Published on 11/17/2014 in the Prospect News Municipals Daily.
New Issue: California Earthquake Authority sells $350 million taxable revenue debt
By Sheri Kasprzak
New York, Nov. 17 – The California Earthquake Authority priced $350 million of series 2014 taxable revenue bonds, said a term sheet.
The deal included $40 million of 2016 bonds, $60 million of 2017 bonds and $250 million of 2019 bonds.
The 2016 bonds have a 1.194% coupon, the 2017 bonds have a 1.824% coupon and the 2019 bonds have a 2.805% coupon, all priced at par.
The bonds (A3//A) were sold through senior managers Goldman, Sachs & Co. and Stifel, Nicolaus & Co. Inc.
Proceeds will be used to finance earthquake claims.
| Issuer: | California Earthquake Authority
|
| Issue: | Series 2014 taxable revenue bonds
|
| Amount: | $350 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. and Stifel, Nicolaus & Co. Inc. (lead), Barclays, Blaylock Beal Van LLC, Drexel Hamilton LLC, Great Pacific Securities, J.P. Morgan Securities LLC, Jefferies & Co., KeyBanc Capital Markets LLC, Mischler Financial Group Inc., Prager & Co. LLC, RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Williams Capital Group LP (co-managers)
|
| Ratings: | Moody’s: A3
|
| Fitch: A
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| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 6
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $40 million | July 1, 2016 | Term | 1.194% | 100
|
| $60 million | July 1, 2017 | Term | 1.824% | 100
|
| $250 million | July 1, 2019 | Term | 2.805% | 100
|
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