Published on 2/25/2015 in the Prospect News Municipals Daily.
New Issue: Atlanta prices $1.24 billion of water and wastewater bonds
By Sheri Kasprzak
New York, Feb. 25 – The City of Atlanta sold $1,244,985,000 of series 2015 water and wastewater revenue refunding bonds, according to a pricing sheet.
The bonds (Aa3/AA-/A+) were sold through Loop Capital Markets LLC and Goldman Sachs & Co.
The bonds are due 2016 to 2035 with term bonds due in 2040 and 2043. The serial coupons range from 2% to 5%. The 2040 bonds have a 5% coupon priced at 113.801, and the 2043 bonds have a 5% coupon priced at 113.525.
Proceeds will be used to refund the city’s series 2001A, 2004 and 2009A water and wastewater revenue bonds.
| Issuer: | City of Atlanta
|
| Issue: | Series 2015 water and wastewater revenue refunding bonds
|
| Amount: | $1,244,985,000
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC and Goldman Sachs & Co. (lead), Barclays, BofA Merrill Lynch, Baird & Co., Mesirow Financial Inc., Blaylock Beal Van LLC and Williams Capital Group LP (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Fitch: A+
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 12
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.39 million | 2016 | Serial | 2% | NRO
|
| $1,435,000 | 2017 | Serial | 4% | 108.467
|
| $1,485,000 | 2018 | Serial | 4% | 110.421
|
| $1,545,000 | 2019 | Serial | 5% | 116.544
|
| $14,785,000 | 2020 | Serial | 5% | 118.371
|
| $15.51 million | 2021 | Serial | 5% | 119.791
|
| $23.99 million | 2022 | Serial | 5% | 120.516
|
| $21,955,000 | 2023 | Serial | 5% | 121.21
|
| $22.73 million | 2024 | Serial | 5% | 121.766
|
| $26,865,000 | 2025 | Serial | 5% | 121.261
|
| $28,885,000 | 2026 | Serial | 5% | 119.684
|
| $31,375,000 | 2027 | Serial | 5% | 118.518
|
| $33.07 million | 2028 | Serial | 5% | 117.556
|
| $34.72 million | 2029 | Serial | 5% | 116.983
|
| $24.2 million | 2030 | Serial | 5% | 116.414
|
| $69,125,000 | 2031 | Serial | 5% | 115.754
|
| $72,755,000 | 2032 | Serial | 5% | 115.379
|
| $92.1 million | 2033 | Serial | 5% | 115.005
|
| $79.22 million | 2034 | Serial | 5% | 114.633
|
| $85,495,000 | 2035 | Serial | 5% | 114.262
|
| $454.16 million | 2040 | Term | 5% | 113.801
|
| $108.19 million | 2043 | Term | 5% | 113.525
|
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