Published on 10/16/2013 in the Prospect News Municipals Daily.
New Issue: California Infrastructure brings to market $191.82 million revenue debt
By Sheri Kasprzak
New York, Oct. 16 - The California Infrastructure and Economic Development Bank sold $191.82 million of series 2013 refunding revenue bonds for the California Independent System Operator Corp., according to a pricing sheet.
The bonds (A1/A/AA-) were sold through senior managers RBC Capital Markets LLC and Citigroup Global Markets Inc.
The bonds are due 2015 to 2030 with term bonds due in 2034 and 2039. The serial coupons range from 1% to 5.25% with 0.28% to 4.35% yields. The 2034 bonds have a 5% coupon to yield 4.66%, and the 2039 bonds have a 5% coupon to yield 4.9%.
Proceeds will be used to advance refund the development bank's series 2009A revenue bonds.
| Issuer: | California Infrastructure and Economic Development Bank/California Independent System Operator Corp. project
|
| Issue: | Series 2013 refunding revenue bonds
|
| Amount: | $191.82 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC and Citigroup Global Markets Inc. (lead)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Fitch: AA-
|
| Pricing date: | Oct. 10
|
| Settlement date: | Nov. 14
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $4,415,000 | 2015 | Serial | 2% | 0.28%
|
| $650,000 | 2016 | Serial | 1% | 0.53%
|
| $3.85 million | 2016 | Serial | 3% | 0.53%
|
| $2.2 million | 2017 | Serial | 2% | 0.86%
|
| $2,425,000 | 2017 | Serial | 4% | 0.86%
|
| $1,325,000 | 2018 | Serial | 2% | 1.29%
|
| $3.44 million | 2018 | Serial | 5% | 1.29%
|
| $1,645,000 | 2019 | Serial | 2% | 1.69%
|
| $3,325,000 | 2019 | Serial | 5% | 1.69%
|
| $1.45 million | 2020 | Serial | 3% | 2.08%
|
| $3,715,000 | 2020 | Serial | 5% | 2.08%
|
| $2.5 million | 2021 | Serial | 4% | 2.46%
|
| $2,895,000 | 2021 | Serial | 5% | 2.46%
|
| $1.75 million | 2022 | Serial | 3% | 2.78%
|
| $3.89 million | 2022 | Serial | 5% | 2.78%
|
| $5,885,000 | 2023 | Serial | 5% | 3.02%
|
| $6.18 million | 2024 | Serial | 5% | 3.3%
|
| $6.49 million | 2025 | Serial | 5% | 3.5%
|
| $6.81 million | 2026 | Serial | 5% | 3.71%
|
| $7,155,000 | 2027 | Serial | 5% | 3.95%
|
| $7.51 million | 2028 | Serial | 5.25% | 4.05%
|
| $7.91 million | 2029 | Serial | 5% | 4.23%
|
| $8.3 million | 2030 | Serial | 5% | 4.35%
|
| $37.57 million | 2034 | Term | 5% | 4.66%
|
| $58,535,000 | 2039 | Term | 5% | 4.9%
|
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