By Sheri Kasprzak
New York, Jan. 13 – Tampa Bay Water of Florida sold $133.38 million of series 2016 utility system refunding revenue bonds, according to a term sheet.
The offering included $100,615,000 of series 2016A bonds and $32,765,000 of series 2016B taxable bonds.
The 2016A bonds are due 2032 to 2038 with 3.25% to 5% coupons and 2.56% to 3.375% yields.
The 2016B bonds are due 2016 to 2031 with 0.89% to 3.607% coupons, all priced at par.
The bonds were offered through Raymond James/Morgan Keegan.
Proceeds will be used to refund the authority’s series 2008 and 2011B utility system revenue bonds.
| Issuer: | Tampa Bay Water
|
| Issue; | Series 2016 utility system refunding revenue bonds
|
| Amount: | $133.38 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Jan. 13
|
| Settlement date: | Feb. 2
|
|
|
| $100,615,000 series 2016A bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| 2032 | Serial | 5% | 122.641 | 2.56%
|
| 2033 | Serial | 5% | 122.014 | 2.62%
|
| 2034 | Serial | 5% | 121.391 | 2.68%
|
| 2035 | Serial | 5% | 120.978 | 2.72%
|
| 2036 | Serial | 5% | 120.464 | 2.77%
|
| 2037 | Serial | 4% | 107.363 | 3.18%
|
| 2037 | Serial | 5% | 119.953 | 2.82%
|
| 2038 | Serial | 3.25% | 98.027 | 3.375%
|
| 2038 | Serial | 3.375% | 100 | 3.375%
|
|
|
| $32,765,000 series 2016B taxable bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| 2016 | Serial | 0.89% | 100 | 0.89%
|
| 2017 | Serial | 1.175% | 100 | 1.17%
|
| 2018 | Serial | 1.454% | 100 | 1.454%
|
| 2019 | Serial | 1.638% | 100 | 1.638%
|
| 2020 | Serial | 1.888% | 100 | 1.888%
|
| 2021 | Serial | 2.138% | 100 | 2.138%
|
| 2022 | Serial | 2.373% | 100 | 2.373%
|
| 2023 | Serial | 2.623% | 100 | 2.623%
|
| 2024 | Serial | 2.807% | 100 | 2.807%
|
| 2025 | Serial | 2.907% | 100 | 2.907%
|
| 2026 | Serial | 3.007% | 100 | 3.007%
|
| 2027 | Serial | 3.157% | 100 | 3.157%
|
| 2028 | Serial | 3.307% | 100 | 3.307%
|
| 2029 | Serial | 3.457% | 100 | 3.457%
|
| 2030 | Serial | 3.507% | 100 | 3.507%
|
| 2031 | Serial | 3.607% | 100 | 3.607%
|
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