New Issue: Vernon, Calif., prices $72.74 million electric system revenue bonds

By Sheri Kasprzak

New York, Jan. 11 - The City of Vernon, Calif., priced $72.74 million of series 2012 electric system revenue bonds on Wednesday, according to a pricing sheet.

The sale included $37.64 million of series 2012A tax-exempt bonds and $35.1 million of series 2012B taxable bonds.

The 2012A bonds are due 2030, 2033 and 2041. The 2030 bonds have a 5% coupon priced at par, and the 2033 bonds have a 5.125% coupon priced at 99.289. The 2041 bonds have a 5.5% coupon priced at 100.793.

The 2012B bonds are due 2022 to 2026 with 6.25% to 6.5% coupons.

De La Rosa & Co. Inc. was the lead manager.

Proceeds will be used to make capital improvements to the city's electric system, including upgrades to distribution facilities and expansions to existing substations.

Issuer:	Vernon, Calif.
Issue:	Series 2012 electric system revenue bonds
Amount:	$72.74 million
Type:	Negotiated
Underwriter:	De La Rosa & Co. Inc.
Pricing date:	Jan. 11
Settlement date:	Jan. 19
$37.64 million series 2012A tax-exempt bonds
Amount	Maturity	Type	Coupon	Price
$4,645,000	2030	Term	5%	100
$4,155,000	2033	Term	5.125%	99.289
$28.84 million	2041	Term	5.5%	100.793
$35.1 million series 2012B taxable bonds
Amount	Maturity	Type	Coupon	Price
$6,165,000	2022	Serial	6.25%	97.591
$6,565,000	2023	Serial	6.25%	96.654
$6.99 million	2024	Serial	6.25%	95.65
$7.44 million	2025	Serial	6.375%	95.679
$7.94 million	2026	Serial	6.5%	95.744

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