Published on 4/19/2012 in the Prospect News Municipals Daily.
New Issue: Municipal Improvement Corp. of Los Angeles brings $236.34 million of revenue bonds
By Sheri Kasprzak
New York, April 19 - The Municipal Improvement Corporation of Los Angeles priced $236.34 million of series 2012 lease revenue bonds, said a pricing sheet.
The deal includes $92,635,000 of series 2012A capital equipment lease revenue bonds (A3//A+), $33,975,000 of series 2012B real property lease revenue bonds (A2//A+) and $109.73 million of series 2012C real property lease revenue refunding bonds (A2//A+).
The 2012A bonds are due 2013 to 2022 with 2% to 5% coupons. The 2012B bonds are due 2013 to 2032 with term bonds due in 2037 and 2042. The serial coupons range from 2% to 5%. The 2037 bonds have a 4.5% coupon priced to yield 4.6%. The 2042 bonds have a 5% coupon priced at 4.56%. The 2012C bonds are due 2013 to 2032. The serial coupons range from 1.5% to 5%.
The lead manager for the 2012A bonds was Siebert Brandford Shank & Co. LLC. The lead for the 2012B and 2012C bonds was Loop Capital Markets LLC. Siebert was a co-manager for the 2012B and 2012C bonds and Loop was a co-manager for the 2012A bonds. William Blair & Co. Inc. was the co-manager for all three bonds.
Proceeds will be used to retire commercial paper and refund the corporation's series 2004 certificates of participation.
| Issuer: | Municipal Improvement Corporation of Los Angeles
|
| Issue: | Series 2012 lease revenue bonds
|
| Amount: | $236.34 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC (lead for 2012A, co-manager for 2012B and 2012C), Loop Capital Markets LLC (lead for 2012B and 2012C, co-manager for 2012A), William Blair & Co. Inc. (co-manager for 2012A-C)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Pricing date: | April 19
|
| Settlement date: | May 10
|
|
|
| $92,635,000 series 2012A capital equipment lease revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,885,000 | 2013 | Serial | 2% | 101.045
|
| $3,125,000 | 2014 | Serial | 4% | 105.547
|
| $5 million | 2014 | Serial | 5% | 107.336
|
| $3,505,000 | 2015 | Serial | 4% | 107.708
|
| $5 million | 2015 | Serial | 5% | 110.461
|
| $3,895,000 | 2016 | Serial | 4% | 108.676
|
| $5 million | 2016 | serial | 5% | 112.353
|
| $9.3 million | 2017 | Serial | 5% | 114.326
|
| $9,765,000 | 2018 | Serial | 5% | 115.244
|
| $750,000 | 2019 | Serial | 4% | 109.203
|
| $9.5 million | 2019 | Serial | 5% | 115.423
|
| $10,755,000 | 2020 | Serial | 5% | 115.33
|
| $11,295,000 | 2021 | Serial | 5% | 114.709
|
| $11.86 million | 2022 | Serial | 5% | 114.592
|
|
|
| $33,975,000 series 2012B real property lease revenue bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $880,000 | 2013 | Serial | 2% | 0.62%
|
| $610,000 | 2014 | Serial | 3.5% | 0.85%
|
| $630,000 | 2015 | Serial | 4% | 1.15%
|
| $655,000 | 2016 | Serial | 4% | 1.56%
|
| $680,000 | 2017 | Serial | 4% | 1.80%
|
| $710,000 | 2018 | Serial | 4% | 2.12%
|
| $735,000 | 2019 | Serial | 4% | 2.47%
|
| $765,000 | 2020 | Serial | 4% | 2.75%
|
| $795,000 | 2021 | Serial | 4% | 3.03%
|
| $830,000 | 2022 | Serial | 4% | 3.20%
|
| $860,000 | 2023 | Serial | 4% | 3.38%
|
| $895,000 | 2024 | Serial | 4% | 3.54%
|
| $930,000 | 2025 | Serial | 4% | 3.75%
|
| $970,000 | 2026 | Serial | 4% | 3.87%
|
| $1.01 million | 2027 | Serial | 5% | 3.94%
|
| $1.06 million | 2028 | Serial | 5% | 4.02%
|
| $1.11 million | 2029 | Serial | 4% | 4.15%
|
| $1,155,000 | 2030 | Serial | 4% | 4.21%
|
| $1.2 million | 2031 | Serial | 4.125% | 4.27%
|
| $1.25 million | 2032 | Serial | 5% | 4.28%
|
| $7,195,000 | 2037 | Term | 4.5% | 4.60%
|
| $9.05 million | 2042 | Term | 5% | 4.56%
|
|
|
| $109.73 million series 2012C real property lease revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $6.24 million | 2013 | Serial | 1.5% | 0.42%
|
| $5,355,000 | 2014 | Serial | 3.5% | 0.85%
|
| $5.53 million | 2015 | Serial | 4% | 1.15%
|
| $3 million | 2016 | Serial | 3% | 1.56%
|
| $2.76 million | 2016 | Serial | 4% | 1.56%
|
| $5.96 million | 2017 | Serial | 4% | 1.80%
|
| $6,205,000 | 2018 | Serial | 4.625% | 2.12%
|
| $6,485,000 | 2019 | Serial | 5% | 2.47%
|
| $6.82 million | 2020 | Serial | 5% | 2.75%
|
| $7,155,000 | 2021 | Serial | 5% | 3.03%
|
| $7,515,000 | 2022 | Serial | 5% | 3.20%
|
| $7.88 million | 2023 | Serial | 5% | 3.38%
|
| $8,255,000 | 2024 | Serial | 5% | 3.51%
|
| $7,455,000 | 2025 | Serial | 5% | 3.70%
|
| $7.82 million | 2026 | Serial | 5% | 3.82%
|
| $7,525,000 | 2027 | Serial | 5% | 3.94%
|
| $1,905,000 | 2028 | Serial | 5% | 4.02%
|
| $1.42 million | 2029 | Serial | 4% | 4.15%
|
| $1.48 million | 2030 | Serial | 5% | 4.16%
|
| $1,555,000 | 2031 | Serial | 5% | 4.22%
|
| $1.41 million | 2032 | Serial | 5% | 4.28%
|
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