By Sheri Kasprzak
New York, Jan. 12 - The Oklahoma City Water Utilities Trust sold $68.725 million of series 2011 water and sewer system revenue refunding bonds, said a pricing sheet.
The bonds (Aa1/AAA/) were sold through BOSC, Inc. with Wells, Nelson & Associates LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc. and Raymond James & Associates Inc. as the co-managers.
The bonds are due 2012 to 2021 with term bonds due 2026, 2031 and 2040. The serial coupons range from 0.6% to 4%. The 2026 bonds have a split maturity with a 4.375% coupon and a 5% coupon. The 2031 bonds have a 4.75% coupon and a 5% coupon. The 2040 bonds have a 5% coupon and a 5.375% coupon. The yields range from 0.6% to 5.19%.
Proceeds will be used to refund $64 million of tax-exempt commercial paper notes.
The trust obtains funding for the city's water and sewer system's infrastructure needs.
Issuer: | Oklahoma City Water Utilities Trust
|
Issue: | Series 2011 water and sewer system revenue refunding bonds
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Amount: | $68.725 million
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Type: | Negotiated
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Underwriters: | BOSC, Inc. (lead); Wells, Nelson & Associates Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc. and Raymond James & Associates Inc. (co-managers)
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Ratings: | Moody's: Aa1
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| Standard & Poor's: AAA
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Pricing date: | Jan. 12
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Settlement date: | Feb. 9
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|
Amount | Maturity | Type | Coupon | Yield
|
$1.29 million | 2012 | Serial | 0.6% | 0.60%
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$1.3 million | 2013 | Serial | 3% | 1.00%
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$1.335 million | 2014 | Serial | 3% | 1.40%
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$1.375 million | 2015 | Serial | 3% | 1.79%
|
$1.42 million | 2016 | Serial | 4% | 2.12%
|
$1.475 million | 2017 | Serial | 4% | 2.43%
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$1.535 million | 2018 | Serial | 4% | 2.78%
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$1.595 million | 2019 | Serial | 4% | 3.07%
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$1.66 million | 2020 | Serial | 4% | 3.37%
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$1.725 million | 2021 | Serial | 4% | 3.62%
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$4.85 million | 2026 | Term | 4.375% | 4.44%
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$5.005 million | 2026 | Term | 5% | 4.44%
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$4.955 million | 2031 | Term | 4.75% | 4.95%
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$7.49 million | 2031 | Term | 5% | 4.95%
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$24.285 million | 2040 | Term | 5% | 5.19%
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$7.43 million | 2040 | Term | 5.375% | 5.19%
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