Published on 4/1/2014 in the Prospect News Municipals Daily.
New Issue: Karegnondi Water Authority, Mich., sells $220.5 million revenue bonds
By Sheri Kasprzak
New York, April 1 - The Karegnondi Water Authority of Michigan sold $220.5 million of series 2014A water supply system bonds, according to a pricing sheet.
The bonds (A2/A+/) were sold through J.P. Morgan Securities LLC.
The bonds are due 2017 to 2035 with term bonds due in 2040 and 2043. The serial coupons range from 3% to 5.25%. The 2040 bonds have a 5.25% coupon priced at 103.875 and the 2043 bonds have a 5% coupon priced at 100.828.
Proceeds will be used to finance capital improvements to the authority's water system.
| Issuer: | Karegnondi Water Authority, Mich.
|
| Issue: | Series 2014A water supply system revenue bonds
|
| Amount: | $220.5 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Wells Fargo Securities LLC and Stifel, Nicolaus & Co. LLC (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Pricing date: | April 1
|
| Settlement date: | April 16
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2 million | 2017 | Serial | 3% | 105.296
|
| $2.1 million | 2017 | Serial | 5% | 112.174
|
| $1.3 million | 2018 | Serial | 4% | 109.232
|
| $2,965,000 | 2018 | Serial | 5% | 113.566
|
| $2 million | 2019 | Serial | 3% | 103.516
|
| $2,465,000 | 2019 | Serial | 5% | 113.86
|
| $2 million | 2020 | Serial | 4% | 107.25
|
| $2.65 million | 2020 | Serial | 5% | 113.193
|
| $2 million | 2021 | Serial | 3% | 99.664
|
| $2.86 million | 2021 | Serial | 5% | 113.047
|
| $5,065,000 | 2022 | Serial | 5% | 112.483
|
| $5,315,000 | 2023 | Serial | 5% | 112.163
|
| $5.58 million | 2024 | Serial | 5% | 110.708
|
| $5.86 million | 2025 | Serial | 5% | 109.359
|
| $6.15 million | 2026 | Serial | 5% | 108.36
|
| $6,455,000 | 2027 | Serial | 5.25% | 109.417
|
| $6,795,000 | 2028 | Serial | 5.25% | 108.921
|
| $7.15 million | 2029 | Serial | 5.25% | 108.182
|
| $7,525,000 | 2030 | Serial | 5.25% | 107.45
|
| $7.92 million | 2031 | Serial | 5.25% | 106.723
|
| $8.34 million | 2032 | Serial | 5.25% | 106.162
|
| $8,775,000 | 2033 | Serial | 4.5% | 97.834
|
| $9.23 million | 2034 | Serial | 5.25% | 105.209
|
| $9.71 million | 2035 | Serial | 5.25% | 104.814
|
| $56.77 million | 2040 | Term | 5.25% | 103.875
|
| $41.52 million | 2043 | Term | 5% | 100.828
|
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