Published on 6/6/2016 in the Prospect News Municipals Daily.
New Issue: San Diego Public Facilities prices $564.03 million water revenue bonds
By Sheri Kasprzak
New York, June 6 – The San Diego Public Facilities Financing Authority sold $564,025,000 of series 2016 water revenue bonds, according to a pricing sheet.
The deal included $40.54 million of series 2016A bonds and $523,485,000 of series 2016B refunding bonds.
The 2016A bonds are due 2017 to 2036 with term bonds due in 2041 and 2045. The serial coupons range from 3% to 5% with yields from 0.64% to 2.5%. The 2041 bonds have a 4% coupon priced at 109.115 to yield 2.95% and a 5% coupon priced at 120.81 to yield 2.64%. The 2045 bonds have a 5% coupon priced at 120.613 to yield 2.66%.
The 2016B bonds are due 2016 to 2039 with 5% coupons and yields from 0.49% to 2.58%.
The bonds (Aa3//AA-) were sold through senior managers J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
Proceeds will be used to finance water system capital improvements and refund existing debt.
| Issuer: | San Diego Public Facilities Financing Authority
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| Issue: | Series 2016 water revenue bonds
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| Amount: | $564,025,000
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (lead), Siebert Brandford Shank & Co. LLC, Ramirez & Co. Inc. and Williams Capital Group LP (co-managers)
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| Ratings: | Moody’s: Aa3
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| Fitch: AA-
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| Pricing date: | May 25
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| Settlement date: | June 23
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| $40.54 million series 2016A water revenue bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $695,000 | 2017 | Serial | 4% | 103.695 | 0.64%
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| $730,000 | 2018 | Serial | 5% | 108.773 | 0.79%
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| $755,000 | 2019 | Serial | 3% | 106.353 | 0.92%
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| $785,000 | 2020 | Serial | 4% | 111.78 | 1.06%
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| $810,000 | 2021 | Serial | 3% | 108.939 | 1.19%
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| $845,000 | 2022 | Serial | 5% | 121.582 | 1.31%
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| $880,000 | 2023 | Serial | 3% | 110.357 | 1.46%
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| $915,000 | 2024 | Serial | 5% | 125.662 | 1.61%
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| $955,000 | 2025 | Serial | 3% | 110.389 | 1.76%
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| $990,000 | 2026 | Serial | 5% | 128.379 | 1.90%
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| $1,045,000 | 2027 | Serial | 5% | 127.114 | 2.02%
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| $1,095,000 | 2028 | Serial | 5% | 126.279 | 2.10%
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| $1.15 million | 2029 | Serial | 5% | 125.76 | 2.15%
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| $1.21 million | 2030 | Serial | 5% | 125.347 | 2.19%
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| $1,275,000 | 2031 | Serial | 5% | 124.833 | 2.24%
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| $1.34 million | 2032 | Serial | 5% | 124.32 | 2.29%
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| $1.41 million | 2033 | Serial | 5% | 123.813 | 2.34%
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| $1.48 million | 2034 | Serial | 5% | 123.205 | 2.40%
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| $1,555,000 | 2035 | Serial | 5% | 122.702 | 2.45%
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| $1,635,000 | 2036 | Serial | 5% | 122.2 | 2.50%
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| $1.27 million | 2041 | Term | 4% | 109.115 | 2.95%
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| $8.24 million | 2041 | Term | 5% | 120.81 | 2.64%
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| $9,475,000 | 2045 | Term | 5% | 120.613 | 2.66%
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| $523,485,000 series 2016B water revenue refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $29.7 million | 2016 | Serial | 5% | 100.474 | 0.49%
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| $22.18 million | 2017 | Serial | 5% | 104.794 | 0.64%
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| $23,315,000 | 2018 | Serial | 5% | 108.773 | 0.79%
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| $24,505,000 | 2019 | Serial | 5% | 112.462 | 0.92%
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| $25.77 million | 2020 | Serial | 5% | 115.786 | 1.06%
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| $27,085,000 | 2021 | Serial | 5% | 118.817 | 1.19%
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| $21,095,000 | 2022 | Serial | 5% | 121.582 | 1.31%
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| $22.18 million | 2023 | Serial | 5% | 123.809 | 1.46%
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| $25.41 million | 2024 | Serial | 5% | 125.662 | 1.61%
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| $28,215,000 | 2025 | Serial | 5% | 127.147 | 1.76%
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| $29,055,000 | 2026 | Serial | 5% | 128.379 | 1.90%
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| $30.56 million | 2027 | Serial | 5% | 127.114 | 2.02%
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| $32.12 million | 2028 | Serial | 5% | 126.279 | 2.10%
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| $12.96 million | 2029 | Serial | 5% | 125.76 | 2.15%
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| $13.63 million | 2030 | Serial | 5% | 125.347 | 2.19%
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| $14.33 million | 2031 | Serial | 5% | 124.833 | 2.24%
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| $15.06 million | 2032 | Serial | 5% | 124.322 | 2.29%
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| $15,835,000 | 2033 | Serial | 5% | 123.813 | 2.34%
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| $16,645,000 | 2034 | Serial | 5% | 123.205 | 2.40%
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| $17.5 million | 2035 | Serial | 5% | 122.702 | 2.45%
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| $18,395,000 | 2036 | Serial | 5% | 122.2 | 2.50%
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| $19.34 million | 2037 | Serial | 5% | 121.702 | 2.55%
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| $20.33 million | 2038 | Serial | 5% | 121.503 | 2.57%
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| $18.27 million | 2039 | Serial | 5% | 121.404 | 2.58%
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