Published on 10/3/2013 in the Prospect News Municipals Daily.
New Issue: California Public Works Board sells $460.42 million lease revenue bonds
By Sheri Kasprzak
New York, Oct. 3 - The California Public Works Board sold $460.42 million of series 2013 lease revenue bonds, according to a pricing sheet.
The offering included $135,995,000 of series 2013F Department of Corrections and Rehabilitation bonds (A2/A-/A-), $161,115,000 of series 2013G Department of Corrections and Rehabilitation bonds (A2/A-/A-) and $163.31 million of series 2013H California State University bonds (Aa3/A-/A-).
The 2013F bonds are due 2014 to 2029 with term bonds due in 2031 and 2033. The serial coupons range from 1% to 5.25% with 0.24% to 4.25% yields. The 2031 bonds have a 4.5% coupon priced at 99.146 to yield 4.57% and a 5.25% coupon priced at 106.424 to yield 4.44%. The 2033 bonds have a 4.625% coupon priced at 99.033 to yield 4.70% and a 5.25% coupon priced at 105.522 to yield 4.55%.
The 2013G bonds are due 2014 to 2033 with coupons from 2% to 5.25% and yields from 0.24% to 4.55%.
The 2013H bonds are due 2016 to 2033 with a term bond due in 2038. The serial coupons range from 4% to 5% and yields range from 0.74% to 4.79%.
The bonds were sold through senior managers J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc.
Proceeds will be used to finance and refinance the construction and improvement of the Calaveras Jail, the San Bernardino Jail, the Shasta Juvenile Rehabilitation Center, the Waco State Prison and California State University.
| Issuer: | California State Public Works Board
|
| Issue: | Series 2013 lease revenue bonds
|
| Amount: | $460.42 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc. (lead), Fidelity Capital Markets Inc. (co-senior manager); Academy Securities Inc., Backstrom McCarley Berry & Co. LLC, CastleOak Securities LP, Jefferies & Co., Lebenthal & Co. LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Roberts & Ryan Investments Inc. and William Blair & Co. (co-managers)
|
| Pricing date: | Oct. 2
|
| Settlement date: | Oct. 9
|
|
|
| $135,995,000 series 2013F Department of Corrections and Rehabilitation bonds (A2/A-/A-)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.5 million | 2014 | Serial | 2% | 101.571 | 0.24%
|
| $4.57 million | 2015 | Serial | 1% | 100.96 | 0.49%
|
| $4.69 million | 2016 | Serial | 4% | 109.137 | 0.80%
|
| $4.85 million | 2017 | Serial | 3% | 106.827 | 1.20%
|
| $5,025,000 | 2018 | Serial | 4% | 110.855 | 1.68%
|
| $5,235,000 | 2019 | Serial | 4% | 110.773 | 2.05%
|
| $125,000 | 2020 | Serial | 3% | 103.725 | 2.41%
|
| $5,345,000 | 2020 | Serial | 5% | 116.359 | 2.41%
|
| $300,000 | 2021 | Serial | 4% | 108.739 | 2.76%
|
| $5.45 million | 2021 | Serial | 5% | 115.789 | 2.76%
|
| $1,795,000 | 2022 | Serial | 3% | 99.688 | 3.04%
|
| $4.23 million | 2022 | Serial | 5% | 115.171 | 3.04%
|
| $1.7 million | 2023 | Serial | 4% | 106.212 | 3.26%
|
| $4,605,000 | 2023 | Serial | 5% | 114.611 | 3.26%
|
| $1,575,000 | 2024 | Serial | 3.5% | 99.817 | 3.52%
|
| $5.03 million | 2024 | Serial | 5% | 112.717 | 3.47%
