Published on 6/26/2013 in the Prospect News Municipals Daily.
New Issue: Los Angeles prices $1.32 billion of tax and revenue anticipation notes
By Sheri Kasprzak
New York, June 26 - The City of Los Angeles sold $1,324,550,000 of series 2013 tax and revenue anticipation notes, said a pricing sheet.
The deal included $265.97 million of series 2013A notes, $530,085,000 of series 2013B notes and $528,495,000 of series 2013C notes.
The 2013A notes are due Feb. 27, 2014 and have a 2% coupon priced at 101.153 to yield 0.16%, the 2013B notes are due May 1, 2014 with a 2% coupon priced at 101.472 to yield 0.17% and the 2013C notes are due June 26, 2014 with a 2% coupon priced at 101.741 to yield 0.18%.
Proceeds will be used for cash flow management and to prepay pension obligations for the city during the 2013-14 fiscal year.
| Issuer: | City of Los Angeles
|
| Issue: | Series 2013 tax and revenue anticipation notes
|
| Amount: | $1,324,550,000
|
| Type: | Negotiated
|
| Underwriters: | De La Rosa & Co. Inc. and Goldman, Sachs & Co. (lead), Ramirez & Co. Inc. (co-manager)
|
| Ratings: | Moody's: MIG 1
|
| Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | June 26
|
| Settlement date: | July 11
|
|
|
| $265.97 million series 2013A notes
|
| Maturity | Type | Coupon | Price | Yield
|
| Feb. 27, 2014 | Term | 2% | 101.153 | 0.16%
|
|
|
| $530,085,000 series 2013B notes
|
| Maturity | Type | Coupon | Price | Yield
|
| May 1, 2014 | Term | 2% | 101.472 | 0.17%
|
|
|
| $528,495,000 series 2013C notes
|
| Maturity | Type | Coupon | Price | Yield
|
| June 26, 2014 | Term | 2% | 101.741 | 0.18%
|
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