By Sheri Kasprzak
New York, June 16 – South Central Connecticut Regional Water Authority sold $123.45 million of series 2016 water system revenue bonds, according to a pricing sheet.
The deal included $15.94 million of series 2016A revenue bonds and $107.51 million of series 2016B refunding bonds.
The 2016A bonds are due 2017 to 2038 with term bonds due in 2041 and 2045. The serial coupons range from 2% to 5% with yields from 0.67% to 2.72%. The 2041 bonds have a 3% coupon priced at 99.473 to yield 3.03% and the 2045 bonds have a 3% coupon priced at 99.038 to yield 3.05%.
The 2016B bonds are due 2017 to 2039 with 2% to 5% coupons and 0.67% to 2.43% yields
The bonds (Aa3/AA-) were sold through senior managers Janney Montgomery Scott LLC and Piper Jaffray & Co.
Proceeds will be used to finance capital improvements to the water system and to refund existing debt.
| Issuer: | South Central Connecticut Regional Water Authority
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| Issue: | Series 2016 water system revenue bonds
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| Amount: | $123.45 million
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| Type: | Negotiated
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| Underwriters: | Janney Montgomery Scott LLC and Piper Jaffray & Co.
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| Ratings: | Moody’s: Aa3
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| S&P: AA-
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| Pricing date: | June 15
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| Settlement date: | June 29
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| $15.94 million series 2016A revenue bonds
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| Maturity | Type | Coupon | Price | Yield
|
| 2017 | Serial | 2% | 101.44 | 0.67%
|
| 2018 | Serial | 3% | 104.441 | 0.85%
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| 2019 | Serial | 3% | 106.256 | 0.94%
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| 2020 | Serial | 2% | 103.792 | 1.05%
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| 2021 | Serial | 3% | 108.859 | 1.20%
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| 2022 | Serial | 3% | 109.92 | 1.30%
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| 2023 | Serial | 3% | 110.476 | 1.44%
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| 2024 | Serial | 3% | 110.741 | 1.58%
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| 2025 | Serial | 4% | 119.292 | 1.70%
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| 2026 | Serial | 4% | 120.008 | 1.82%
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| 2027 | Serial | 4% | 118.993 | 1.92%
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| 2028 | Serial | 4% | 117.291 | 2.09%
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| 2029 | Serial | 4% | 115.91 | 2.23%
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| 2030 | Serial | 4% | 115.617 | 2.26%
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| 2031 | Serial | 4% | 114.645 | 2.36%
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| 2032 | Serial | 4% | 113.97 | 2.43%
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| 2033 | Serial | 4% | 113.396 | 2.49%
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| 2034 | Serial | 4% | 113.015 | 2.53%
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| 2035 | Serial | 4% | 112.446 | 2.59%
|
| 2036 | Serial | 4% | 112.163 | 2.62%
|
| 2037 | Serial | 4% | 111.599 | 2.68%
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| 2038 | Serial | 4% | 111.225 | 2.72%
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| 2041 | Term | 3% | 99.473 | 3.03%
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| 2045 | Term | 3% | 99.038 | 3.05%
|
|
|
| $107.51 million series 2016B refunding bonds
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| Maturity | Type | Coupon | Price | Yield
|
| 2017 | Serial | 2% | 101.44 | 0.67%
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| 2019 | Serial | 5% | 112.331 | 0.94%
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| 2020 | Serial | 4% | 111.775 | 1.05%
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| 2021 | Serial | 4% | 113.781 | 1.20%
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| 2021 | Serial | 5% | 118.703 | 1.20%
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| 2022 | Serial | 5% | 121.591 | 1.30%
|
| 2023 | Serial | 4% | 117.192 | 1.44%
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| 2023 | Serial | 5% | 123.908 | 1.44%
|
| 2024 | Serial | 5% | 125.872 | 1.58%
|
| 2025 | Serial | 4% | 119.292 | 1.70%
|
| 2025 | Serial | 5% | 127.68 | 1.70%
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| 2026 | Serial | 4% | 120.008 | 1.82%
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| 2027 | Serial | 4% | 118.993 | 1.92%
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| 2027 | Serial | 5% | 128.125 | 1.92%
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| 2028 | Serial | 5% | 127.493 | 1.98%
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| 2029 | Serial | 5% | 126.761 | 2.05%
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| 2030 | Serial | 4% | 115.617 | 2.26%
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| 2031 | Serial | 5% | 125.619 | 2.16%
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| 2032 | Serial | 5% | 125.105 | 2.21%
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| 2033 | Serial | 5% | 124.49 | 2.27%
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| 2034 | Serial | 4% | 113.015 | 2.53%
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| 2035 | Serial | 4% | 112.446 | 2.59%
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| 2036 | Serial | 4% | 112.163 | 2.62%
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| 2037 | Serial | 5% | 123.576 | 2.36%
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| 2038 | Serial | 5% | 123.373 | 2.38%
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| 2039 | Serial | 5% | 122.87 | 2.43%
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