By Sheri Kasprzak
New York, Oct. 28 - The California Department of Water Resources sold $189.95 million of Central Valley project water system revenue bonds on Thursday, said a term sheet.
The deal included $97.675 million of series AH bonds and $92.275 million of series AI bonds.
The AH bonds are due 2012 to 2030 with a 2035 term bonds. The serial coupons range from 3% to 5.25%. The 2035 bonds have a 5.25% coupon priced at 110.18.
The AI bonds are due 2015 to 2020 with term bonds due 2025 and 2029. The bonds have 5% coupons across the board.
De La Rosa & Co. Inc. and Jefferies & Co. were the lead managers for the bonds (Aa2/AAA/). The co-managers were Alamo Capital, Fidelity Capital Markets LLC, Jackson Securities Inc., J.P. Morgan Securities LLC, Ramirez & Co. Inc., RBC Capital Markets Corp., RH Investment Corp., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC and the Williams Capital group LP.
Proceeds will be used to refund the series W, X, AC and AD Central Valley project water system revenue bonds and retire the department's commercial paper notes.
| Issuer: | California Department of Water Resources
|
| Issue: | Central Valley project water system revenue bonds
|
| Amount: | $189.95 million
|
| Type: | Negotiated
|
| Underwriters: | De La Rosa & Co. Inc. and Jefferies & Co. (lead), | Alamo Capital, Fidelity Capital Markets LLC, Jackson Securities Inc., J.P. Morgan Securities LLC, Ramirez & Co. Inc., RBC Capital Markets Corp., RH Investment Corp., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC and The Williams Capital group LP (co-managers)
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 9
|
|
|
| $97.675 million series AH
|
| Amount | Maturity | Type | Coupon | Price
|
| $665,000 | 2012 | Serial | 3% | 105.14
|
| $1 million | 2012 | Serial | 4% | 107.189
|
| $715,000 | 2013 | Serial | 3% | 106.984
|
| $1 million | 2013 | Serial | 4% | 110.008
|
| $1 million | 2014 | Serial | 3% | 108.188
|
| $1.195 million | 2014 | Serial | 4% | 112.164
|
| $2.27 million | 2015 | Serial | 5% | 118.604
|
| $3.915 million | 2016 | Serial | 3.25% | 110.163
|
| $3.415 million | 2017 | Serial | 5% | 121.128
|
| $2.86 million | 2018 | Serial | 3.75% | 112.255
|
| $3.115 million | 2019 | Serial | 5% | 121.058
|
| $3.765 million | 2020 | Serial | 5% | 120.731
|
| $5.735 million | 2021 | Serial | 4.5% | 113.686
|
| $1.685 million | 2021 | Serial | 5% | 118.018
|
| $3.755 million | 2022 | Serial | 4.75% | 114.352
|
| $4 million | 2022 | Serial | 5% | 116.5
|
| $5.82 million | 2023 | Serial | 5% | 115.657
|
| $4.87 million | 2024 | Serial | 5% | 114.913
|
| $3.88 million | 2025 | Serial | 5% | 114.175
|
| $4.08 million | 2026 | Serial | 5% | 113.443
|
| $4.275 million | 2027 | Serial | 5.25% | 114.822
|
| $4.505 million | 2028 | Serial | 5.25% | 114.093
|
| $4.74 million | 2029 | Serial | 5.25% | 113.369
|
| $1.855 million | 2030 | Serial | 5% | 110.57
|
| $1.85 million | 2030 | Serial | 5.25% | 112.651
|
| $21.71 million | 2035 | Term | 5.25% | 110.18
|
|
|
| $92.275 million series AI
|
| Amount | Maturity | Type | Coupon | Price
|
| $14.59 million | 2015 | Serial | 5% | 113.071
|
| $13.395 million | 2016 | Serial | 5% | 114.458
|
| $12.72 million | 2017 | Serial | 5% | 115.09
|
| $13.315 million | 2018 | Serial | 5% | 115.158
|
| $13.925 million | 2019 | Serial | 5% | 114.568
|
| $14.57 million | 2020 | Serial | 5% | 114.029
|
| $4.895 million | 2025 | Term | 5% | 108.499
|
| $4.865 million | 2029 | Term | 5% | 105.739
|
© 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.
