By Cristal Cody
Springdale, Ark., April 24 - The California Department of Water Resources priced $632.89 million Central Valley Project water system revenue bonds with a 4.384% true interest cost, the issuer said Thursday.
The series AE bonds (Aa2/AAA/) priced with 3% to 5% coupons to yield 1.7% to 4.55%, said Tom Dresslar, spokesman for California treasurer Bill Lockyer.
The bonds have serial maturities from Dec. 1, 2008 through Dec. 1, 2029.
Goldman, Sachs & Co. is the senior manager of the negotiated sale.
Co-managers are Banc of America Securities LLC, Siebert Brandford Shank & Co., Backstrom McCarley Berry & Co., Citi, Cabrera Capital Markets, Great Pacific Securities, J.P. Morgan Securities Inc., Merrill Lynch & Co., Ramirez & Co., Southwest Securities, Stone & Youngberg LLC, Sutter Securities Inc., UBS Investment Bank and Wachovia Bank, NA.
Proceeds will be used to refund the department's series 1997S, series 1998U and series 2004AB outstanding revenue bonds, retire outstanding series 1 water revenue commercial paper notes and refund the series 2007A bond anticipation bonds.
| Issuer: | California Department of Water Resources
|
| Issue: | Water system revenue bonds
|
| Amount: | $632.89 million
|
| Type: | Negotiated
|
| True interest cost: | 4.384%
|
| Coupons: | 3% to 5%
|
| Yields: | 1.7% to 4.55%
|
| Maturities: | 2008 to 2029
|
| Underwriter: | Goldman, Sachs & Co. (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
| Pricing date: | April 23
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
