Published on 5/1/2012 in the Prospect News Municipals Daily.
New Issue: Los Angeles brings $260.38 million of wastewater system refunding bonds
By Sheri Kasprzak
New York, May 1 - The City of Los Angeles brought $260,375,000 of series 2012 wastewater system revenue refunding bonds, according to a pricing sheet. The deal was downsized from $300 million.
The bonds (Aa3/AA/AA) were priced through lead managers J.P. Morgan Securities LLC, Jefferies & Co. and Loop Capital Markets LLC.
The bonds are due 2014 to 2032 with 2% to 5% coupons.
Proceeds will be used to refund existing bonds for a debt service savings.
| Issuer: | Los Angeles
|
| Issue: | Series 2012 wastewater system revenue refunding bonds
|
| Amount: | $260,375,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC, Jefferies & Co. and Loop Capital Markets LLC (lead)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | May 1
|
| Settlement date: | May 30
|
|
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,385,000 | 2014 | Serial | 2% | 103.147
|
| $1,435,000 | 2015 | Serial | 3% | 107.038
|
| $1.5 million | 2016 | Serial | 5% | 116.383
|
| $1,595,000 | 2017 | Serial | 3% | 109.325
|
| $1,675,000 | 2018 | Serial | 4% | 115.48
|
| $2.74 million | 2019 | Serial | 5% | 122.587
|
| $3 million | 2020 | Serial | 3% | 108.595
|
| $5.69 million | 2020 | Serial | 5% | 123.415
|
| $5 million | 2022 | Serial | 4% | 115.113
|
| $9.54 million | 2022 | Serial | 5% | 124.003
|
| $5 million | 2023 | Serial | 4% | 114.661
|
| $62.58 million | 2023 | Serial | 5% | 124.244
|
| $7 million | 2024 | Serial | 4% | 111.236
|
| $14.69 million | 2024 | Serial | 5% | 120.921
|
| $3.14 million | 2028 | Serial | 3.25% | 97.556
|
| $21,755,000 | 2028 | Serial | 5% | 116.514
|
| $2.1 million | 2029 | Serial | 3.375% | 98.03
|
| $24.04 million | 2029 | Serial | 5% | 115.767
|
| $27,445,000 | 2030 | Serial | 5% | 115.211
|
| $28,815,000 | 2031 | Serial | 5% | 114.658
|
| $30.25 million | 2032 | Serial | 5% | 114.291
|
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