Published on 3/6/2014 in the Prospect News Municipals Daily.
New Issue: San Francisco Redevelopment Successor Agency sells $56.25 million TABs
By Sheri Kasprzak
New York, March 6 - The Successor Agency to the Redevelopment Agency of the City and County of San Francisco sold $56,245,000 of series 2014A tax allocation bonds, according to an official statement.
The bonds (/BBB+/) were sold through De La Rosa & Co. Inc. and Backstrom McCarley Berry & Co. LLC.
The bonds are due 2015 to 2034 with a term bond due in 2043. The serial coupons range from 4% to 5% with yields from 0.62% to 4.74%. The 2043 bonds have a 5% coupon to yield 4.95%.
Proceeds will be used to reimburse FOCIL-MB LLC, the primary contractor for the Mission Bay South project, a residential and commercial complex bordered by the San Francisco Bay and Interstate 280 freeway, for construction costs.
| Issuer: | Successor Agency to the Redevelopment Agency of the City and County of San Francisco
|
| Issue: | Series 2014A tax allocation bonds
|
| Amount: | $56,245,000
|
| Type: | Negotiated
|
| Underwriters: | De La Rosa & Co. Inc. and Backstrom McCarley Berry & Co. LLC (lead)
|
| Rating: | Standard & Poor's: BBB+
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 11
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $695,000 | 2015 | Serial | 4% | 0.62%
|
| $720,000 | 2016 | Serial | 5% | 0.87%
|
| $755,000 | 2017 | Serial | 5% | 1.22%
|
| $795,000 | 2018 | Serial | 5% | 1.63%
|
| $835,000 | 2019 | Serial | 5% | 2.02%
|
| $880,000 | 2020 | Serial | 5% | 2.53%
|
| $920,000 | 2021 | Serial | 5% | 2.95%
|
| $965,000 | 2022 | Serial | 5% | 3.27%
|
| $1.01 million | 2023 | Serial | 5% | 3.53%
|
| $1,065,000 | 2024 | Serial | 5% | 3.71%
|
| $1.12 million | 2025 | Serial | 5% | 3.88%
|
| $1,175,000 | 2026 | Serial | 5% | 4.05%
|
| $1.23 million | 2027 | Serial | 5% | 4.16%
|
| $1,295,000 | 2028 | Serial | 5% | 4.24%
|
| $1.36 million | 2029 | Serial | 5% | 4.35%
|
| $1.43 million | 2030 | Serial | 5% | 4.45%
|
| $1.5 million | 2031 | Serial | 5% | 4.54%
|
| $1.57 million | 2032 | Serial | 5% | 4.62%
|
| $1,655,000 | 2033 | Serial | 5% | 4.69%
|
| $1,735,000 | 2034 | Serial | 5% | 4.74%
|
| $33,535,000 | 2043 | Term | 5% | 4.95%
|
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