By Sheri Kasprzak
New York, Oct. 6 - The East Bay Municipal Utility District of California priced $208.095 million in series 2010 refunding bonds on Wednesday, according to a term sheet.
The offering included $58.095 million in series 2010A refunding bonds and $150 million in series 2010B Build America Bonds.
The bonds (Aa2//AA+) were sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager.
The 2010A bonds are due 2011 to 2029 with 2% to 5% coupons. The 2010B bonds are due 2032 to 2033 with a term bond due 2040. The serial coupons range from 5.026% to 5.076%, priced at par, and the 2040 bonds have a 5.176% coupon priced at par.
Proceeds will be used to refund existing variable-rate debt and state loans, as well as to fund the district's current capital program and reimburse the enterprise for capital expenditures previously funded with cash reserves.
| Issuer: | East Bay Municipal Utility District
|
| Issue: | Series 2010 refunding bonds
|
| Amount: | $208.095 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA+
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 20
|
|
|
| $58.095 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $160,000 | 2011 | Serial | 2% | 101.041
|
| $3.08 million | 2012 | Serial | 2% | 102.473
|
| $3.15 million | 2013 | Serial | 3% | 106.026
|
| $3.24 million | 2014 | Serial | 3% | 107.302
|
| $1.905 million | 2015 | Serial | 4% | 112.338
|
| $2.265 million | 2016 | Serial | 4% | 113.122
|
| $2.39 million | 2017 | Serial | 4% | 113.125
|
| $2.51 million | 2018 | Serial | 3% | 105.794
|
| $2.615 million | 2019 | Serial | 4% | 112.216
|
| $2.68 million | 2020 | Serial | 3% | 103.123
|
| $2.75 million | 2021 | Serial | 5% | 118.427
|
| $2.885 million | 2022 | Serial | 5% | 117.231
|
| $50,000 | 2023 | Serial | 3% | 98.96
|
| $3 million | 2023 | Serial | 4% | 107.688
|
| $3.175 million | 2024 | Serial | 5% | 115.239
|
| $3.325 million | 2025 | Serial | 5% | 114.524
|
| $3.51 million | 2026 | Serial | 5% | 113.815
|
| $5.085 million | 2027 | Serial | 5% | 113.111
|
| $9.9 million | 2028 | Serial | 5% | 112.412
|
| $420,000 | 2029 | Serial | 4% | 102.977
|
|
|
| $150 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $44.435 million | 2032 | Serial | 5.026% | 100
|
| $12.675 million | 2033 | Serial | 5.076% | 100
|
| $92.89 million | 2040 | Term | 5.176% | 100
|
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