $10.43 million | 2023 | Serial | 5% | 120.339
|
| $625,000 | 2024 | Serial | 3% | 99.07
|
| $10.605 million | 2024 | Serial | 5% | 119.711
|
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