Published on 11/18/2015 in the Prospect News Municipals Daily.
New Issue: San Francisco, Oakland State Building offers up $161.84 million bonds
By Sheri Kasprzak
New York, Nov. 18 – The San Francisco State Building Authority and Oakland State Building Authority sold $161.84 million of series 2015 lease revenue refunding bonds, according to pricing sheets.
The deal included $102.87 million of series 2015A San Francisco bonds and $58.97 million of series 2015A Oakland bonds.
The San Francisco bonds are due 2016 to 2021 with 2% to 5% coupons.
The Oakland bonds are due 2016 to 2022 with 2% to 5% coupons.
The bonds (A1/A+/A) were sold through senior managers Ramirez & Co. Inc. and William Blair & Co.
Proceeds will be used to refund the authorities’ series 1996A and 2005A lease revenue bonds.
| Issuer: | San Francisco and Oakland State Building Authorities
|
| Issue: | Series 2015 lease revenue refunding bonds
|
| Amount: | $161.84 million
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. and William Blair & Co (lead), Blaylock Beal Van LLC, Mischler Financial Group Inc., Alamo Capital, City National Securities, Fidelity Capital Markets Inc., Great Pacific Securities Inc., Hilltop Securities Inc., Hutchinson, Shockey, Erley & Co., Janney Montgomery Scott LLC, Prager & Co., Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A+
|
| Fitch: A
|
| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 24
|
|
|
| $102.87 million series 2015A San Francisco State Building Authority lease revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $15,135,000 | 2016 | Serial | 2% | 101.585
|
| $15,835,000 | 2017 | Serial | 4% | 106.335
|
| $16.65 million | 2018 | Serial | 5% | 111.709
|
| $17,505,000 | 2019 | Serial | 5% | 114.486
|
| $1,325,000 | 2020 | Serial | 4% | 111.89
|
| $17,075,000 | 2020 | Serial | 5% | 116.704
|
| $2,735,000 | 2021 | Serial | 4% | 112.74
|
| $16.61 million | 2021 | Serial | 5% | 118.428
|
|
|
| $58.97 million series 2015A Oakland State Building Authority lease revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7,245,000 | 2016 | Serial | 2% | 101.585
|
| $7.58 million | 2017 | Serial | 4% | 106.335
|
| $7.97 million | 2018 | Serial | 5% | 111.709
|
| $8.38 million | 2019 | Serial | 5% | 114.486
|
| $8,805,000 | 2020 | Serial | 5% | 116.704
|
| $9.26 million | 2021 | Serial | 5% | 118.428
|
| $9.73 million | 2022 | Serial | 5% | 119.556
|
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