By Sheri Kasprzak
New York, Oct. 22 - The City of Winston-Salem, N.C., priced $119.7 million in series 2010 water and sewer system revenue bonds on Thursday, according to a pricing sheet.
The offering included $28.505 million in series 2010A tax-exempt bonds, $42.895 million in series 2010B taxable bonds, $37 million in series 2010C taxable bonds and $11.3 million in series 2010D revenue refunding bonds.
The bonds (Aa1) were sold through Citigroup Global Markets Inc. with BB&T Capital Markets and Loop Capital Markets LLC as the co-managers.
The 2010A bonds are due 2014 to 2023 with 2.5% to 5% coupons. The 2010B bonds are due 2030 and 2034 with 5.144% coupon priced at par and a 5.294% coupon priced at par, respectively. The 2010C bonds are due 2040 and have a 5.694% coupon priced at par. The 2010D bonds are due 2011 to 2021 with coupons from 2% to 3%.
Proceeds will be used to fund capital improvements to the city's water and sewer system, as well as to refund its series 2002A and 2005 bonds.
| Issuer: | City of Winston-Salem, N.C.
|
| Issue: | Series 2010 water and sewer system revenue bonds
|
| Amount: | $119.7 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); BB&T Capital Markets and Loop Capital Markets LLC (co-managers)
|
| Rating: | Moody's: Aa1
|
| Pricing date: | Oct. 21
|
| Settlement date: | Nov. 4
|
|
|
| $28.505 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.46 million | 2014 | Serial | 2.5% | 105.254
|
| $2.52 million | 2015 | Serial | 2.5% | 105.403
|
| $2.585 million | 2016 | Serial | 3% | 107.659
|
| $2.66 million | 2017 | Serial | 3% | 107.408
|
| $2.74 million | 2018 | Serial | 4% | 113.69
|
| $2.85 million | 2019 | Serial | 4% | 113.409
|
| $2.965 million | 2020 | Serial | 4% | 113.064
|
| $3.085 million | 2021 | Serial | 5% | 119.476
|
| $3.24 million | 2022 | Serial | 5% | 118.271
|
| $3.4 million | 2023 | Serial | 5% | 117.262
|
|
|
| $42.895 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $27.645 million | 2030 | Term | 5.144% | 100
|
| $15.25 million | 2034 | Term | 5.294% | 100
|
|
|
| $37 million series 2010C
|
| Amount | Maturity | Type | Coupon | Price
|
| $37 million | 2040 | Term | 5.694% | 100
|
|
|
| $11.3 million series 2010D
|
| Amount | Maturity | Type | Coupon | Price
|
| $260,000 | 2011 | Serial | 2% | 100.946
|
| $105,000 | 2012 | Serial | 2% | 102.302
|
| $1.035 million | 2013 | Serial | 2.5% | 104.48
|
| $1.055 million | 2014 | Serial | 2.5% | 105.254
|
| $985,000 | 2015 | Serial | 3% | 107.618
|
| $90,000 | 2016 | Serial | 3% | 107.659
|
| $830,000 | 2017 | Serial | 3% | 107.408
|
| $95,000 | 2018 | Serial | 3% | 106.705
|
| $2.82 million | 2019 | Serial | 3% | 105.658
|
| $1.985 million | 2020 | Serial | 3% | 104.58
|
| $2.04 million | 2021 | Serial | 3% | 102.685
|
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