Published on 5/23/2016 in the Prospect News Municipals Daily.
New Issue: Cape Fear Public Utility, N.C., prices $155.77 million refunding bonds
By Sheri Kasprzak
New York, May 23 – The Cape Fear Public Utility Authority of North Carolina sold $155.77 million of series 2016 water and sewer system refunding revenue bonds, according to a pricing sheet.
The bonds (Aa1/AA+/) were sold through senior manager J.P. Morgan Securities LLC.
The bonds are due 2016 to 2034 with 1.75% to 5% coupons and yields from 0.50% to 2.65%.
Proceeds will be used to refund the authority’s series 2008 bonds and prepay its series 2006A certificates.
| Issuer: | Cape Fear Public Utility Authority
|
| Issue: | Series 2016 water and sewer system refunding revenue bonds
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| Amount: | $155.77 million
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC (lead), Baird & Co. Inc., Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers)
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| Ratings: | Moody’s: Aa1
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| S&P: AA+
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| Pricing date: | May 13
|
| Settlement date: | June 8
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8.17 million | 2016 | Serial | 2% | 100.22 | 0.50%
|
| $6.01 million | 2017 | Serial | 5% | 105.029 | 0.594%
|
| $6,315,000 | 2018 | Serial | 5% | 109.169 | 0.69%
|
| $6,645,000 | 2019 | Serial | 5% | 112.993 | 0.81%
|
| $6,995,000 | 2020 | Serial | 5% | 116.563 | 0.92%
|
| $7,345,000 | 2021 | Serial | 5% | 119.851 | 1.03%
|
| $7,715,000 | 2022 | Serial | 5% | 122.784 | 1.15%
|
| $8,115,000 | 2023 | Serial | 5% | 125.251 | 1.29%
|
| $2 million | 2024 | Serial | 1.75% | 102.685 | 1.40%
|
| $5.08 million | 2024 | Serial | 5% | 127.626 | 1.40%
|
| $7.41 million | 2025 | Serial | 5% | 129.512 | 1.53%
|
| $7.75 million | 2026 | Serial | 4% | 121.663 | 1.67%
|
| $8,105,000 | 2027 | Serial | 5% | 129.662 | 1.79%
|
| $8,525,000 | 2028 | Serial | 5% | 128.911 | 1.86%
|
| $8.96 million | 2029 | Serial | 5% | 128.165 | 1.93%
|
| $9.37 million | 2030 | Serial | 4% | 116.584 | 2.17%
|
| $9.73 million | 2031 | Serial | 3.5% | 109.569 | 2.43%
|
| $10.1 million | 2032 | Serial | 4% | 114.914 | 2.34%
|
| $10,515,000 | 2033 | Serial | 4% | 114.428 | 2.39%
|
| $10,915,000 | 2034 | Serial | 3.5% | 107.517 | 2.65%
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