Published on 3/24/2016 in the Prospect News Municipals Daily.
New Issue: Winston-Salem, N.C., sells $135.47 million water, sewer revenue bonds
By Sheri Kasprzak
New York, March 24 – The City of Winston-Salem, N.C., priced $135.47 million of series 2016 water and sewer system revenue refunding bonds, according to a pricing sheet.
The deal included $124.14 million of series 2016A bonds and $11.33 million of series 2016B taxable bonds.
The 2016A bonds are due 2018 to 2039 with 3% to 5% coupons with 0.72% to 3.21% yields.
The 2016B bonds are due 2016 to 2019 with 0.63% to 1.35% coupons all priced at par.
The bonds (Aa1/AAA/AA+) were sold through senior managers Baird & Co. and J.P. Morgan Securities LLC.
Proceeds will be used to refund the city’s series 2007A, 2009 and 2010A water and sewer revenue bonds.
| Issuer: | City of Winston-Salem, N.C.
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| Issue: | Series 2016 water and sewer system revenue refunding bonds
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| Amount: | $135.47 million
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| Type: | Negotiated
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| Underwriters: | Baird & Co. and J.P. Morgan Securities LLC (lead), Raymond James/Morgan Keegan and Rice Financial Products Co. (co-managers)
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| Ratings: | Moody’s: Aa1
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| Standard & Poor’s: AAA
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| Fitch: AA+
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| Pricing date: | March 17
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| Settlement date: | April 13
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| $124.14 million series 2016A refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $870,000 | 2018 | Serial | 3% | 104.817 | 0.72%
|
| $895,000 | 2019 | Serial | 3% | 106.505 | 0.89%
|
| $3.73 million | 2020 | Serial | 5% | 115.891 | 1.06%
|
| $6,945,000 | 2021 | Serial | 5% | 118.642 | 1.24%
|
| $600,000 | 2022 | Serial | 4% | 115.228 | 1.40%
|
| $6,595,000 | 2022 | Serial | 5% | 121.086 | 1.40%
|
| $7.55 million | 2023 | Serial | 5% | 122.983 | 1.58%
|
| $4,535,000 | 2024 | Serial | 5% | 124.536 | 1.75%
|
| $4.76 million | 2025 | Serial | 5% | 125.973 | 1.89%
|
| $5,005,000 | 2026 | Serial | 5% | 127.286 | 2.01%
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| $3.25 million | 2027 | Serial | 3% | 107.041 | 2.22%
|
| $2 million | 2027 | Serial | 4% | 116.762 | 2.15%
|
| $5,425,000 | 2028 | Serial | 3% | 106.293 | 2.30%
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| $5.59 million | 2029 | Serial | 5% | 124.997 | 2.23%
|
| $5,865,000 | 2030 | Serial | 4% | 112.874 | 2.55%
|
| $6,105,000 | 2031 | Serial | 4% | 111.831 | 2.66%
|
| $6.35 million | 2032 | Serial | 4% | 110.8 | 2.77%
|
| $6.6 million | 2033 | Serial | 4% | 110.149 | 2.84%
|
| $6.86 million | 2034 | Serial | 4% | 109.411 | 2.92%
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| $7.14 million | 2035 | Serial | 4% | 109.044 | 2.96%
|
| $7.42 million | 2036 | Serial | 4% | 108.679 | 3.00%
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| $7.72 million | 2037 | Serial | 4% | 108.315 | 3.04%
|
| $6.04 million | 2038 | Serial | 4% | 107.953 | 3.08%
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| $6.29 million | 2039 | Serial | 3.125% | 98.617 | 3.21%
|
|
|
| $11.33 million series 2016B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $30,000 | 2016 | Serial | 0.63% | 100 | 0.63%
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| $205,000 | 2017 | Serial | 0.95% | 100 | 0.95%
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| $3,855,000 | 2018 | Serial | 1.15% | 100 | 1.15%
|
| $7.24 million | 2019 | Serial | 1.35% | 100 | 1.35%
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