Published on 7/29/2013 in the Prospect News Municipals Daily.
New Issue: Lee Lake Public Financing, Calif., offers $69.74 million revenue bonds
By Sheri Kasprzak
New York, July 29 - The Lee Lake Public Financing Authority of California sold $69.74 million of series 2013 revenue bonds, according to a pricing sheet.
The bonds (/BBB/) were sold through Piper Jaffray & Co.
The deal included $51,695,000 of series 2013A senior lien bonds and $18,045,000 of series 2013B junior lien bonds.
The 2013A bonds are due 2014 to 2029 with term bonds due in 2032 and 2035. The serial coupons range from 3% to 5.25% with 0.82% to 5.09% yields. The 2032 bonds have a 5% coupon priced at 98.186 to yield 5.15%, and the 2035 bonds have a 5.125% coupon priced at 98.372 to yield 5.25%.
The 2013B bonds are due 2014 to 2029 with term bonds due in 2025, 2027, 2032 and 2035. The serial coupons range from 2% to 5.25% with 1.25% to 5.4% yields. The 2025 bonds have a 5% coupon priced at 100.388 to yield 4.95%, and the 2027 bonds have a 5% coupon priced at 97.722 to yield 5.23%. The 2032 bonds have a 5.25% coupon priced at 97.640 to yield 5.45%. The 2035 bonds have a 5.375% coupon priced at 97.782 to yield 5.55%.
Proceeds will be used to refund existing special tax bonds and fund a reserve account.
| Issuer: | Lee Lake Public Financing Authority
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $69.74 million
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray & Co. (lead)
|
| Rating: | Standard & Poor's: BBB
|
| Pricing date: | July 18
|
| Settlement date: | July 30
|
|
|
| $51,695,000 series 2013A senior lien bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,165,000 | 2014 | Serial | 3% | 102.351 | 0.82%
|
| $1.44 million | 2015 | Serial | 4% | 105.030 | 1.54%
|
| $1.53 million | 2016 | Serial | 4% | 105.862 | 2.03%
|
| $1.62 million | 2017 | Serial | 4% | 105.380 | 2.49%
|
| $1,715,000 | 2018 | Serial | 4% | 105.164 | 2.9%
|
| $1,805,000 | 2019 | Serial | 5% | 109.879 | 3.2%
|
| $1.89 million | 2020 | Serial | 5% | 109.338 | 3.5%
|
| $1,985,000 | 2021 | Serial | 5% | 108.283 | 3.8%
|
| $2.09 million | 2022 | Serial | 5% | 107.001 | 4.07%
|
| $2.19 million | 2023 | Serial | 5% | 106.096 | 4.25%
|
| $2,295,000 | 2024 | Serial | 5.25% | 106.859 | 4.4%
|
| $2.41 million | 2025 | Serial | 5.25% | 105.607 | 4.55%
|
| $2 million | 2026 | Serial | 5.25% | 104.373 | 4.7%
|
| $540,000 | 2026 | Serial | 4.5% | 97.580 | 4.75%
|
| $2 million | 2027 | Serial | 5.25% | 103.156 | 4.85%
|
| $670,000 | 2027 | Serial | 4.75% | 97.984 | 4.95%
|
| $2,805,000 | 2028 | Serial | 5% | 99.472 | 5.05%
|
| $2,945,000 | 2029 | Serial | 5% | 99.015 | 5.09%
|
| $9.75 million | 2032 | Term | 5% | 98.186 | 5.15%
|
| $8.85 million | 2035 | Term | 5.125% | 98.372 | 5.25%
|
|
|
| $18,045,000 series 2013B junior lien bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $415,000 | 2014 | Serial | 2% | 100.806 | 1.25%
|
| $515,000 | 2015 | Serial | 2% | 100 | 2%
|
| $530,000 | 2016 | Serial | 3% | 101.058 | 2.64%
|
| $555,000 | 2017 | Serial | 3% | 99.237 | 3.2%
|
| $580,000 | 2018 | Serial | 3.25% | 98.613 | 3.55%
|
| $610,000 | 2019 | Serial | 3.5% | 98.114 | 3.85%
|
| $635,000 | 2020 | Serial | 5% | 105.043 | 4.17%
|
| $665,000 | 2021 | Serial | 4.125% | 97.876 | 4.44%
|
| $700,000 | 2022 | Serial | 4.25% | 97.711 | 4.56%
|
| $735,000 | 2023 | Serial | 4.5% | 98.404 | 4.7%
|
| $1 million | 2028 | Serial | 5.125% | 97.685 | 5.35%
|
| $1,035,000 | 2029 | Serial | 5.25% | 98.396 | 5.4%
|
| $1.61 million | 2025 | Term | 5% | 100.388 | 4.95%
|
| $1,795,000 | 2027 | Term | 5% | 97.722 | 5.23%
|
| $3,475,000 | 2032 | Term | 5.25% | 97.640 | 5.45%
|
| $3.19 million | 2035 | Term | 5.375% | 97.782 | 5.55%
|
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