Published on 7/29/2015 in the Prospect News Municipals Daily.
New Issue: Allegheny County Sanitary, Pa., prices $265.27 million of sewer bonds
By Sheri Kasprzak
New York, July 29 – The Allegheny County Sanitary Authority of Pennsylvania sold $265.27 million of series 2015 sewer revenue bonds, said a pricing sheet.
The bonds (A1) were sold through bookrunner Boenning & Scattergood Inc.
The bonds are due 2015 to 2031 with term bonds due in 2035, 2040 and 2045. The serial coupons range from 2% to 5% with yields from 0.29% to 3.55%. The 2035 bonds have a 5% coupon and priced at 112.174 to yield 3.57%. The 2040 bonds have a 5% coupon and priced at 110.725 to yield 3.73%, and the 2045 bonds have a 5% coupon and priced at 110.009 to yield 3.81%.
Proceeds will be used to refund a portion of the authority’s series 2005 revenue bonds and to pay a portion of its capital budget for the 2015-2016 fiscal year.
| Issuer: | Allegheny County Sanitary Authority
|
| Issue: | Series 2015 sewer revenue bonds
|
| Amount: | $265.27 million
|
| Type: | Negotiated
|
| Underwriters: | Boenning & Scattergood Inc. (bookrunner), PNC Capital Markets LLC, RBC Capital Markets LLC, Piper Jaffray & Co. and Loop Capital Markets LLC (co-managers)
|
| Rating: | Moody’s: A1
|
| Pricing date: | July 29
|
| Settlement date: | Sept. 3
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6.78 million | 2015 | Serial | 2% | 100.417 | 0.29%
|
| $3.1 million | 2016 | Serial | 3% | 102.844 | 0.70%
|
| $2.91 million | 2017 | Serial | 4% | 106.617 | 1.01%
|
| $3.03 million | 2018 | Serial | 4% | 108.615 | 1.28%
|
| $3.15 million | 2019 | Serial | 4% | 110.111 | 1.53%
|
| $2.32 million | 2020 | Serial | 3% | 106.081 | 1.78%
|
| $25,135,000 | 2020 | Serial | 5% | 116.052 | 1.78%
|
| $560,000 | 2021 | Serial | 4% | 111.186 | 2.08%
|
| $28,225,000 | 2021 | Serial | 5% | 117.013 | 2.08%
|
| $650,000 | 2022 | Serial | 4% | 110.578 | 2.40%
|
| $29.56 million | 2022 | Serial | 5% | 117.191 | 2.40%
|
| $2.08 million | 2023 | Serial | 4% | 110.56 | 2.57%
|
| $29.64 million | 2023 | Serial | 5% | 117.946 | 2.57%
|
| $1,055,000 | 2024 | Serial | 2.5% | 98.049 | 2.74%
|
| $13,675,000 | 2024 | Serial | 5% | 118.341 | 2.74%
|
| $1,615,000 | 2025 | Serial | 2.625% | 98.098 | 2.84%
|
| $8.19 million | 2025 | Serial | 5% | 119.078 | 2.84%
|
| $2.14 million | 2026 | Serial | 2.875% | 98.342 | 3.05%
|
| $10,785,000 | 2027 | Serial | 5% | 116.754 | 3.08%
|
| $3,685,000 | 2028 | Serial | 3% | 97.063 | 3.18%
|
| $7,635,000 | 2028 | Serial | 5% | 115.801 | 3.18%
|
| $11,815,000 | 2029 | Serial | 5% | 115.234 | 3.24%
|
| $12,405,000 | 2030 | Serial | 5% | 114.389 | 3.33%
|
| $2,595,000 | 2031 | Serial | 3.375% | 97.85 | 3.55%
|
| $11,555,000 | 2035 | Term | 5% | 112.174 | 3.57%
|
| $18 million | 2040 | Term | 5% | 110.725 | 3.73%
|
| $22.98 million | 2045 | Term | 5% | 110.009 | 3.81%
|
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