Published on 6/10/2015 in the Prospect News Municipals Daily.
New Issue: Los Angeles prices $231.35 million of wastewater revenue bonds
By Sheri Kasprzak
New York, June 10 – The City of Los Angeles sold $231,345,000 of series 2015 wastewater revenue bonds, said a pricing sheet.
The deal included $100,835,000 of series 2015C green bonds (/AA+/AA+), $108.86 million of series 2015D refunding bonds (/AA+/AA+) and $21.65 million of series 2015A subordinate bonds (/AA/AA).
The 2015C bonds are due 2028 to 2035 with a term bond due in 2045. The serial bonds have 5% coupons and yields from 2.96% to 3.38%. The 2045 bonds have a 5% coupon priced at 111.765 to yield 3.58%.
The 2015D bonds are due 2016 to 2034 with coupons from 2% to 5% and yields from 0.3% to 3.34%.
The 2015A bonds are due 2022 and 2024. The 2022 bonds have a 5% coupon priced at 118.584 to yield 2.1%. The 2024 bonds have a 5% coupon priced at 120.317 to yield 2.45%.
Proceeds will be used to refund the city’s series 2009A and 2010A wastewater revenue bonds, defease its series 2002A bonds and refund outstanding commercial paper notes.
| Issuer: | City of Los Angeles
|
| Issue: | Series 2015 wastewater revenue bonds
|
| Amount: | $231,345,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Jefferies & Co. (lead), J.P. Morgan Securities LLC and Loop Capital Markets LLC (co-managers)
|
| Pricing date: | June 10
|
| Settlement date: | June 30
|
|
|
| $100,835,000 series 2015C green bonds (/AA+/AA+)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,965,000 | 2028 | Serial | 5% | 117.422 | 2.96%
|
| $4.16 million | 2029 | Serial | 5% | 116.673 | 3.04%
|
| $4.37 million | 2030 | Serial | 5% | 115.93 | 3.12%
|
| $4.59 million | 2031 | Serial | 5% | 115.101 | 3.21%
|
| $4,815,000 | 2032 | Serial | 5% | 114.643 | 3.26%
|
| $5.06 million | 2033 | Serial | 5% | 114.279 | 3.3%
|
| $5.31 million | 2034 | Serial | 5% | 113.915 | 3.34%
|
| $5,575,000 | 2035 | Serial | 5% | 113.554 | 3.38%
|
| $62.99 million | 2045 | Term | 5% | 111.765 | 3.58%
|
|
|
| $108.86 million series 2015D refunding bonds (/AA+/AA+)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $595,000 | 2016 | Serial | 2% | 101.559 | 0.3%
|
| $12.15 million | 2020 | Serial | 5% | 116.021 | 1.6%
|
| $15,835,000 | 2021 | Serial | 5% | 117.521 | 1.86%
|
| $8.56 million | 2023 | Serial | 5% | 120.246 | 2.2%
|
| $16,305,000 | 2025 | Serial | 5% | 121.448 | 2.54%
|
| $5,555,000 | 2026 | Serial | 5% | 119.895 | 2.7%
|
| $5.78 million | 2027 | Serial | 5% | 118.556 | 2.84%
|
| $6.13 million | 2028 | Serial | 5% | 117.422 | 2.96%
|
| $595,000 | 2029 | Serial | 5% | 116.673 | 3.04%
|
| $6.76 million | 2030 | Serial | 5% | 115.93 | 3.12%
|
| $7,095,000 | 2031 | Serial | 5% | 115.101 | 3.21%
|
| $7,455,000 | 2032 | Serial | 5% | 114.643 | 3.26%
|
| $7,825,000 | 2033 | Serial | 5% | 114.279 | 3.3%
|
| $8.22 million | 2034 | Serial | 5% | 113.915 | 3.34%
|
|
|
| $21.65 million series 2015A subordinate bonds (/AA/AA)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $13,045,000 | 2022 | Term | 5% | 118.584 | 2.1%
|
| $8,605,000 | 2024 | Term | 5% | 120.317 | 2.45%
|
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