By Sheri Kasprzak
New York, Oct. 19 - The State of California sold Wednesday $2,039,065,000 of series 2011 general obligation bonds, said a pricing sheet from Treasurer Bill Lockyer's office.
The offering included $1.8 billion of series 2011 tax-exempt various purpose general obligation bonds and $205 million of series 2011 taxable G.O. bonds.
The tax-exempt bonds are due 2014 to 2029 with term bonds due in 2032 and 2041. The serial coupons range from 3% to 5.25%. The serial yields range from 1.33% to 4.58%. The 2032 bonds have a split maturity with a 4.625% coupon priced at 99.267 to yield 4.68% and a 5.25% coupon priced at 104.481 to yield 4.68%. The 2041 bonds have a 5% coupon priced at 99.50 to yield 5.032%
The taxable bonds are due 2013 to 2016 with coupons from 2.125% to 3% coupons with yields from 2.066% to 2.924%.
The bonds (A1/A-/A-) were sold through Goldman, Sachs & Co. The co-managers were J.P. Morgan Securities LLC; Wedbush Securities Inc.; Bank of America Merrill Lynch; Barclays Capital LLC; Blaylock Robert Van LLC; Brandis Tallman LLC; Citigroup Global Markets Inc.; City National Securities Inc.; Comerica Securities Inc.; De La Rosa & Co. Inc.; Edward D. Jones & Co. LP; Fidelity Capital Markets LLC; Grigsby & Associates Inc.; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; O'Connor & Co. Securities; Piper Jaffray & Co.; Prager, Sealy & Co. LLC; RBC Capital Markets LLC; Ramirez & Co. Inc.; Raymond James & Associates Inc.; Robert W. Baird & Co. Inc.; Roberts & Ryan Investments; Siebert Brandford Shank & Co. LLC; Stone & Youngberg LLC; Wells Fargo Securities LLC; Westhoff Cone & Holdstedt; and Wulff, Hansen & Co.
Proceeds will be used to finance capital projects and refund G.O. debt with a mandatory tender date of April 2, 2012.
| Issuer: | State of California
|
| Issue: | Series 2011 general obligation bonds
|
| Amount: | $2,039,065,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead); J.P. Morgan Securities LLC; Wedbush Securities Inc.; Bank of America Merrill Lynch; Barclays Capital LLC; Blaylock Robert Van LLC; Brandis Tallman LLC; Citigroup Global Markets Inc.; City National Securities Inc.; Comerica Securities Inc.; De La Rosa & Co. Inc.; Edward D. Jones & Co. LP; Fidelity Capital Markets LLC; Grigsby & Associates Inc.; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; O'Connor & Co. Securities; Piper Jaffray & Co.; Prager, Sealy & Co. LLC; RBC Capital Markets LLC; Ramirez & Co. Inc.; Raymond James & Associates Inc.; Robert W. Baird & Co. Inc.; Roberts & Ryan Investments; Siebert Brandford Shank & Co. LLC; Stone & Youngberg LLC; Wells Fargo Securities LLC; Westhoff Cone & Holdstedt; and Wulff, Hansen & Co. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | Oct. 19
|
| Settlement date: | Oct. 27
|
|
|
| $1,789,065,000 series 2011 tax-exempt various purpose general obligation bonds
|
| Amount | Maturity | Type | Coupon | Yield | Price
|
| $1.215 million | 2014 | Serial | 3% | 1.33% | 104.779
|
| $11.635 million | 2014 | Serial | 4% | 1.33% | 107.641
|
| $35.615 million | 2014 | Serial | 5% | 1.33% | 110.503
|
| $13.44 million | 2015 | Serial | 3% | 1.80% | 104.530
|
| $9.6 million | 2015 | Serial | 4% | 1.80% | 108.305
|
| $36.36 million | 2015 | Serial | 5% | 1.80% | 112.081
|
| $33.655 million | 2016 | Serial | 4% | 2.28% | 107.972
|
| $85.145 million | 2016 | Serial | 5% | 2.28% | 112.608
|
| $10.25 million | 2017 | Serial | 4% | 2.66% | 107.302
|
| $108.55 million | 2017 | Serial | 5% | 2.66% | 112.752
|
| $5.1 million | 2018 | Serial | 4% | 2.96% | 106.469
|
| $113.7 million | 2018 | Serial | 5% | 2.96% | 112.691
|
| $18.195 million | 2019 | Serial | 3.125% | 3.29% | 98.855
|
| $100.605 million 2019 | Serial | 5% | 3.29% | 111.845
|
| $3.15 million | 2020 | Serial | 4% | 3.58% | 103.183
|
| $115.65 million | 2020 | Serial | 5% | 3.58% | 110.766
|
| $7.93 million | 2021 | Serial | 3.5% | 3.70% | 98.348
|
| $109.97 million | 2021 | Serial | 5% | 3.70% | 110.716
|
| $11.235 million | 2022 | Serial | 4% | 3.87% | 101.147
|
| $19.01 million | 2022 | Serial | 5% | 3.87% | 109.989
|
| $58.855 million | 2022 | Serial | 5.25% | 3.87% | 112.199
|
| $3.985 million | 2023 | Serial | 4% | 4.05% | 99.528
|
| $7.665 million | 2023 | Serial | 5% | 4.05% | 107.699
|
| $47.75 million | 2023 | Serial | 5.25% | 4.05% | 109.726
|
| $18.115 million | 2024 | Serial | 4% | 4.18% | 98.213
|
| $18.79 million | 2024 | Serial | 5% | 4.18% | 106.604
|
| $22.495 million | 2024 | Serial | 5.25% | 4.18% | 108.618
|
| $25 million | 2025 | Serial | 5.25% | 4.29% | 107.691
|
| $12.025 million | 2026 | Serial | 4.25% | 4.39% | 98.475
|
| $12.825 million | 2026 | Serial | 4.5% | 4.39% | 100.874
|
| $16.75 million | 2026 | Serial | 5.25% | 4.39% | 106.857
|
| $41.6 million | 2027 | Serial | 5.25% | 4.48% | 106.112
|
| $59.4 million | 2028 | Serial | 5.25% | 4.54% | 105.620
|
| $25 million | 2029 | Serial | 5.25% | 4.58% | 105.293
|
| $25.79 million | 2032 | Term | 4.625% | 4.68% | 99.267
|
| $93.01 million | 2032 | Term | 5.25% | 4.68% | 104.481
|
| $450 million | 2041 | Term | 5% | 5.032% | 99.50
|
|
|
| $205 million series 2011 taxable G.O. bonds
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| Amount | Maturity | Type | Coupon | Yield | Price
|
| $50 million | 2013 | Serial | 3% | Sealed | Sealed
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| $70 million | 2014 | Serial | 2.125% | 2.066% | 100.166
|
| $50 million | 2015 | Serial | 2.674% | 2.674% | 100
|
| $35 million | 2016 | Serial | 2.924% | 2.924% | 100
|
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