Published on 6/26/2015 in the Prospect News Municipals Daily.
New Issue: City of Industry Public Facilities, Calif., sells $574.91 million TARBs
By Sheri Kasprzak
New York, June 26 – The City of Industry Public Facilities Authority of California sold $574,905,000 of series 2015 tax allocation revenue refunding bonds, according to a pricing sheet.
The bonds (/AA/) were sold through Stifel, Nicolaus & Co. Inc.
The deal included $239,525,000 of series 2015A taxable TARBs, $7.23 million of series 2015A taxable subordinate TARBs, $249.77 million of series 2015B taxable TARBs, $33,815,000 of series 2015B taxable refunding TARBs, $7.14 million of series 2015A tax-exempt TARBs and $37,425,000 of series 2015B taxable TARBs.
The 2015A taxable TARBs are due 2017 to 2024 with 1.764% to 4.344% coupons all priced at par.
The 2015A taxable subordinate TARBs are due 2017 to 2025 with 5% coupons and 1.04% to 2.74% yields.
The 2015B taxable TARBs are due 2017 to 2023 with a term bond due in 2027. The serial coupons range from 1.914% to 4.294% all priced at par. The 2027 bonds have a 5.044% coupon priced at par.
The 2015B taxable refunding TARBs are due 2017 and 2024. The 2017 bonds have a 2.5% coupon priced at 99.906 to yield 2.564% and the 2024 bonds have a 5.75% coupon priced at 98.354 to yield 6%.
The 2015A tax-exempt TARBs are due 2017 to 2025 with 5% coupons and yields from 1.04% to 2.74%.
The 2015B taxable TARBs are due 2017 to 2020 with a term bond due in 2027. The serial coupons range from 1.914% to 3% with yields from 1.914% to 3.389%. The 2027 bonds have a 5.044% coupon priced at par.
Proceeds will be used to refund outstanding tax allocation revenue bonds.
| Issuer: | City of Industry Public Facilities Authority, Calif.
|
| Issue: | Series 2015 tax allocation revenue refunding bonds
|
| Amount: | $574,905,000
|
| Type: | Negotiated
|
| Underwriter: | Stifel, Nicolaus & Co. Inc.
|
| Rating: | Standard & Poor’s: AA
|
| Pricing date: | June 26
|
| Settlement date: | July 1
|
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| $239,525,000 series 2015A taxable TARBs
|
| Amount | Maturity | Type | Coupon | Price
|
| $32 million | 2017 | Serial | 1.764% | 100
|
| $36.18 million | 2018 | Serial | 2.2035 | 100
|
| $36,945,000 | 2019 | Serial | 2.789% | 100
|
| $37,925,000 | 2020 | Serial | 3.139% | 100
|
| $39.09 million | 2021 | Serial | 3.471% | 100
|
| $30.74 million | 2022 | Serial | 3.821% | 100
|
| $9,705,000 | 2023 | Serial | 4.044% | 100
|
| $10,105,000 | 2024 | Serial | 4.244% | 100
|
| $6,835,000 | 2024 | Serial | 4.344% | 100
|
|
|
| $7.23 million series 2015A taxable subordinate TARBs
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $505,000 | 2017 | Serial | 5% | 105.878 | 1.04%
|
| $710,000 | 2018 | Serial | 5% | 108,633 | 1.47%
|
| $740,000 | 2019 | Serial | 5% | 110.879 | 1.78%
|
| $780,000 | 2020 | Serial | 5% | 112.527 | 2.07%
|
| $815,000 | 2021 | Serial | 5% | 113.708 | 2.33%
|
| $855,000 | 2022 | Serial | 5% | 109.054 | 2.05%
|
| $900,000 | 2023 | Serial | 5% | 108.488 | 2.27%
|
| $940,000 | 2024 | Serial | 5% | 107.876 | 2.51%
|
| $985,000 | 2025 | Serial | 5% | 107.293 | 2.74%
|
|
|
| $249.77 million series 2015B taxable TARBs
|
| Amount | Maturity | Type | Coupon | Price
|
| $10,245,000 | 2017 | Serial | 1.914% | 100
|
| $16.04 million | 2018 | Serial | 2.453% | 100
|
| $16.42 million | 2019 | Serial | 3.039% | 100
|
| $16,905,000 | 2020 | Serial | 3.389% | 100
|
| $40.04 million | 2022 | Serial | 4.121% | 100
|
| $46,855,000 | 2023 | Serial | 4.294% | 100
|
| $103,265,000 | 2027 | Term | 5.044% | 100
|
|
|
| $33,815,000 series 2015B taxable refunding TARBs
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1 million | 2017 | Term | 2.5% | 99.906 | 2.564%
|
| $32,815,000 | 2024 | Term | 5.75% | 98.354 | 6%
|
|
|
| $7.14 million series 2015A tax-exempt TARBs
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $495,000 | 2017 | Serial | 5% | 105.878 | 1.04%
|
| $700,000 | 2018 | Serial | 5% | 108.633 | 1.47%
|
| $735,000 | 2019 | Serial | 5% | 110.879 | 1.78%
|
| $770,000 | 2020 | Serial | 5% | 112.527 | 2.07%
|
| $805,000 | 2021 | Serial | 5% | 113.708 | 2.33%
|
| $845,000 | 2022 | Serial | 5% | 109.054 | 2.05%
|
| $885,000 | 2023 | Serial | 5% | 108.488 | 2.27%
|
| $930,000 | 2024 | Serial | 5% | 107.876 | 2.51%
|
| $975,000 | 2025 | Serial | 5% | 107.293 | 2.74%
|
|
|
| $37,425,000 series 2015B taxable TARBs
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,595,000 | 2017 | Serial | 1.914% | 100 | 1.914%
|
| $3.11 million | 2018 | Serial | 2% | 98.908 | 2.453%
|
| $3,325,000 | 2019 | Serial | 3% | 99.871 | 3.039%
|
| $3,425,000 | 2020 | Serial | 3% | 98.389 | 3.389%
|
| $24.97 million | 2027 | Term | 5.044% | 100 | 5.044%
|
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