By Sheri Kasprzak
New York, April 14 - The Clean Water Services of Washington County in Oregon sold $93.56 million of series 2010B taxable senior-lien sewer revenue Build America Bonds, said a term sheet.
The bonds (Aa3/AA/) are due 2016 to 2025 with term bonds due 2030 and 2035. The coupons range from 3.97% to 5.228%, priced at par. The 2030 bond has a 5.701% coupon, priced at par, and the 2035 bond has a 5.801% coupon, also priced at par.
Bank of America Merrill Lynch was the senior manager. The co-manager was Fidelity Capital Markets LLC.
Proceeds will be used to finance improvements to the sewer system and fund a debt service.
| Issuer: | Clean Water Services of Washington County (Oregon)
|
| Issue: | Series 2010B taxable senior-lien sewer revenue Build America Bonds
|
| Amount: | $93.56 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), Fidelity Capital Markets LLC (co-manager)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Pricing date: | April 14
|
| Settlement date: | April 22
|
|
|
| Maturity | Type | Coupon | Price
|
| 2016 | Serial | 3.97% | 100
|
| 2017 | Serial | 4.12% | 100
|
| 2018 | Serial | 4.428% | 100
|
| 2019 | Serial | 4.528% | 100
|
| 2020 | Serial | 4.628% | 100
|
| 2021 | Serial | 4.728% | 100
|
| 2022 | Serial | 4.828% | 100
|
| 2023 | Serial | 4.978% | 100
|
| 2024 | Serial | 5.078% | 100
|
| 2025 | Serial | 5.228% | 100
|
| 2030 | Term | 5.701% | 100
|
| 2035 | Term | 5.801% | 100
|
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