Published on 7/9/2015 in the Prospect News Municipals Daily.
New Issue: Vernon, Calif., prices $112.98 million electric system revenue bonds
By Sheri Kasprzak
New York, July 9 – The City of Vernon, Calif., priced $112.98 million of series 2015 electric system revenue bonds on Thursday, according to a pricing sheet. The deal was upsized from $110 million.
The bonds (/A-/) were sold through senior managers J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
The bonds are due 2022 to 2026 with 4.05% to 4.85% coupons.
Proceeds will be used to finance capital improvements to the city’s electric system, as well as to refund its series 2009 revenue bonds.
| Issuer: | City of Vernon, Calif.
|
| Issue: | Series 2015 electric system revenue bonds
|
| Amount: | $112.98 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead)
|
| Rating: | Standard & Poor’s: A-
|
| Pricing date: | July 9
|
| Settlement date: | July 21
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $22,475,000 | 2022 | Serial | 4.5% | 98.619
|
| $23.45 million | 2023 | Serial | 4.05% | 94.248
|
| $24,515,000 | 2024 | Serial | 4.8% | 98.374
|
| $25,705,000 | 2025 | Serial | 4.65% | 96.302
|
| $16,835,000 | 2026 | Serial | 4.85% | 92.908
|
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