New Issue: Los Angeles Harbor Department offers up $337.28 million revenue bonds

By Sheri Kasprzak

New York, Sept. 4 – The Los Angeles Harbor Department priced $337,275,000 of series 2014 revenue bonds, according to a pricing sheet.

The offering included $203.28 million series 2014A AMT revenue and refunding bonds, $89,105,000 of series 2014B non-AMT refunding revenue bonds and $44.89 million of series 2014C non-AMT revenue bonds.

The 2014A bonds are due 2015 to 2036 with a term bond due in 2044. The serial coupons range from 2% to 5% with 0.16% to 3.52% yields. The 2044 bonds have a 5% coupon priced at 111.362 to yield 3.62%.

The 2014B bonds are due 2015 to 2036 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5% with 0.16% to 3.61% yields. The 2039 bonds have a 5% coupon priced at 114.579 to yield 3.26% and the 2044 bonds have a 5% coupon priced at 114.398 to yield 3.28%.

The 2014C bonds are due 2015 to 2036 with term bonds due in 2039 and 2044. The serial coupons range from 2% to 5% with 0.12% to 3.21% yields. The 2039 bonds have a 5% coupon priced at 114.579 to yield 3.26% and the 2044 bonds have a 5% coupon priced at 114.398 to yield 3.28%.

The bonds (Aa2/AA/AA) were sold through Wells Fargo Securities LLC and Siebert Brandford Shank & Co. LLC.

Proceeds will be used to finance private activity projects, including capital improvements to a seaport, docks and wharf, as well as to refund the department’s series 2006D revenue bonds.

Issuer:	Los Angeles Harbor Department
Issue:	Series 2014 revenue bonds
Amount:	$337,275,000
Type:	Negotiated
Underwriters:	Wells Fargo Securities LLC and Siebert Brandford Shank & Co. LLC (lead), BofA Merrill Lynch, Cabrera Capital Markets LLC, RBC Capital Markets LLC and Stifel, Nicolaus & Co. LLC (co-managers)
Ratings:	Moody’s: Aa2
	Standard & Poor’s: AA
	Fitch: AA
Pricing date:	Sept. 4
Settlement date:	Sept. 18
$203.28 million series 2014A AMT revenue and refunding bonds
Amount	Maturity	Type	Coupon	Price	Yield
$2,275,000	2015	Serial	2%	101.597	0.16%
$3.42 million	2016	Serial	4%	106.717	0.39%
$4,595,000	2017	Serial	4%	109.327	0.71%
$4,865,000	2018	Serial	5%	115.061	1.02%
$5.16 million	2019	Serial	5%	117.144	1.35%
$5,425,000	2020	Serial	5%	118.603	1.66%
$5,705,000	2021	Serial	5%	119.234	1.99%
$6 million	2022	Serial	5%	119.57	2.27%
$6.31 million	2023	Serial	5%	120.214	2.45%
$3.15 million	2024	Serial	5%	120.77	2.60%
$3.31 million	2025	Serial	5%	119.329	2.75%
$3.48 million	2026	Serial	5%	117.814	2.91%
$7,245,000	2027	Serial	5%	116.786	3.02%
$8.16 million	2028	Serial	5%	116.229	3.08%
$5,255,000	2029	Serial	5%	115.584	3.15%
$7,945,000	2030	Serial	5%	115.035	3.21%
$7.93 million	2031	Serial	5%	114.488	3.27%
$9,965,000	2032	Serial	5%	113.945	3.33%
$10,475,000	2033	Serial	5%	113.495	3.38%
$11,015,000	2034	Serial	5%	113.046	3.43%
$11,575,000	2035	Serial	5%	112.6	3.48%
$12,175,000	2036	Serial	5%	112.245	3.52%
$57,845,000	2044	Term	5%	111.362	3.62%
$89,105,000 series 2014B non-AMT refunding revenue bonds
Amount	Maturity	Type	Coupon	Price	Yield
$1.36 million	2015	Serial	5%	104.239	0.12%
$1,425,000	2016	Serial	4%	106.969	0.26%
$1.48 million	2017	Serial	4%	109.928	0.51%
$1,545,000	2018	Serial	4%	112.371	0.75%
$1,615,000	2019	Serial	5%	118.806	1.03%
$1,695,000	2020	Serial	5%	120.591	1.34%
$1,785,000	2021	Serial	5%	122.105	1.59%
$1,875,000	2022	Serial	5%	122.968	1.85%
$1.97 million	2023	Serial	5%	123.81	2.05%
$2,075,000	2024	Serial	5%	124.716	2.20%
$2.18 million	2025	Serial	5%	123.218	2.35%
$2.29 million	2026	Serial	5%	121.645	2.51%
$2.41 million	2027	Serial	5%	120.5775	2.62%
$2.53 million	2028	Serial	5%	119.711	2.71%
$640,000	2029	Serial	3%	98.461	3.13%
$2,015,000	2029	Serial	5%	118.568	2.83%
$2,785,000	2030	Serial	5%	118.002	2.89%
$540,000	2031	Serial	3.25%	98.716	3.35%
$2,385,000	2031	Serial	5%	117.439	2.95%
$3,065,000	2032	Serial	5%	116.879	3.01%
$3,225,000	2033	Serial	5%	116.414	3.06%
$3.39 million	2034	Serial	5%	115.952	3.11%
$3,565,000	2035	Serial	5%	115.492	3.16%
$1.75 million	2036	Serial	3.5%	98.343	3.61%
$2,385,000	2036	Serial	5%	115.035	3.21%
$12,345,000	2039	Term	5%	114.579	3.26%
$25.18 million	2044	Term	5%	114.398	3.28%
$44.89 million series 2014C non-AMT revenue bonds
Amount	Maturity	Type	Coupon	Price	Yield
$760,000	2015	Serial	2%	101.633	0.12%
$780,000	2016	Serial	3%	105.106	0.26%
$805,000	2017	Serial	3%	107.083	0.51%
$835,000	2018	Serial	4%	112.371	0.75%
$870,000	2019	Serial	4%	114.069	1.03%
$900,000	2020	Serial	3%	109.338	1.34%
$925,000	2021	Serial	3%	109.14	1.59%
$955,000	2022	Serial	3%	108.384	1.85%
$990,000	2023	Serial	4%	115.738	2.05%
$1.03 million	2024	Serial	4%	115.888	2.20%
$1,075,000	2025	Serial	5%	123.218	2.35%
$1.13 million	2026	Serial	5%	121.645	2.51%
$1.19 million	2027	Serial	5%	120.577	2.62%
$1.25 million	2028	Serial	5%	119.711	2.71%
$1,315,000	2029	Serial	5%	118.568	2.83%
$1.38 million	2030	Serial	5%	118.002	2.89%
$1.45 million	2031	Serial	5%	117.439	2.95%
$1,525,000	2032	Serial	5%	116.879	3.01%
$1,605,000	2033	Serial	5%	116.414	3.06%
$1,685,000	2034	Serial	5%	115.952	3.11%
$1,775,000	2035	Serial	5%	115.492	3.16%
$1,865,000	2036	Serial	5%	115.035	3.21%
$6,185,000	2039	Term	5%	114.579	3.26%
$12.61 million	2044	Term	5%	114.398	3.28%

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