By Sheri Kasprzak
New York, Oct. 11 - The California Department of Water Resources sold $216.93 million of series AJ Central Valley Project water system revenue bonds, according to an official statement.
The bonds (Aa1/AAA/) were sold through senior managers De La Rosa & Co. Inc. and Morgan Stanley & Co. LLC.
The co-managers were BMO Capital Markets LLC; Brandis Tallman LLC; Citigroup Global Markets Inc.; Estrada Hinojosa & Co. Inc.; George K. Baum & Co.; M.R. Beal & Co.; Piper Jaffray & Co.; RBC Capital Markets LLC; Seattle-Northwest Securities Corp.; Williams Capital Group LP; and Wulff-Hansen & Co.
The bonds are due 2013 to 2031 with a term bond due in 2035. The serial coupons range from 3% to 5% and yields range from 0.56% to 4.08%. The 2035 bonds have a 5% coupon to yield 4.15%.
Proceeds will be used to refund the department's series 2002 revenue bonds.
| Issuer: | California Department of Water Resources
|
| Issue: | Series AJ Central Valley Project water system revenue bonds
|
| Amount: | $216.93 million
|
| Type: | Negotiated
|
| Underwriters: | De La Rosa & Co. Inc. and Morgan Stanley & Co. LLC (lead); BMO Capital Markets LLC; Brandis Tallman LLC; Citigroup Global Markets Inc.; Estrada Hinojosa & Co. Inc.; George K. Baum & Co.; M.R. Beal & Co.; Piper Jaffray & Co.; RBC Capital Markets LLC; Seattle-Northwest Securities Corp.; Williams Capital Group LP; and Wulff-Hansen & Co. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 13
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $5.95 million | 2013 | Serial | 3% | 0.56%
|
| $1.445 million | 2013 | Serial | 4% | 0.56%
|
| $2.285 million | 2014 | Serial | 3% | 0.87%
|
| $4.115 million | 2014 | Serial | 4% | 0.87%
|
| $1.65 million | 2015 | Serial | 3% | 1.18%
|
| $21.585 million | 2015 | Serial | 5% | 1.18%
|
| $2.85 million | 2016 | Serial | 4% | 1.50%
|
| $25.9 million | 2016 | Serial | 5% | 1.50%
|
| $7.575 million | 2017 | Serial | 4% | 1.75%
|
| $13.985 million | 2017 | Serial | 5% | 1.75%
|
| $12.17 million | 2018 | Serial | 4% | 2.06%
|
| $5.45 million | 2018 | Serial | 5% | 2.06%
|
| $6.96 million | 2019 | Serial | 5% | 2.42%
|
| $3.91 million | 2020 | Serial | 4% | 2.72%
|
| $16.675 million | 2020 | Serial | 5% | 2.72%
|
| $4.835 million | 2021 | Serial | 4% | 2.86%
|
| $15 million | 2021 | Serial | 5% | 2.86%
|
| $3.05 million | 2022 | Serial | 4% | 2.99%
|
| $6.595 million | 2022 | Serial | 5% | 2.99%
|
| $4.075 million | 2023 | Serial | 5% | 3.22%
|
| $5.88 million | 2024 | Serial | 5% | 3.32%
|
| $6.355 million | 2025 | Serial | 5% | 3.42%
|
| $3.095 million | 2026 | Serial | 5% | 3.58%
|
| $3.25 million | 2027 | Serial | 5% | 3.73%
|
| $3.4 million | 2028 | Serial | 5% | 3.83%
|
| $3.58 million | 2029 | Serial | 5% | 3.92%
|
| $3.72 million | 2030 | Serial | 5% | 4.01%
|
| $3.91 million | 2031 | Serial | 5% | 4.08%
|
| $17.68 million | 2035 | Term | 5% | 4.15%
|
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