Published on 5/22/2014 in the Prospect News Municipals Daily.
New Issue: East Bay Municipal Utility, Calif., prices $371.05 million water bonds
By Sheri Kasprzak
New York, May 22 - The East Bay Municipal Utility District of California sold $371,045,000 of series 2014 water system revenue bonds, according to a pricing sheet.
The bonds (Aa1/AAA/AA+) were sold on a negotiated basis. Wells Fargo Securities LLC was the lead manager for the 2014A bonds, and J.P. Morgan Securities LLC was the senior manager for the 2014B bonds.
The 2014A bonds are due 2027 to 2035 with 3.5% to 5% coupons and 2.53% to 3.5% yields.
The 2014B bonds are due 2015 to 2030 with coupons from 2% to 5% with yields from 0.13% to 3%.
Proceeds will be used to refund the district's series 2005A bonds for debt service savings.
| Issuer: | East Bay Municipal Utility District
|
| Issue: | Series 2014 water system revenue bonds
|
| Amount: | $371,045,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead for 2014A), J.P. Morgan Securities LLC (lead for 2014B)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | May 22
|
| Settlement date: | June 11
|
|
|
| $128,315,000 series 2014A water system refunding revenue bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11,655,000 | 2027 | Serial | 5% | 121.648 | 2.53%
|
| $12,235,000 | 2028 | Serial | 5% | 120.767 | 2.62%
|
| $1.47 million | 2029 | Serial | 3% | 99.402 | 3.05%
|
| $11.38 million | 2029 | Serial | 5% | 119.796 | 2.72%
|
| $13.46 million | 2030 | Serial | 5% | 119.026 | 2.80%
|
| $14.14 million | 2031 | Serial | 5% | 118.261 | 2.88%
|
| $14,845,000 | 2032 | Serial | 5% | 117.598 | 2.95%
|
| $15,585,000 | 2033 | Serial | 5% | 117.032 | 3.01%
|
| $16,365,000 | 2034 | Serial | 5% | 116.47 | 3.07%
|
| $775,000 | 2035 | Serial | 3.5% | 100 | 3.50%
|
| $16,405,000 | 2035 | Serial | 5% | 116.004 | 3.12%
|
|
|
| $242.73 million series 2014B water system refunding revenue bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $630,000 | 2015 | Serial | 2% | 101.816 | 0.13%
|
| $880,000 | 2016 | Serial | 3% | 105.325 | 0.29%
|
| $120,000 | 2017 | Serial | 2% | 104.208 | 0.57%
|
| $7.65 million | 2017 | Serial | 4% | 110.094 | 0.57%
|
| $2 million | 2018 | Serial | 2% | 104.482 | 0.85%
|
| $6.04 million | 2018 | Serial | 4% | 112.277 | 0.85%
|
| $2 million | 2019 | Serial | 2% | 104.145 | 1.14%
|
| $6,425,000 | 2019 | Serial | 5% | 118.607 | 1.14%
|
| $8.72 million | 2020 | Serial | 5% | 120.492 | 1.41%
|
| $1,575,000 | 2021 | Serial | 2% | 102.096 | 1.68%
|
| $7,505,000 | 2021 | Serial | 5% | 121.756 | 1.68%
|
| $1,775,000 | 2022 | Serial | 3% | 107.87 | 1.93%
|
| $20,585,000 | 2022 | Serial | 5% | 122.583 | 1.93%
|
| $375,000 | 2023 | Serial | 3% | 107.239 | 2.11%
|
| $22,785,000 | 2023 | Serial | 5% | 123.509 | 2.11%
|
| $250,000 | 2024 | Serial | 3% | 106.757 | 2.24%
|
| $45.38 million | 2024 | Serial | 5% | 124.542 | 2.24%
|
| $50,185,000 | 2025 | Serial | 5% | 124.949 | 2.40%
|
| $400,000 | 2026 | Serial | 3% | 104.617 | 2.55%
|
| $19,775,000 | 2026 | Serial | 5% | 125.139 | 2.55%
|
| $8,835,000 | 2027 | Serial | 5% | 125.154 | 2.69%
|
| $9,215,000 | 2028 | Serial | 5% | 124.505 | 2.86%
|
| $9.62 million | 2029 | Serial | 5% | 123.979 | 3.00%
|
| $10,005,000 | 2030 | Serial | 5% | 119.026 | 2.80%
|
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