Published on 8/13/2014 in the Prospect News Municipals Daily.
New Issue: Louisville Water Works, Ky., sells $63.2 million of water revenue debt
By Sheri Kasprzak
New York, Aug. 13 – The Water Works Board of the Louisville/Jefferson County Metropolitan Government of Kentucky sold $63,195,000 of series 2014A water system refunding revenue bonds for the Louisville Water Co., according to a pricing sheet.
The bonds (Aaa/AAA/) were sold competitively, but the issuer did not immediately respond to requests for the winning bidder Wednesday.
The bonds are due 2014 to 2031 with 2.5% to 5% coupons and 0.10% to 3.25% yields.
Proceeds will be used to refund the board’s series 2006 revenue bonds.
| Issuer: | Water Works Board of the Louisville/Jefferson County Metropolitan Government/Louisville Water Co.
|
| Issue: | Series 2014A water system refunding revenue bonds
|
| Amount: | $63,195,000
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | Aug. 13
|
| Settlement date: | Sept. 3
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $590,000 | 2014 | Serial | 5% | 100.979 | 0.10%
|
| $100,000 | 2015 | Serial | 5% | 105.774 | 0.18%
|
| $100,000 | 2016 | Serial | 5% | 110.064 | 0.40%
|
| $3,205,000 | 2017 | Serial | 5% | 113.753 | 0.65%
|
| $3.34 million | 2018 | Serial | 5% | 116.724 | 0.93%
|
| $3.5 million | 2019 | Serial | 5% | 118.821 | 1.25%
|
| $3,665,000 | 2020 | Serial | 4% | 114.618 | 1.52%
|
| $3.8 million | 2021 | Serial | 4% | 115.156 | 1.75%
|
| $3.93 million | 2022 | Serial | 4% | 115.299 | 1.97%
|
| $4,065,000 | 2023 | Serial | 4% | 113.837 | 2.15%
|
| $4.2 million | 2024 | Serial | 4% | 113.034 | 2.25%
|
| $4.35 million | 2025 | Serial | 2.5% | 100.367 | 2.45%
|
| $4.43 million | 2026 | Serial | 2.5% | 99.476 | 2.55%
|
| $4,525,000 | 2027 | Serial | 3% | 101.087 | 2.85%
|
| $4,635,000 | 2028 | Serial | 3% | 100 | 3.00%
|
| $4.76 million | 2029 | Serial | 3.5% | 103.607 | 3.00%
|
| $4.91 million | 2030 | Serial | 4% | 108.353 | 2.85%
|
|
|
| $5.09 million | 2031 | Serial | 3.5% | 101.783 | 3.25%
|
|
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