Published on 1/30/2015 in the Prospect News Municipals Daily.
New Issue: East Bay Municipal Utility, Calif., sells $429.4 million revenue bonds
By Sheri Kasprzak
New York, Jan. 30 – The East Bay Municipal Utility District of California sold $429.36 million of series 2015A water system revenue refunding bonds, according to a pricing sheet.
The bonds (Aa1/AAA/AA+) were sold through senior managers J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
The bonds are due 2023 to 2037 with 4% to 5% coupons and 1.55% to 2.57% yields.
Proceeds will be used to refund outstanding district debt.
| Issuer: | East Bay Municipal Utility District
|
| Issue: | Series 2015A water system revenue refunding bonds
|
| Amount: | $429.36 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, RBC Capital Markets LLC and U.S. Bancorp Investments Inc. (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AAA
|
| Fitch: AA+
|
| Pricing date: | Jan. 30
|
| Settlement date: | March 3
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,995,000 | 2023 | Serial | 4% | 118.891 | 1.55%
|
| $10.52 million | 2023 | Serial | 5% | 126.602 | 1.55%
|
| $7,885,000 | 2024 | Serial | 4% | 119.596 | 1.70%
|
| $11,505,000 | 2024 | Serial | 5% | 128.117 | 1.70%
|
| $7,285,000 | 2025 | Serial | 4% | 120.081 | 1.84%
|
| $10,425,000 | 2025 | Serial | 5% | 129.378 | 1.84%
|
| $26,375,000 | 2026 | Serial | 5% | 127.874 | 1.98%
|
| $18,555,000 | 2026 | Serial | 5% | 129.721 | 2.03%
|
| $39.4 million | 2027 | Serial | 5% | 126.602 | 2.10%
|
| $32,325,000 | 2028 | Serial | 5% | 125.657 | 2.19%
|
| $33,935,000 | 2029 | Serial | 5% | 124.928 | 2.26%
|
| $25,635,000 | 2030 | Serial | 5% | 124.411 | 2.31%
|
| $26,235,000 | 2031 | Serial | 5% | 123.896 | 2.36%
|
| $27.55 million | 2032 | Serial | 5% | 123.383 | 2.41%
|
| $27.81 million | 2033 | Serial | 4% | 110.619 | 2.80%
|
| $28,925,000 | 2034 | Serial | 4% | 110.244 | 2.84%
|
| $30,085,000 | 2035 | Serial | 5% | 122.265 | 2.52%
|
| $27,765,000 | 2036 | Serial | 5% | 121.962 | 2.55%
|
| $29.15 million | 2037 | Serial | 5% | 121.76 | 2.57%
|
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