Published on 7/25/2016 in the Prospect News Municipals Daily.
New Issue: Westmoreland County Municipal Authority, Pa., prices $184.48 million
By Sheri Kasprzak
New York, July 25 – The Municipal Authority of Westmoreland County, Pa., priced $184,475,000 of series 2016 municipal service revenue bonds, said a pricing sheet.
The bonds (/A+/) were sold through Piper Jaffray & Co.
The bonds are due 2017 to 2028 with term bonds due 2038 and 2042. The serial coupons range from 2% to 5% and yields range from 0.76% to 2.20%. The 2038 bonds have a 5% coupon priced at 118.795 to yield 2.64%. The 2042 bonds have a 3% coupon priced at 98.048 to yield 3.11% and a 5% coupon priced at 118.443 to yield 2.68%.
Proceeds will be used to finance capital expenditures and refund the authority’s series 2006A revenue bonds.
| Issuer: | Municipal Authority of Westmoreland County
|
| Issue: | Series 2016 municipal service revenue bonds
|
| Amount: | $184,475,000
|
| Type: | Negotiated
|
| Underwriters: | Piper Jaffray & Co. (lead), Boenning & Scattergood Inc. and NW Capital Group Inc. (co-managers)
|
| Rating: | S&P: A+
|
| Pricing date: | July 15
|
| Settlement date: | Aug. 15
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,285,000 | 2017 | Serial | 2% | 100.617 | 0.76%
|
| $105,000 | 2017 | Serial | 3% | 102.146 | 0.84%
|
| $110,000 | 2018 | Serial | 3% | 104.011 | 0.97%
|
| $110,000 | 2019 | Serial | 3% | 105.652 | 1.08%
|
| $110,000 | 2020 | Serial | 3% | 106.766 | 1.26%
|
| $115,000 | 2021 | Serial | 3% | 107.6 | 1.42%
|
| $125,000 | 2022 | Serial | 3% | 107.86 | 1.62%
|
| $120,000 | 2023 | Serial | 3% | 108.064 | 1.77%
|
| $6.96 million | 2024 | Serial | 5% | 123.323 | 1.85%
|
| $11,785,000 | 2025 | Serial | 5% | 125.064 | 1.95%
|
| $12,385,000 | 2026 | Serial | 5% | 124.225 | 2.04%
|
| $13.02 million | 2027 | Serial | 5% | 123.392 | 2.13%
|
| $13.66 million | 2028 | Serial | 5% | 122.749 | 2.20%
|
| $37.83 million | 2038 | Term | 5% | 118.795 | 2.64%
|
| $12.5 million | 2042 | Term | 3% | 98.048 | 3.11%
|
| $74,255,000 | 2042 | Term | 5% | 118.443 | 2.68%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
