Published on 9/16/2010 in the Prospect News Municipals Daily.
New Issue: New York City Municipal Water Finance prices $750 million revenue bonds
By Sheri Kasprzak
New York, Sept. 16 - The New York City Municipal Water Finance Authority sold $750 million in an upsized offering of series 2011AA water and sewer system second general resolution revenue bonds (Aaa/AA+/AA+), said a term sheet. The authority had planned to bring $600 million.
The offering included $250 million in bonds due June 15, 2041 and $500 million in bonds due June 15, 2043.
The 2041 bonds have a 5.79% coupon, and the 2043 bonds have a 5.44% coupon. Both priced at par.
Barclays Capital Inc. was the senior manager. The co-managers were Jefferies & Co., Morgan Keegan & Co. Inc., M.R. Beal & Co., Ramirez & Co. Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc., Fidelity Capital Markets, Goldman, Sachs & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., Raymond James & Associates Inc., RBC Capital Markets Corp., Rice Financial Products Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC, Wells Fargo Bank, NA, BB&T Capital Markets, Lebenthal & Co. LLC, Oppenheimer & Co. Inc., Piper Jaffray & Co., Stifel, Nicolaus & Co. and Stone & Youngberg.
Proceeds will be used to repay existing commercial paper notes and to make a deposit to the authority's construction fund.
| Issuer: | New York City Municipal Water Finance Authority
|
| Issue: | Series 2011AA water and sewer system second general resolution revenue bonds
|
| Amount: | $750 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. (lead), Jefferies & Co., Morgan Keegan & Co. Inc., M.R. Beal & Co., Ramirez & Co. Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc., Fidelity Capital Markets, Goldman, Sachs & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., Raymond James & Associates Inc., RBC Capital Markets Corp., Rice Financial Products Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC, Wells Fargo Bank, NA, BB&T Capital Markets, Lebenthal & Co. LLC, Oppenheimer & Co. Inc., Piper Jaffray & Co., Stifel, Nicolaus & Co. and Stone & Youngberg (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 23
|
|
|
| Maturity | Type | Coupon | Price
|
| 2041 | Term | 5.79% | 100
|
| 2043 | Term | 5.44% | 100
|
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