Published on 7/19/2011 in the Prospect News Municipals Daily.
New Issue: Tampa Bay Water Authority, Fla., prices $289.57 million of revenue refunding bonds
By Sheri Kasprzak
New York, July 19 - The Tampa Bay Water Authority of Florida brought $289.565 million of series 2011 utility system refunding revenue bonds, according to a term sheet.
The bonds (Aa2/AA+/AA+) were sold on a negotiated basis. Citigroup Global Markets Inc. was the lead manager for the 2011A bonds, and Raymond James & Associates Inc. was the senior manager for the 2011B bonds. Bank of America Merrill Lynch, Morgan Stanley & Co. Inc. and Raymond James were the co-senior managers for the 2011A bonds. Bank of America Merrill Lynch, Citigroup and Morgan Stanley were the co-senior managers for the 2011B bonds. Goldman, Sachs & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC were the co-managers for both tranches.
The offering included $140.645 million of series 2011A bonds and $148.92 million of series 2011B bonds.
Proceeds will be used to refund the authority's series 2001A-B revenue bonds.
| Issuer: | Tampa Bay Water Authority
|
| Issue: | Series 2011 utility system refunding revenue bonds
|
| Amount: | $289.565 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead for 2011A); Raymond James & Associates Inc. (lead for 2011B); Bank of America Merrill Lynch, Morgan Stanley & Co. Inc. and Raymond James & Associates Inc. (co-senior managers for 2011A); Bank of America Merrill Lynch, Citigroup and Morgan Stanley (co-senior managers for 2011B); Goldman, Sachs & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | July 19
|
| Settlement date: | Aug. 16
|
|
|
| $140.645 million series 2011A
|
| Amount | Maturity | Type | Coupon | Price
|
| $310,000 | 2011 | Serial | 2% | 100.224
|
| $285,000 | 2012 | Serial | 2% | 101.793
|
| $290,000 | 2013 | Serial | 2% | 102.736
|
| $295,000 | 2014 | Serial | 3% | 106.137
|
| $305,000 | 2015 | Serial | 3% | 106.597
|
| $10 million | 2016 | Serial | 3% | 106.404
|
| $35.435 million | 2016 | Serial | 5% | 116.182
|
| $10 million | 2017 | Serial | 4% | 111.29
|
| $37.515 million | 2017 | Serial | 5% | 117.022
|
| $35,000 | 2018 | Serial | 3% | 103.839
|
| $35,000 | 2019 | Serial | 3% | 101.807
|
| $35,000 | 2020 | Serial | 3% | 99.839
|
| $40,000 | 2021 | Serial | 3.125% | 99.267
|
| $625,000 | 2022 | Serial | 4% | 105.275
|
| $14 million | 2022 | Serial | 5% | 113.788
|
| $2.895 million | 2023 | Serial | 4% | 103.882
|
| $12.455 million | 2023 | Serial | 5% | 112.328
|
| $1.02 million | 2024 | Serial | 4% | 102.681
|
| $15.07 million | 2024 | Serial | 5% | 111.069
|
|
|
| $148.92 million series 2011B
|
| Amount | Maturity | Type | Coupon | Price
|
| $325,000 | 2011 | Serial | 2% | 100.224
|
| $160,000 | 2012 | Serial | 2% | 101.793
|
| $165,000 | 2013 | Serial | 2% | 102.736
|
| $165,000 | 2014 | Serial | 3% | 106.137
|
| $170,000 | 2015 | Serial | 3% | 106.597
|
| $175,000 | 2016 | Serial | 3% | 106.404
|
| $4 million | 2017 | Serial | 3% | 105.558
|
| $15.68 million | 2017 | Serial | 5% | 117.022
|
| $950,000 | 2018 | Serial | 4% | 110.35
|
| $66.155 million | 2018 | Serial | 5% | 116.86
|
| $10 million | 2019 | Serial | 4% | 109.043
|
| $50.975 million | 2019 | Serial | 5% | 116.279
|
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