Published on 5/2/2013 in the Prospect News Municipals Daily.
New Issue: Westmoreland County, Pa., authority sells $132.11 million revenue bonds
By Sheri Kasprzak
New York, May 2 - The Municipal Authority of Westmoreland County of Pennsylvania sold $132.11 million of series 2013 municipal service revenue bonds, according to a pricing sheet.
The bonds (A1) were sold through senior manager RBC Capital Markets LLC.
The bonds are due 2015 to 2033 with a term bond due in 2037. The serial coupons range from 2% to 5%. The 2037 bonds have a 5% coupon priced at 113.21.
Proceeds will be used to fund the authority's five-year capital improvement plan, including pump station upgrades and repairs, water tank and control valve replacements, water treatment plant modernization and repairs to the distribution system to reduce water loss.
| Issuer: | Municipal Authority of Westmoreland County, Pa.
|
| Issue: | Series 2013 municipal service revenue bonds
|
| Amount: | $132.11 million
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC (lead)
|
| Rating: | Moody's: A1
|
| Pricing date: | May 1
|
| Settlement date: | May 8
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,000 | 2015 | Serial | 2% | 102.442
|
| $5,000 | 2016 | Serial | 2% | 102.914
|
| $5,000 | 2017 | Serial | 2% | 103.192
|
| $5,000 | 2018 | Serial | 2% | 102.728
|
| $20,000 | 2019 | Serial | 2% | 101.775
|
| $35,000 | 2020 | Serial | 3% | 107.012
|
| $135,000 | 2021 | Serial | 3% | 106.25
|
| $230,000 | 2022 | Serial | 3% | 105.469
|
| $275,000 | 2023 | Serial | 3% | 103.948
|
| $540,000 | 2024 | Serial | 5% | 120.404
|
| $695,000 | 2025 | Serial | 4% | 109.892
|
| $1,055,000 | 2026 | Serial | 4% | 108.594
|
| $1.39 million | 2027 | Serial | 5% | 108.594
|
| $1,695,000 | 2028 | Serial | 5% | 117.077
|
| $1.87 million | 2029 | Serial | 3.25% | 96.915
|
| $20,205,000 | 2031 | Serial | 5% | 115.644
|
| $17,345,000 | 2032 | Serial | 5% | 115.171
|
| $18,235,000 | 2033 | Serial | 5% | 114.7
|
| $68,365,000 | 2037 | Term | 5% | 113.21
|
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