By Sheri Kasprzak
New York, March 18 - Clean Water Services in Washington County, Ore. priced $56.95 million in series 2009A senior-lien sewer revenue bonds, said Bruce Griswold, Clean Water's budget officer.
The bonds (Aa3/AA/AA) were sold through senior manager Banc of America Securities LLC with Merrill Lynch & Co. as the co-manager.
The bonds are due 2013 to 2028 with coupons from 3% to 5.25% and yields from 2.58% to 5.12%.
"We were upgraded toAa3 for Moody's and AA for Standard & Poor's, so that helped us with the sale," said Griswold.
"There has been a supply issue here in recent days, but we're very pleased with the way the sale went, considering current market conditions."
Proceeds will be used for improvements to the county's sewer system.
| Issuer: | Clean Water Services
|
| Issue: | Series 2009A senior-lien sewer revenue bonds
|
| Amount: | $56.95 million
|
| Type: | Negotiated
|
| Underwriters: | Banc of America Securities LLC (lead); Merrill Lynch & Co. (co-manager)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | March 18
|
| Settlement date: | March 25
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2013 | Serial | 3% | 2.58%
|
| 2014 | Serial | 4% | 2.99%
|
| 2015 | Serial | 4% | 3.22%
|
| 2016 | Serial | 4% | 3.45%
|
| 2017 | Serial | 5% | 3.66%
|
| 2018 | Serial | 5% | 3.85%
|
| 2019 | Serial | 5% | 4.05%
|
| 2020 | Serial | 5% | 4.25%
|
| 2021 | Serial | 5.25% | 4.41%
|
| 2022 | Serial | 5.25% | 4.55%
|
| 2023 | Serial | 5.25% | 4.68%
|
| 2024 | Serial | 5.25% | 4.84%
|
| 2025 | Serial | 5.25% | 4.95%
|
| 2026 | Serial | 5% | 5.02%
|
| 2027 | Serial | 4.75% | 5.08%
|
| 2028 | Serial | 5% | 5.12%
|
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