Published on 6/5/2013 in the Prospect News Municipals Daily.
New Issue: Los Angeles prices $293.86 million wastewater system revenue bonds
By Sheri Kasprzak
New York, June 5 - The City of Los Angeles sold $293.86 million of series 2013 wastewater system revenue bonds, according to a pricing sheet.
The deal included $149.98 million of series 2013A bonds and $143.88 million of series 2013B refunding bonds.
The 2013A bonds are due June 1, 2043 and have a 5% coupon priced at 110.389 to yield 3.74%.
The 2013B bonds are due 2014 to 2024 and 2030 to 2032 with a term bond due in 2035. The serial coupons range from 2% to 5% and yields from 0.18% to 3.35%. The 2035 bonds have a 5% coupon priced at 112.513 to yield 3.5%.
The bonds (Aa2/AA+/AA+) were sold through Siebert Brandford Shank & Co. LLC and J.P. Morgan Securities LLC.
Proceeds will be used to finance the construction and improvement of the city's wastewater system, as well as to refund outstanding commercial paper.
| Issuer: | City of Los Angeles
|
| Issue: | Series 2013 wastewater system revenue bonds
|
| Amount: | $293.86 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC and J.P. Morgan Securities LLC (lead), BofA Merrill Lynch, Cabrera Capital Markets LLC and Jefferies & Co. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | June 5
|
| Settlement date: | June 18
|
|
|
| $149.98 million series 2013A bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| June 1, 2043 | Term | 5% | 110.389 | 3.74%
|
|
|
| $143.88 million series 2013B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $9,065,000 | 2014 | Serial | 2% | 101.731 | 0.18%
|
| $11,135,000 | 2015 | Serial | 3% | 105.253 | 0.30%
|
| $10.57 million | 2016 | Serial | 4% | 109.997 | 0.58%
|
| $2,045,000 | 2017 | Serial | 4% | 112.343 | 0.82%
|
| $2.05 million | 2018 | Serial | 4% | 113.837 | 1.12%
|
| $475,000 | 2019 | Serial | 4% | 114.492 | 1.45%
|
| $14.54 million | 2021 | Serial | 5% | 121.791 | 2.02%
|
| $3,675,000 | 2022 | Serial | 4% | 114.204 | 2.24%
|
| $38.53 million | 2022 | Serial | 5% | 122.276 | 2.24%
|
| $2.09 million | 2023 | Serial | 5% | 122.498 | 2.44%
|
| $9,395,000 | 2024 | Serial | 5% | 115.514 | 3.17%
|
| $9,895,000 | 2030 | Serial | 5% | 114.961 | 3.23%
|
| $10.42 million | 2031 | Serial | 5% | 114.411 | 3.29%
|
| $10.88 million | 2032 | Serial | 5% | 113.865 | 3.35%
|
| $9,115,000 | 2035 | Term | 5% | 112.513 | 3.50%
|
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