By Sheri Kasprzak
New York, March 24 - The city of Los Angeles priced $454.785 million in series 2009A wastewater system refunding revenue bonds on March 18, according to an official statement.
The bonds (Aa3/AA/AA) were sold on a negotiated basis through lead managers De La Rosa & Co. Inc. and Siebert Brandford Shank & Co. LLC. The co-managers were J.P. Morgan Securities Inc.; Goldman, Sachs & Co.; and Jackson Securities Inc.
The bonds are due 2010 to 2029 with term bonds due 2034, 2039 and 2039.
The serials have coupons from 1.6% to 5.375% and yields from 1% to 5.35%. The 2034 bonds have a 5.75% coupon to yield 5.49% and the 2039 bonds have a 5% coupon to yield 5.63%. The other 2039 bonds have a 5.375% coupon to yield 5.63%.
Proceeds will be used to repay outstanding commercial paper notes.
| Issuer: | City of Los Angeles
|
| Issue: | Series 2009A wastewater system refunding revenue bonds
|
| Amount: | $454.785 million
|
| Type: | Negotiated
|
| Underwriters: | De La Rosa & Co. Inc. and Siebert Brandford Shank & Co. LLC (lead); J.P. Morgan Securities Inc., Goldman, Sachs & Co. and Jackson Securities Inc.
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | March 18
|
| Settlement date: | March 26
|
|
|
| Maturity | Type | Coupon | Yield | Price
|
| 2010 | Serial | 3% | 1.00% | 102.340
|
| 2011 | Serial | 1.6% | 1.62% | 99.956
|
| 2011 | Serial | 4% | 1.62% | 105.077
|
| 2011 | Serial | 5% | 1.62% | 107.210
|
| 2012 | Serial | 2.125% | 2.14% | 99.952
|
| 2012 | Serial | 4% | 2.14% | 105.687
|
| 2012 | Serial | 5% | 2.14% | 108.745
|
| 2013 | Serial | 3% | 2.58% | 101.652
|
| 2013 | Serial | 4% | 2.58% | 105.590
|
| 2013 | Serial | 5% | 2.58% | 109.528
|
| 2014 | Serial | 4% | 2.99% | 104.810
|
| 2014 | Serial | 5% | 2.99% | 109.576
|
| 2015 | Serial | 4% | 3.27% | 104.051
|
| 2015 | Serial | 5% | 3.27% | 109.605
|
| 2016 | Serial | 4% | 3.50% | 103.146
|
| 2016 | Serial | 5% | 3.50% | 109.446
|
| 2017 | Serial | 4% | 3.71% | 102.025
|
| 2017 | Serial | 5% | 3.71% | 109.025
|
| 2018 | Serial | 4% | 3.90% | 100.761
|
| 2018 | Serial | 4.25% | 3.90% | 102.674
|
| 2018 | Serial | 5% | 3.90% | 108.414
|
| 2018 | Serial | 5.25% | 3.90% | 110.328
|
| 2019 | Serial | 4.25% | 4.10% | 101.233
|
| 2019 | Serial | 5.25% | 4.10% | 109.487
|
| 2020 | Serial | 4.125% | 4.35% | 98.019
|
| 2020 | Serial | 5.25% | 4.35% | 107.332
|
| 2021 | Serial | 4.375% | 4.51% | 98.739
|
| 2021 | Serial | 5.25% | 4.51% | 105.981
|
| 2023 | Serial | 4.5% | 4.78% | 97.134
|
| 2023 | Serial | 4.75% | 4.78% | 99.687
|
| 2023 | Serial | 5.25% | 4.78% | 103.746
|
| 2024 | Serial | 5.25% | 4.89% | 102.852
|
| 2024 | Serial | 5.75% | 4.89% | 106.824
|
| 2025 | Serial | 5.25% | 5.00% | 101.968
|
| 2025 | Serial | 5.75% | 5.00% | 105.918
|
| 2026 | Serial | 5.00% | 5.09% | 98.970
|
| 2026 | Serial | 5.75% | 5.09% | 105.815
|
| 2027 | Serial | 5% | 5.18% | 97.889
|
| 2027 | Serial | 5.25% | 5.18% | 100.540
|
| 2027 | Serial | 5.75% | 5.18% | 104.457
|
| 2028 | Serial | 5.375% | 5.24% | 101.046
|
| 2028 | Serial | 5.75% | 5.24% | 103.975
|
| 2029 | Serial | 5% | 5.35% | 95.704
|
| 2029 | Serial | 5.375% | 5.30% | 100.576
|
| 2034 | Term | 5.75% | 5.49% | 101.998
|
| 2039 | Term | 5% | 5.63% | 90.896
|
| 2039 | Term | 5.375% | 5.63% | 96.309
|
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