Published on 3/25/2015 in the Prospect News Municipals Daily.
New Issue: Golden State Tobacco Securitization, Calif., sells $1.69 billion bonds
By Sheri Kasprzak
New York, March 25 – The Golden State Tobacco Securitization Corp. of California priced $1,689,540,000 of series 2015A tobacco settlement asset-backed refunding bonds, according to a pricing sheet. The offering was downsized from $1,704,990,000.
The bonds (A1/A/A) were sold through joint bookrunners Barclays and Citigroup Global Markets Inc. with Jefferies & Co. as the co-senior manager.
The bonds are due 2016 to 2022, 2026 and 2031 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5%. The 2040 bonds have a 5% coupon priced at 128.291 and the 2045 bonds have a 5% coupon priced at 130.478.
Proceeds will be used to refund the corporation’s series 2005A asset-backed bonds.
| Issuer: | Golden State Tobacco Securitization Corp., Calif.
|
| Issue: | Series 2015A tobacco settlement asset-backed refunding bonds
|
| Amount: | $1,689,540,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Citigroup Global Markets Inc. (joint bookrunners); Jefferies & Co. (co-senior manager); Academy Securities Inc.; Blaylock Beal Van LLC; Drexel Hamilton LLC; First Southwest Co.; FTN Financial Inc.; Hutchinson Shockey Erley & Co.; KeyBanc Capital Markets Inc.; BofA Merrill Lynch; Mesirow Financial Inc.; Oppenheimer & Co. Inc.; Piper Jaffray & Co.; Prager & Co. LLC; Raymond James/Morgan Keegan; RH Investment Corp.; Robert W. Baird & Co. Inc.; Southwest Securities Inc.; Stern Brothers & Co.; U.S. Bancorp Investments Inc.; Wedbush Securities Inc.; Wells Fargo Securities LLC; William Blair & Co.; Williams Capital Group LP; and Wulff, Hansen & Co. (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Pricing date: | March 25
|
| Settlement date: | April 7
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $37,685,000 | 2016 | Serial | 2% | NRO
|
| $7.66 million | 2017 | Serial | 3% | 105.075
|
| $21 million | 2018 | Serial | 4% | 109.475
|
| $21.24 million | 2019 | Serial | 5% | 115.206
|
| $21.5 million | 2020 | Serial | 5% | 117.499
|
| $22,165,000 | 2021 | Serial | 5% | 119.707
|
| $1,705,000 | 2022 | Serial | 5% | 120.854
|
| $1.64 million | 2026 | Serial | 5% | 124.967
|
| $13.7 million | 2031 | Serial | 4% | 107.019
|
| $30 million | 2032 | Serial | 3.25% | 96.293
|
| $54.8 million | 2032 | Serial | 5% | 124.819
|
| $87,665,000 | 2033 | Serial | 5% | 124.947
|
| $25 million | 2034 | Serial | 3.25% | 94.918
|
| $65,865,000 | 2034 | Serial | 5% | 125.95
|
| $2.43 million | 2035 | Serial | 4% | 104.959
|
| $85.59 million | 2035 | Serial | 5% | 125.721
|
| $534,285,000 | 2040 | Term | 5% | 128.291
|
| $655.61 million 2045 | Term | 5% | 130.478
|
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