Published on 6/30/2016 in the Prospect News Municipals Daily.
New Issue: Los Angeles prints $1.4 billion TRANs in two tranches
By Cristal Cody
Eureka Springs, Ark., June 30 – The City of Los Angeles priced $1,447,680,000 of series 2016 tax and revenue anticipation notes, according to an official statement.
The $300 million tranche of 2% series A notes due March 30, 2017 priced at 101.025 to yield 0.59%.
The city sold $1,247,680,000 of 3% series B notes due June 29, 2017 at 102.253 to yield 0.68%.
The notes (MIG1/SP-1+/F1+) were sold on a negotiated basis via Morgan Stanley & Co. LLC and Ramirez & Co. Inc.
Proceeds will be used to finance capital expenditures in the coming fiscal year.
| Issuer: | City of Los Angeles
|
| Issue: | Tax and revenue anticipation notes
|
| Amount: | $1,447,680,000
|
| Type: | Negotiated
|
| Bookrunners: | Morgan Stanley & Co. LLC and Ramirez & Co. Inc.
|
| Co-manager: | Williams Capital Group LP
|
| Ratings: | Moody’s: MIG1
|
| S&P: SP-1+
|
| Fitch: F1+
|
| Pricing date: | June 21
|
| Settlement date: | July 7
|
|
|
| Series A notes
|
| Maturity | Amount | Price | Coupon | Yield
|
| March 30, 2017 | $300 million | 101.025 | 2% | 0.59%
|
|
|
| Series B notes
|
| Maturity | Amount | Price | Coupon | Yield
|
| June 29, 2017 | $1,147,680,000 | 102.253 | 3% | 0.68%
|
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