Published on 8/29/2013 in the Prospect News Municipals Daily.
New Issue: Oklahoma Water sells $41.41 million revolving fund revenue bonds
By Sheri Kasprzak
New York, Aug. 29 - The Oklahoma Water Resources Board sold $41.41 million of series 2013 revolving fund revenue bonds, a deal downsized from $76,645,000, according to an official statement.
The bonds (Aaa/AAA/AAA) were sold through BofA Merrill Lynch.
The bonds are due 2015 to 2034 with a term bond due in 2043. The serial coupons range from 3% to 5% and yields range from 0.45% to 4.63%. The 2043 bonds have a 4.75% coupon to yield 4.85%.
Proceeds will be used to make subsidized loans to qualified local government entities for water development projects, as well as to refund the board's series 2003 revolving fund revenue bonds.
Issuer: | Oklahoma Water Resources Board
|
Issue: | Series 2013 revolving fund revenue bonds
|
Amount: | $41.41 million
|
Type: | Negotiated
|
Underwriters: | BofA Merrill Lynch (lead), BOSC Inc., J.P. Morgan Securities LLC and Wells Nelson & Associates LLC (co-managers)
|
Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
Pricing date: | Aug. 20
|
Settlement date: | Sept. 19
|
|
Amount | Maturity | Type | Coupon | Yield
|
$2.19 million | 2015 | Serial | 3% | 0.45%
|
$2,215,000 | 2016 | Serial | 4% | 0.75%
|
$2.1 million | 2017 | Serial | 5% | 1.11%
|
$1.91 million | 2018 | Serial | 4% | 1.53%
|
$2,755,000 | 2019 | Serial | 5% | 1.90%
|
$2,995,000 | 2020 | Serial | 5% | 2.31%
|
$3.26 million | 2021 | Serial | 5% | 2.66%
|
$3,385,000 | 2022 | Serial | 5% | 2.93%
|
$3,655,000 | 2023 | Serial | 5% | 3.09%
|
$3,385,000 | 2024 | Serial | 4% | 3.35%
|
$945,000 | 2025 | Serial | 4% | 3.63%
|
$105,000 | 2026 | Serial | 4% | 3.86%
|
$1,235,000 | 2027 | Serial | 4% | 4.05%
|
$510,000 | 2028 | Serial | 4% | 4.18%
|
$625,000 | 2029 | Serial | 4.125% | 4.30%
|
$675,000 | 2030 | Serial | 4.25% | 4.39%
|
$330,000 | 2031 | Serial | 4.25% | 4.47%
|
$1.57 million | 2032 | Serial | 4.375% | 4.53%
|
$1.58 million | 2033 | Serial | 4.5% | 4.58%
|
$1.74 million | 2034 | Serial | 4.5% | 4.63%
|
$4,245,000 | 2043 | Term | 4.75% | 4.85%
|
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