Published on 4/1/2015 in the Prospect News Municipals Daily.
New Issue: California Water Resources brings to market $759.22 million power bonds
By Sheri Kasprzak
New York, April 1 – The California Department of Water Resources sold $759.22 million of series 2015O power supply revenue refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA/AA+) were sold through joint bookrunners J.P. Morgan Securities LLC and RBC Capital Markets LLC with Wells Fargo Securities LLC as the co-senior manager.
The bonds are due 2021 to 2022 with 2% to 5% coupons.
Proceeds will be used to refund the department’s series 2008H and 2010L power supply revenue bonds.
| Issuer: | California Department of Water Resources
|
| Issue: | Series 2015O power supply revenue refunding bonds
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| Amount: | $759.22 million
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| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and RBC Capital Markets LLC (joint bookrunners), Wells Fargo Securities LLC (co-senior manager), Academy Securities Inc., Alamo Capital, Backstrom McCarley Berry & Co. LLC, Blaylock Beal Van LLC, BMO Capital Markets, Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, Goldman, Sachs & Co., Mischler Financial Group, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC and Stifel, Nicolaus & Co. (co-managers)
|
| Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AA
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| Fitch: AA+
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| Pricing date: | April 1
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| Settlement date: | April 29
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|
| Amount | Maturity | Type | Coupon | Price
|
| $4.09 million | 2021 | Serial | 2% | 102.339
|
| $840,000 | 2021 | Serial | 3% | 108.046
|
| $1.67 million | 2021 | Serial | 4% | 113.752
|
| $309,295,000 | 2021 | Serial | 5% | 119.458
|
| $4.58 million | 2022 | Serial | 2% | 101.443
|
| $2.3 million | 2022 | Serial | 3% | 108.002
|
| $745,000 | 2022 | Serial | 4% | 114.561
|
| $435.7 million | 2022 | Serial | 5% | 121.12
|
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