By Sheri Kasprzak
New York, March 16 - The Virgin Islands Water and Power Authority sold $78.18 million in series 2010 electric system revenue bonds on Tuesday, according to a term sheet.
The sale included $39.985 million in series 2010A tax-exempt refunding bonds, $9.185 million in series 2010B tax-exempt revenue bonds and $29.01 million in series 2010C Build America Bonds.
The 2010A bonds are due 2011 to 2018 with 4% 5% coupons, and the 2010B bonds are due 2022 with a 5% coupon. The pricing data for the 2010C bonds was not immediately available.
Rice Financial Products Co. and Citigroup Global Markets Inc. were the senior managers.
The bonds (Baa2/BBB-/BBB) will be used to refund the authority's series 1998 bonds and fund capital expenditures previously funded by draws on a temporary line of credit.
Based in Christiansted, St. Croix, the Virgin Islands Water and Power Authority is a water and power utility.
| Issuer: | Virgin Islands Water and Power Authority
|
| Issue: | Series 2010 electric system revenue bonds
|
| Amount: | $78.18 million
|
| Type: | Negotiated
|
| Underwriters: | Rice Financial Products Co. and Citigroup Global Markets Inc. (lead)
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
| Pricing date: | March 16
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon
|
| 2011 | Serial | 4%
|
| 2012 | Serial | 4%
|
| 2013 | Serial | 4%
|
| 2014 | Serial | 4%
|
| 2015 | Serial | 4.75%
|
| 2016 | Serial | 4.75%
|
| 2017 | Serial | 4.75%
|
| 2018 | Serial | 5%
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon
|
| 2022 | Term | 5%
|
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