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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
AmountMaturityTypeCouponPrice
$90,0002015Serial2%102.188
$95,0002016Serial2%102.855
$95,0002017Serial2%103.202
$75,0002018Serial2%102.985
$100,0002019Serial3%107.688
$100,0002020Serial3%107.392
$105,0002021Serial3%106.719
$110,0002022Serial3%105.721
$110,0002023Serial3%104.537
$115,0002024Serial3%102.453
$120,0002025Serial3%100.92
$120,0002026Serial3%99.058
$125,0002027Serial3%97.145
$130,0002028Serial3.25%98.274
$725,0002033Term3.5%95.998
$5.83 million2038Term3.75%96.554
$12.5 million2043Term3.75%95.34
$2.79 million2043Term4%99.65
$70,785,000 series 2013B water refunding bonds
AmountMaturityTypeCouponPrice
$3.58 million2030Serial5%114.972
$3,765,0002031Serial5%114.523
$3,955,0002032Serial5%114.077
$4.16 million2033Serial5%113.632
$24,215,0002038Term5%111.789
$31.11 million2043Term5%111.182

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