Published on 11/30/2012 in the Prospect News Municipals Daily.
New Issue: Erie City Water Authority, Pa., prices $63.55 million of revenue bonds
By Sheri Kasprzak
New York, Nov. 30 - The Erie City Water Authority of Pennsylvania sold $63.55 million of series 2012 water revenue bonds, according to a pricing sheet.
The bonds (A1) were sold on a negotiated basis.
The bonds are due 2024 to 2027 with term bonds due in 2030, 2032, 2034, 2036, 2045 and 2047. The serial bonds have 4% coupons. The 2030 bonds have a 3% coupon and the rest of the term bonds have 4% coupons.
The 2030 bonds are priced at 98.225, the 2032 bonds are priced at 106.318, the 2034 bonds are priced at 105.017, the 2036 bonds are priced at 103.735, the 2045 bonds are priced at 101.638 and the 2047 bonds are priced at 101.225.
Proceeds will be used to refund the authority's series 2006 term bonds and to fund capital projects.
Issuer: | Erie City Water Authority
|
Issue: | Series 2012 water revenue bonds
|
Amount: | $63.55 million
|
Type: | Negotiated
|
Rating: | Moody's: A1
|
Pricing date: | Nov. 29
|
Settlement date: | Dec. 27
|
|
Amount | Maturity | Type | Coupon | Price
|
$1,485,000 | 2024 | Serial | 4% | 111.253
|
$1.46 million | 2025 | Serial | 4% | 110.793
|
$1,525,000 | 2026 | Serial | 4% | 109.881
|
$1.6 million | 2027 | Serial | 4% | 108.977
|
$5.33 million | 2030 | Term | 3% | 98.225
|
$3,775,000 | 2032 | Term | 4% | 106.318
|
$5,185,000 | 2034 | Term | 4% | 105.017
|
$5,605,000 | 2036 | Term | 4% | 103.735
|
$12.4 million | 2045 | Term | 4% | 101.638
|
$25,185,000 | 2047 | Term | 4% | 101.225
|
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