By Sheri Kasprzak
New York, Aug. 8 - The South Carolina Public Service Authority priced $1,341,385,000 of series 2013 revenue obligation bonds, according to a pricing sheet.
The deal included $252,655,000 of series 2013A tax-exempt bonds, $388.73 million of series 2013B tax-exempt refunding bonds, $250 million of series 2013C taxable bonds and $450 million of series 2013D taxable Libor bonds.
The 2013A bonds are due 2033, 2038 and 2043. The 2033 bonds have a 5.5% coupon priced at 106.286 to yield 4.72%. The 2038 bonds have a 5% coupon priced at 97.196 to yield 5.2%. The 2043 bonds have a split maturity with a 5.125% coupon priced at 97.367 to yield 5.3% and a 5.75% coupon priced at 106.79 to yield 4.9%.
The 2013B bonds are due 2038 and 2043. The 2038 bonds have a 5% coupon priced at 97.196 to yield 5.2%, and the 2043 bonds have a 5.125% coupon priced at 97.367 to yield 5.3%.
The 2013C bonds are due Dec. 1, 2041 and have a 5.784% coupon priced at par.
The 2013D bonds are due 2015 to 2016 and bear interest at Libor plus 1 basis point priced at par.
Proceeds will be used to fund a portion of the authority's ongoing capital improvement program and to refinance a portion of outstanding debt.
| Issuer: | South Carolina Public Service Authority
|
| Issue: | Series 2013 revenue obligation bonds
|
| Amount: | $1,341,385,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead for 2013A and 2013B), Barclays (lead for 2013C), Morgan Stanley & Co. LLC (lead for 2013D), BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 21
|
|
|
| $252,655,000 series 2013A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $10.45 million | 2033 | Term | 5.5% | 106.286 | 4.72%
|
| $42,205,000 | 2038 | Term | 5% | 97.196 | 5.20%
|
| $100 million | 2043 | Term | 5.125% | 97.367 | 5.30%
|
| $100 million | 2043 | Term | 5.75% | 106.79 | 4.90%
|
|
|
| $388.73 million series 2013B tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $126.48 million | 2038 | Term | 5% | 97.196 | 5.20%
|
| $262.25 million 2043 | Term | 5.125% | 97.367 | 5.30%
|
|
|
| $250 million series 2013C taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2041 | Term | 5.784% | 100
|
|
|
| $450 million series 2013D taxable Libor index bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $350 million | 2015 | Serial | Libor plus 1 bp | 100
|
| $100 million | 2016 | Serial | Libor plus 1 bp | 100
|
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