By Sheri Kasprzak
New York, Aug. 17 - The California Department of Water Resources priced $959.565 million of series N power supply revenue bonds on Wednesday, according to a pricing sheet. The offering was downsized from $1 billion.
The bonds (//AA-) were sold through senior managers Morgan Stanley & Co. Inc. and De La Rosa & Co.
The bonds are due 2013, 2015 and 2018 to 2021 with 2% to 5% coupons.
Proceeds will be used to repay the department's series 2002A fixed-rate bonds and outstanding variable-rate bonds.
| Issuer: | California Department of Water Resources
|
| Issue: | Series N power supply revenue bonds
|
| Amount: | $959.565 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. and De La Rosa & Co. (lead)
|
| Rating: | Fitch: AA-
|
| Pricing date: | Aug. 17
|
| Settlement date: | Aug. 31
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $16.965 million | 2013 | Serial | 3% | 104.365
|
| $137.825 million | 2013 | Serial | 5% | 107.685
|
| $9.195 million | 2015 | Serial | 2% | 104.512
|
| $29.395 million | 2015 | Serial | 5% | 115.341
|
| $47.96 million | 2018 | Serial | 4% | 112.955
|
| $48.645 million | 2018 | Serial | 5% | 119.184
|
| $34.505 million | 2019 | Serial | 5% | 119.573
|
| $9.425 million | 2020 | Serial | 3% | 103.951
|
| $27.75 million | 2020 | Serial | 4% | 111.703
|
| $377.05 million | 2020 | Serial | 5% | 119.454
|
| $137.825 million | 2021 | Serial | 4% | 111.352
|
| $212.505 million | 2021 | Serial | 5% | 119.826
|
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