By Cristal Cody
Springdale, Ark., May 14 - Austin, Texas and the city's Water and Sewer Enterprise priced $170.605 million of variable-rate revenue refunding bonds with an initial 1.7% rate on Wednesday, the issuer's financial advisor told Prospect News.
The series 2008 bonds (Aa3/A+/AA-) reset weekly, said Chris Allen, senior managing consultant with Public Financial Management.
Goldman, Sachs & Co. managed the negotiated sale.
Proceeds will be used to refund $66.22 million of series 1997 combined utility revenue refunding bonds and $64.845 million of series 2001A and $27.74 million of series 2001B water and wastewater revenue refunding bonds.
| Issuer: | Austin/Water and Sewer Enterprise (Texas)
|
| Issue: | Variable-rate revenue refunding bonds
|
| Amount: | $170.605 million
|
| Type: | Negotiated
|
| Initial rate: | 1.7%
|
| Set: | Weekly
|
| Maturity: | May 15, 2031
|
| Underwriter: | Goldman, Sachs & Co.
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Pricing date: | May 14
|
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