By Sheri Kasprzak
New York, Feb. 5 - Glendale, Calif., priced $110 million in two bonds on Tuesday, including $60 million electric revenue bonds, series 2008, and $50 million water revenue bonds, series 2008.
The water revenue bonds (Aa3/A-/A) priced with coupons from 2.95% to 5% with yields from 2.65% to 4.57%, a source close to the offering told Prospect News Tuesday. The bonds came with a true interest cost of 4.4904%, and Piper Jaffray won the competitive bid. The bonds priced in a serial structure from 2013 to 2038.
The electric revenue bonds (Aa3/A+/A+) priced at coupons from 4% to 5% to yield 3.4% to 4.7%. The bonds have a true interest cost of 4.634% with Morgan Stanley winning the competitive bid. The bonds priced in a serial structure from 2018 to 2038.
Proceeds will be used for improvements to the city's water system and improvements to the city's electric system.
Electric bonds
| Issuer: | Glendale, Calif.
|
| Issue: | Electric revenue bonds
|
| Amount: | $60 million
|
| Type: | Competitive
|
| Coupons: | 4% to 5%
|
| Yields: | 3.4% to 4.7%
|
| True interest cost: | 4.634%
|
| Maturities: | 2018 to 2038
|
| Underwriter: | Morgan Stanley
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | Feb. 5
|
|
|
| Water bonds
|
| Issuer: | Glendale, Calif.
|
| Issue: | Water revenue bonds
|
| Amount: | $50 million
|
| Type: | Competitive
|
| Coupons: | 2.95% to 5%
|
| Yields: | 2.65% to 4.57%
|
| True interest cost: | 4.4904%
|
| Maturities: | 2013 to 2038
|
| Underwriter: | Piper Jaffray
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Pricing date: | Feb. 5
|
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