Published on 4/18/2013 in the Prospect News Municipals Daily.
New Issue: Birmingham Water Works, Ala., sells $94.12 million bonds
By Sheri Kasprzak
New York, April 18 - The Birmingham Water Works Board of Alabama sold $94.12 million of series 2013 water revenue and refunding bonds, according to a pricing sheet. The issue was downsized from $154.4 million.
The bonds (Aa2/AA/) were sold through senior manager Raymond James/Morgan Keegan.
The offering included $23,335,000 of series 2013A water revenue refunding bonds and $70,785,000 of series 2013B water revenue bonds.
The 2013A bonds are due 2015 to 2028 with term bonds due in 2033, 2038 and 2043. The serial coupons range from 2% to 3.25%. The 2033 bonds have a 3.5% coupon priced at 95.998, and the 2038 bonds have a 3.75% coupon priced at 96.554. The 2043 bonds have a split maturity with a 3.75% coupon priced at 95.34 and a 4% coupon priced at 99.65.
The 2013B bonds are due 2030 to 2033 with term bonds due in 2038 and 2043. The serial bonds have 5% coupons. The 2038 bonds have a 5% coupon priced at 111.789, and the 20343 bonds have a 5% coupon priced at 111.182.
Proceeds will be used to advance refund the board's series 2006-A water and sewer revenue bonds due 2040 and 2043.
| Issuer: | Birmingham Water Works Board
|
| Issue: | Series 2013 water revenue and refunding bonds
|
| Amount: | $94.12 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), Sterne, Agee & Leach, Inc., Benchmark Securities and Securities Capital Corp. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | April 17
|
| Settlement date: | April 25
|
|
|
| $23,335,000 series 2013A water revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $90,000 | 2015 | Serial | 2% | 102.188
|
| $95,000 | 2016 | Serial | 2% | 102.855
|
| $95,000 | 2017 | Serial | 2% | 103.202
|
| $75,000 | 2018 | Serial | 2% | 102.985
|
| $100,000 | 2019 | Serial | 3% | 107.688
|
| $100,000 | 2020 | Serial | 3% | 107.392
|
| $105,000 | 2021 | Serial | 3% | 106.719
|
| $110,000 | 2022 | Serial | 3% | 105.721
|
| $110,000 | 2023 | Serial | 3% | 104.537
|
| $115,000 | 2024 | Serial | 3% | 102.453
|
| $120,000 | 2025 | Serial | 3% | 100.92
|
| $120,000 | 2026 | Serial | 3% | 99.058
|
| $125,000 | 2027 | Serial | 3% | 97.145
|
| $130,000 | 2028 | Serial | 3.25% | 98.274
|
| $725,000 | 2033 | Term | 3.5% | 95.998
|
| $5.83 million | 2038 | Term | 3.75% | 96.554
|
| $12.5 million | 2043 | Term | 3.75% | 95.34
|
| $2.79 million | 2043 | Term | 4% | 99.65
|
|
|
| $70,785,000 series 2013B water refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.58 million | 2030 | Serial | 5% | 114.972
|
| $3,765,000 | 2031 | Serial | 5% | 114.523
|
| $3,955,000 | 2032 | Serial | 5% | 114.077
|
| $4.16 million | 2033 | Serial | 5% | 113.632
|
| $24,215,000 | 2038 | Term | 5% | 111.789
|
| $31.11 million | 2043 | Term | 5% | 111.182
|
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