By Susanna Moon
Chicago, May 22 – Bay Area Rapid Transit (BART) issued $384,735,000 of general obligation bonds consisting of $271.6 million (election of 2016) of 2017 series A-1 green bonds, $28.4 million (election of 2016) of 2017 series A-2 federally taxable green bonds and $84,735,000 (election of 2004) of 2017 refunding series E green bonds.
For the series A-1 bonds, BART sold $140.48 million of serial bonds due 2018 to 2037, with coupons of 4% to 5% and yields of 0.85% to 2.95%, according to a notice.
The issuer also sold $58.5 million 4% term bonds due Aug.1, 2042 with a yield of 3.49% and $72.62 million 5% term bonds due Aug. 1, 2047 with a yield of 3.08%.
For the series A-2 bonds, BART sold 28.4 million of 0.822% green bonds due Aug. 1, 2017 with a yield of 0.822%.
For the series E green bonds, the issuer sold $84,735,000 of serial bonds due 2018 to 2037, with coupons of 4% to 5% and yields of 0.85% to 3.37%.
The issuer said on May 5 that it had planned to hold an early order period for individual investors on May 9.
The series 2017 green bonds are general obligation bonds secured by ad valorem property taxes collected in the three-county BART district.
Proceeds will represent a significant investment in climate-friendly mass transportation for the San Francisco Bay Area, funding continuing work on improving BART’s core infrastructure including track replacement, tunnel repair, station improvements and train control system upgrades, as previously announced.
The following underwriting firms were participating: Alamo Capital (800 645-5560, 925 956-0127, attn.: Jerry Liang), Stifel (415 364-7803, 888 708-1874, attn.: David Fleming); Backstrom McCarley Berry & Co. LLC (866 878-2622), J.P. Morgan (855 231-8873), Bank of America / Merrill Lynch (800 937-0616), Morgan Stanley (877 937-6739), Blaylock Van, LLC (510 208-6101), Raymond James (800 248-8863), Citigroup (855 644-7252), Siebert Cisneros Shank (800 334-6800), Fidelity (800 544-5372, www.fidelitycapitalmarkets.com) and Goldman Sachs & Co. LLC (917 343-7900).
BART provides regional rail service in the San Francisco Bay Area.
| Issuer: | Bay Area Rapid Transit (BART)
|
| Issue: | General obligation 2017 series green bonds
|
| Amount: | $384,735,000
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| Underwriters: | Barclays, Stifel, Alamo Capital, Backstrom McCarley Berry & Co., LLC BofA Merrill Lynch, Blaylock Van, LLC, Citigroup, Fidelity Capital Markets, Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, Raymond James, Siebert Cisneros Shank & Co., LLC
|
| Settlement date: | June 1
|
|
|
| Series A-1 bonds
|
| Issue: | General obligation green bonds (election of 2016)
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| Amount: | $271.6 million
|
| Maturities: | 2018 to 2037 for serial bonds; Aug.1, 2042 and Aug. 1, 2047 for term bonds
|
| Coupons: | 4% to 5% for serial bonds; 4% and 5% for term bonds
|
| Yields: | 0.85% to 2.95% for serial bonds; 3.49% and 3.08% for term bonds
|
|
|
| Series A-2 bonds
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| Issue: | General obligation (election of 2016) of 2017 series federally taxable green bonds
|
| Amount: | $28.4 million
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| Maturity: | Aug. 1, 2017
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| Coupon: | 0.822%
|
| Yield: | 0.822%
|
|
|
| Series E bonds
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| Issue: | General obligation (election of 2004) of 2017 refunding series E green bonds.
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| Amount: | $84,735,000
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| Maturities: | 2018 to 2037
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| Coupons: | 4% to 5%
|
| Yields: | 0.85% to 3.37%
|
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