By Cristal Cody
Springdale, Ark., April 22 - The Water Infrastructure Finance Authority of Arizona priced $238.71 million water quality revenue bonds with 3% to 5% coupons, according to terms released Tuesday.
The series 2008A bonds (Aaa/AAA/AAA) priced to yield 1.9% to 4.38% from 2009 through 2028.
RBC Capital Markets and Stone & Youngberg were the senior managers of the negotiated sale. Co-managers were Bear, Stearns & Co., Merrill Lynch and Ramirez & Co.
Proceeds will be used to fund loans made by the authority and to reimburse the authority for previous loans and to deposit in the reserve account.
| Issuer: | Water Infrastructure Finance Authority of Arizona
|
| Issue: | Water quality revenue bonds
|
| Amount: | $238.71 million
|
| Type: | Negotiated
|
| Maturities: | 2009 to 2028
|
| Underwriters: | RBC Capital Markets and Stone & Youngberg (leads)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | April 15
|
|
|
| Maturity | Coupon | Yield
|
| 2009 | 3.5% | 1.9%
|
| 2010 | 3% | 2.29%
|
| 2011 | 3.25% | 2.56%
|
| 2012 | 3.25% | 2.8%
|
| 2012 | 5% | 2.8%
|
| 2013 | 3.25% | 2.94%
|
| 2013 | 4.5% | 2.94%
|
| 2013 | 5% | 2.94%
|
| 2014 | 3.5% | 3.07%
|
| 2014 | 5% | 3.07%
|
| 2015 | 3.5% | 3.22%
|
| 2015 | 5% | 3.22%
|
| 2016 | 3.75% | 3.36%
|
| 2016 | 5% | 3.36%
|
| 2017 | 4% | 3.5%
|
| 2017 | 5% | 3.5%
|
| 2018 | 4% | 3.62%
|
| 2018 | 5% | 3.62%
|
| 2019 | 5% | 3.77%
|
| 2020 | 5% | 3.88%
|
| 2021 | 5% | 3.98%
|
| 2022 | 5% | 4.04%
|
| 2023 | 5% | 4.11%
|
| 2024 | 5% | 4.18%
|
| 2025 | 5% | 4.24%
|
| 2026 | 5% | 4.29%
|
| 2027 | 5% | 4.33%
|
| 2028 | 5% | 4.38%
|
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