Published on 6/10/2015 in the Prospect News Municipals Daily.
New Issue: Oakland, Calif., brings $159 million tax and revenue anticipation notes
By Sheri Kasprzak
New York, June 10 – The City of Oakland, Calif., sold $159 million of series 2015-2016 tax and revenue anticipation notes, according to a pricing sheet.
The deal includes $49,365,000 of series 2015-2016A notes and $109,635,000 of series 2015-2016B notes.
The series A notes are due June 30, 2016 and have a 2% coupon priced at 101.702 to yield 0.29%. The series B notes are due June 30, 2016 and have a 1% coupon priced at 100.575 to yield 0.42%.
The notes (MIG 1/SP-1+/) were sold competitively with BofA Merrill Lynch winning the bid for the series A notes at a 0.29875% true interest cost and J.P. Morgan Securities LLC winning the bid for the series B notes at a 0.48911% true interest cost.
Proceeds will be used to finance capital expenditures for the coming fiscal year.
| Issuer: | Oakland, Calif.
|
| Issue: | Series 2015-2016 tax and revenue anticipation notes
|
| Amount: | $159 million
|
| Type: | Competitive
|
| Underwriters: | BofA Merrill Lynch (winner for 2015A), J.P. Morgan Securities LLC (winner for 2015B)
|
| True interest cost: | 0.29875% (series A), 0.48911% (series B)
|
| Ratings: | Moody’s: MIG 1
|
| Standard & Poor’s: SP-1+
|
| Pricing date: | June 10
|
| Settlement date: | July 1
|
|
|
| $49,365,000 series 2015A notes
|
| Maturity | Type | Coupon | Price | Yield
|
| June 30, 2016 | Term | 2% | 101.702 | 0.29%
|
|
|
| $109,635,000 series 2015B notes
|
| Maturity | Type | Coupon | Price | Yield
|
| June 30, 2016 | Term | 1% | 100.575 | 0.42%
|
|
|
|
|
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