By Sheri Kasprzak
New York, July 20 - The City of Los Angeles priced $117 million of series 2011A general obligation bonds competitively with J.P. Morgan Securities LLC winning the bid on Tuesday, said Natalie Brill, the city's chief of debt management.
The bonds (Aa3/AA-/AA-), as previously reported, are due 2012 to 2031 with 1.5% to 5% coupons. The true interest cost came in at 3.5%, Brill said.
Proceeds will be used to fund storm water pollution abatement projects.
| Issuer: | City of Los Angeles
|
| Issue: | Series 2011A general obligation bonds
|
| Amount: | $117 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| True interest cost: | 3.5%
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | July 19
|
| Settlement date: | July 28
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.85 million | 2012 | Serial | 1.5% | 101.383
|
| $5.85 million | 2013 | Serial | 2.5% | 104.262
|
| $5.85 million | 2014 | Serial | 2.5% | 105.337
|
| $5.85 million | 2015 | Serial | 3% | 107.998
|
| $5.85 million | 2016 | Serial | 4% | 113.048
|
| $5.85 million | 2017 | Serial | 4% | 113.069
|
| $5.85 million | 2018 | Serial | 4% | 112.737
|
| $5.85 million | 2019 | Serial | 4% | 110.925
|
| $5.85 million | 2020 | Serial | 4.5% | 113.645
|
| $5.85 million | 2021 | Serial | 5% | 117.777
|
| $5.85 million | 2022 | Serial | 5% | 117.1
|
| $5.85 million | 2023 | Serial | 5% | 116.399
|
| $5.85 million | 2024 | Serial | 5% | 115.642
|
| $5.85 million | 2025 | Serial | 5% | 115.004
|
| $5.85 million | 2026 | Serial | 5% | 114.054
|
| $5.85 million | 2027 | Serial | 5% | 113.566
|
| $5.85 million | 2028 | Serial | 5% | 112.956
|
| $5.85 million | 2029 | Serial | 5% | 112.234
|
| $5.85 million | 2030 | Serial | 5% | 111.409
|
| $5.85 million | 2031 | Serial | 5% | 110.348
|
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