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Cleveland organizes $120.41 million of water revenue bonds
By Sheri Kasprzak
New York, Oct. 2 - The City of Cleveland, Ohio, is set to price $120,405,000 of series 2012 water revenue bonds, according to preliminary official statements.
Citigroup Global Markets Inc. is the senior manager. The co-managers are Bank of America Merrill Lynch, Cabrera Capital Markets LLC, KeyBanc Capital Markets, PNC Capital Markets, RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC.
The deal includes $77.44 million of series 2012A second-lien water revenue bonds (Aa2/AA-/) and $42,965,000 of series 2012X senior-lien water revenue bonds (Aa1/AA/).
The 2012A bonds are due 2018 to 2027 and the 2012X bonds are due 2022 to 2032 with term bonds due in 2037 and 2042.
Proceeds will be used to finance improvements to the city's wastewater system.
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