Published on 5/15/2013 in the Prospect News Municipals Daily.
New Issue: Los Angeles brings $349.5 million wastewater system refunding revenue bonds
By Sheri Kasprzak
New York, May 15 - The City of Los Angeles sold $349,505,000 of series 2013A wastewater system revenue refunding bonds, said a pricing sheet. The deal was downsized from $350 million.
The bonds (Aa3/AA/AA) were sold through BofA Merrill Lynch and Jefferies & Co.
The bonds are due 2014 to 2027 with term bonds due in 2033 and 2034. The serial coupons range from 2% to 5% and yields range from 0.19% to 2.67%. The 2033 bonds have a 5% coupon priced at 116.541 to yield 3.07%, and the 2034 bonds have a 5% coupon priced at 116.073 to yield 3.12%.
Proceeds will be used to current refund the city's series 2003 subordinate bonds and advance refund the city's series 2005A senior lien bonds.
| Issuer: | City of Los Angeles
|
| Issue: | Series 2013A wastewater system revenue refunding bonds
|
| Amount: | $349,505,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Jefferies & Co. (lead), Cabrera Capital Markets LLC, J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | May 15
|
| Settlement date: | May 23
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $12,785,000 | 2014 | Serial | 2% | 101.847 | 0.19%
|
| $5 million | 2015 | Serial | 3% | 105.356 | 0.34%
|
| $8.42 million | 2015 | Serial | 5% | 109.383 | 0.34%
|
| $12.83 million | 2016 | Serial | 5% | 113.383 | 0.53%
|
| $7,135,000 | 2017 | Serial | 4% | 112.768 | 0.77%
|
| $12,605,000 | 2018 | Serial | 5% | 119.707 | 0.97%
|
| $12.46 million | 2019 | Serial | 5% | 121.623 | 1.26%
|
| $5 million | 2020 | Serial | 3% | 109.751 | 1.53%
|
| $13,485,000 | 2020 | Serial | 5% | 123.02 | 1.53%
|
| $17,595,000 | 2021 | Serial | 5% | 124.141 | 1.76%
|
| $12,615,000 | 2024 | Serial | 5% | 124.145 | 2.29%
|
| $16,205,000 | 2025 | Serial | 5% | 122.638 | 2.44%
|
| $34,445,000 | 2026 | Serial | 5% | 121.349 | 2.57%
|
| $54,575,000 | 2027 | Serial | 5% | 120.369 | 2.67%
|
| $39,445,000 | 2033 | Term | 5% | 116.541 | 3.07%
|
| $41,415,000 | 2034 | Term | 5% | 116.073 | 3.12%
|
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