Published on 1/11/2012 in the Prospect News Municipals Daily.
New Issue: Orange County, Calif., brings $229.88 million of taxable pension obligation bonds
By Sheri Kasprzak
New York, Jan. 11 - Orange County in California sold $229.88 million of series 2012A taxable pension obligation bonds, according to a term sheet.
The bonds (Aa2/A+) were sold on a negotiated basis with Morgan Stanley & Co. LLC as the lead manager.
The bonds are due 2012 to 2013 with 0.75% to 0.95% coupons, all priced at par.
Proceeds will be used to refund the county's series 2012 debenture.
Issuer: | Orange County, Calif.
|
Issue: | Series 2012A taxable pension obligation bonds
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Amount: | $229.88 million
|
Type: | Negotiated
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Underwriter: | Morgan Stanley & Co. LLC (lead)
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Ratings: | Moody's: Aa2
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| Standard & Poor's: A+
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Pricing date: | Jan. 11
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Settlement date: | Jan. 18
|
|
Amount | Maturity | Type | Coupon | Price
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$10 million | 2012 | Serial | 0.75% | 100
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$60 million | 2012 | Serial | 0.8% | 100
|
$60 million | 2013 | Serial | 0.85% | 100
|
$60 million | 2013 | Serial | 0.9% | 100
|
$39.88 million | 2013 | Serial | 0.95% | 100
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