Published on 1/15/2016 in the Prospect News Municipals Daily.
New Issue: San Mateo Joint Powers, Calif., sells $107.6 million of revenue bonds
By Sheri Kasprzak
New York, Jan. 15 – The San Mateo County Joint Powers Financing Authority of California priced $107.6 million of series 2016A refunding lease revenue bonds for the Youth Services Campus, according to a pricing sheet.
The bonds (Aa2/AA+) were sold through senior managers Raymond James/Morgan Keegan and Citigroup Global Markets Inc.
The bonds are due 2016 to 2036 with 2% to 5% coupons and yields from 0.33% to 3.3%.
Proceeds will be used to refund the authority’s series 2003A and 2003C bonds issued for Youth Services Campus, a juvenile justice center based in San Mateo.
| Issuer: | San Mateo County Joint Powers Financing Authority/Youth Services Campus
|
| Issue: | Series 2016A refunding lease revenue bonds
|
| Amount: | $107.6 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan and Citigroup Global Markets Inc. (lead)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 28
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,375,000 | 2016 | Serial | 2% | 100.773 | 0.33%
|
| $3.29 million | 2017 | Serial | 3% | 103.492 | 0.60%
|
| $3.41 million | 2018 | Serial | 4% | 107.715 | 0.83%
|
| $3.55 million | 2019 | Serial | 4% | 110.296 | 0.97%
|
| $3,695,000 | 2020 | Serial | 4% | 112.598 | 1.10%
|
| $3.85 million | 2021 | Serial | 4% | 114.65 | 1.22%
|
| $4.02 million | 2022 | Serial | 5% | 122.831 | 1.37%
|
| $4.23 million | 2023 | Serial | 5% | 124.068 | 1.57%
|
| $4.45 million | 2024 | Serial | 5% | 125.642 | 1.73%
|
| $4,675,000 | 2025 | Serial | 5% | 126.834 | 1.89%
|
| $4,915,000 | 2026 | Serial | 5% | 127.979 | 2.02%
|
| $5,165,000 | 2027 | Serial | 5% | 126.47 | 2.16%
|
| $5.43 million | 2028 | Serial | 5% | 125.511 | 2.25%
|
| $5.71 million | 2029 | Serial | 5% | 124.35 | 2.36%
|
| $6,005,000 | 2030 | Serial | 5% | 123.514 | 2.44%
|
| $6.31 million | 2031 | Serial | 5% | 122.478 | 2.54%
|
| $1.5 million | 2032 | Serial | 3% | 98.972 | 3.08%
|
| $5.09 million | 2032 | Serial | 4% | 109.676 | 2.92%
|
| $1,845,000 | 2033 | Serial | 3% | 97.996 | 3.15%
|
| $5 million | 2033 | Serial | 4% | 109.204 | 2.97%
|
| $2.5 million | 2034 | Serial | 3% | 97.227 | 3.20%
|
| $4.6 million | 2034 | Serial | 4% | 108.829 | 3.01%
|
| $2 million | 2035 | Serial | 3% | 96.414 | 3.25%
|
| $5,365,000 | 2035 | Serial | 4% | 108.361 | 3.06%
|
| $7.62 million | 2036 | Serial | 3.125% | 97.41 | 3.30%
|
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