Published on 4/14/2015 in the Prospect News Municipals Daily.
New Issue: Western Nassau County Water, N.Y., sells $73.98 million revenue bonds
By Sheri Kasprzak
New York, April 14 – The Water Authority of Western Nassau County, N.Y., sold $73.98 million of series 2015 water system revenue bonds, according to a pricing sheet.
The bonds (A1//AA-) were sold through BofA Merrill Lynch.
The deal included $54,525,000 of series 2015A revenue bonds and $19,455,000 of series 2015B refunding bonds.
The 2015A bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 5%. The 2040 bonds have a 5% coupon priced at 114.215. The 2045 bonds have a 4% coupon priced at 101.724 and a 5% coupon priced at 113.761.
The 2015B bonds are due 2016 to 2035 with 3% to 5% coupons.
Proceeds will be used to construct and acquire water system improvements and to refund the authority’s series 2005 water system revenue bonds.
| Issuer: | Water Authority of Western Nassau County
|
| Issue: | Series 2015 water system revenue bonds
|
| Amount: | $73.98 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Ratings: | Moody’s: A1
|
| Fitch: AA-
|
| Pricing date: | April 14
|
| Settlement date: | April 22
|
|
|
| $54,525,000 series 2015A revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $215,000 | 2016 | Serial | 3% | 102.527
|
| $75,000 | 2017 | Serial | 3% | 104.467
|
| $80,000 | 2018 | Serial | 3% | 105.723
|
| $85,000 | 2019 | Serial | 3% | 106.511
|
| $85,000 | 2020 | Serial | 3% | 107.168
|
| $90,000 | 2021 | Serial | 3% | 107.141
|
| $95,000 | 2022 | Serial | 3% | 106.852
|
| $100,000 | 2023 | Serial | 3% | 106.325
|
| $100,000 | 2024 | Serial | 3% | 105.462
|
| $100,000 | 2025 | Serial | 3% | 104.646
|
| $110,000 | 2026 | Serial | 3% | 103.128
|
| $1.9 million | 2027 | Serial | 5% | 119.453
|
| $2,005,000 | 2028 | Serial | 5% | 118.307
|
| $2.1 million | 2029 | Serial | 3% | 98.539
|
| $2.17 million | 2030 | Serial | 5% | 116.893
|
| $2,275,000 | 2031 | Serial | 5% | 116.333
|
| $2.39 million | 2032 | Serial | 5% | 115.868
|
| $2.51 million | 2033 | Serial | 3.25% | 98.393
|
| $2.6 million | 2034 | Serial | 5% | 115.13
|
| $2.74 million | 2035 | Serial | 5% | 114.855
|
| $17,725,000 | 2040 | Term | 5% | 114.215
|
| $4,975,000 | 2045 | Term | 4% | 101.724
|
| $10 million | 2045 | Term | 5% | 113.761
|
|
|
| $19,455,000 series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,255,000 | 2016 | Serial | 4% | 103.467
|
| $1.25 million | 2017 | Serial | 5% | 108.318
|
| $1.31 million | 2018 | Serial | 5% | 111.504
|
| $1,375,000 | 2019 | Serial | 5% | 114.171
|
| $1.44 million | 2020 | Serial | 5% | 116.661
|
| $1,515,000 | 2021 | Serial | 5% | 118.388
|
| $1.59 million | 2022 | Serial | 5% | 119.783
|
| $1.67 million | 2023 | Serial | 5% | 120.866
|
| $1,755,000 | 2024 | Serial | 5% | 121.528
|
| $1,845,000 | 2025 | Serial | 5% | 122.18
|
| $1,935,000 | 2026 | Serial | 5% | 120.516
|
| $250,000 | 2027 | Serial | 3% | 100.857
|
| $250,000 | 2028 | Serial | 3% | 99.256
|
| $260,000 | 2029 | Serial | 3% | 97.984
|
| $265,000 | 2030 | Serial | 3.125% | 98.296
|
| $280,000 | 2031 | Serial | 3.125% | 97.479
|
| $290,000 | 2032 | Serial | 3.25% | 98.332
|
| $300,000 | 2033 | Serial | 3.25% | 97.733
|
| $305,000 | 2034 | Serial | 3.375% | 98.825
|
| $315,000 | 2035 | Serial | 3.375% | 98.356
|
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