|
| $335,000 | 2025 | Serial | 3.75% | 99.806 | 3.77%
|
| $6.6 million | 2025 | Serial | 5% | 110.948 | 3.67%
|
| $7,285,000 | 2026 | Serial | 5% | 109.126 | 3.88%
|
| $980,000 | 2027 | Serial | 4% | 98.945 | 4.10%
|
| $6,675,000 | 2027 | Serial | 5% | 107.762 | 4.04%
|
| $330,000 | 2028 | Serial | 4.25% | 100 | 4.25%
|
| $7.71 million | 2028 | Serial | 5% | 106.668 | 4.17%
|
| $8.46 million | 2029 | Serial | 5.25% | 108.004 | 4.25%
|
| $2.62 million | 2031 | Term | 4.5% | 99.146 | 4.57%
|
| $15,685,000 | 2031 | Term | 5.25% | 106.424 | 4.44%
|
| $1,625,000 | 2033 | Term | 4.625% | 99.033 | 4.70%
|
| $18,665,000 | 2033 | Term | 5.25% | 105.522 | 4.55%
|
|
|
| $161,115,000 series 2013G Department of Corrections and Rehabilitation bonds (A2/A-/A-)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,865,000 | 2014 | Serial | 2% | 101.571 | 0.24%
|
| $5.04 million | 2015 | Serial | 5% | 108.493 | 0.49%
|
| $5.3 million | 2016 | Serial | 5% | 111.992 | 0.80%
|
| $5.57 million | 2017 | Serial | 5% | 114.414 | 1.20%
|
| $5,855,000 | 2018 | Serial | 5% | 115.535 | 1.68%
|
| $6,155,000 | 2019 | Serial | 5% | 116.298 | 2.05%
|
| $6.47 million | 2020 | Serial | 5% | 116.359 | 2.41%
|
| $6,805,000 | 2021 | Serial | 5% | 115.789 | 2.76%
|
| $7.15 million | 2022 | Serial | 5% | 115.171 | 3.04%
|
| $7.52 million | 2023 | Serial | 5% | 114.611 | 3.26%
|
| $7,905,000 | 2024 | Serial | 5% | 112.717 | 3.47%
|
| $8.31 million | 2025 | Serial | 5% | 110.948 | 3.67%
|
| $8,735,000 | 2026 | Serial | 5% | 109.126 | 3.88%
|
| $9,185,000 | 2027 | Serial | 5% | 107.762 | 4.04%
|
| $9,655,000 | 2028 | Serial | 5% | 106.668 | 4.17%
|
| $10.16 million | 2029 | Serial | 5.25% | 108.004 | 4.25%
|
| $10.71 million | 2030 | Serial | 5.25% | 107.086 | 4.36%
|
| $23,185,000 | 2032 | Serial | 5.25% | 105.931 | 4.50%
|
| $12.54 million | 2033 | Serial | 5.25% | 105.522 | 4.55%
|
|
|
| $163.31 million series 2013H California State University bonds (Aa3/A-/A-)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.3 million | 2016 | Serial | 5% | 112.176 | 0.74%
|
| $4.13 million | 2017 | Serial | 5% | 114.909 | 1.08%
|
| $4,345,000 | 2018 | Serial | 5% | 116.148 | 1.56%
|
| $4.56 million | 2019 | Serial | 5% | 116.842 | 1.96%
|
| $4.8 million | 2020 | Serial | 5% | 117.051 | 2.31%
|
| $5,045,000 | 2021 | Serial | 5% | 116.56 | 2.66%
|
| $5.31 million | 2022 | Serial | 5% | 116.016 | 2.94%
|
| $5,575,000 | 2023 | Serial | 5% | 115.618 | 3.15%
|
| $5.86 million | 2024 | Serial | 5% | 113.704 | 3.36%
|
| $6,165,000 | 2025 | Serial | 5% | 111.917 | 3.56%
|
| $6.48 million | 2026 | Serial | 5% | 110.162 | 3.76%
|
| $6,805,000 | 2027 | Serial | 5% | 108.783 | 3.92%
|
| $2,065,000 | 2028 | Serial | 4% | 98.342 | 4.15%
|
| $5,085,000 | 2028 | Serial | 5% | 107.677 | 4.05%
|
| $7,505,000 | 2029 | Serial | 5% | 106.334 | 4.21%
|
| $1,755,000 | 2030 | Serial | 4.25% | 98.338 | 4.39%
|
| $6.13 million | 2030 | Serial | 5% | 105.259 | 4.34%
|
| $8,275,000 | 2031 | Serial | 5% | 104.603 | 4.42%
|
| $8.7 million | 2032 | Serial | 5% | 104.033 | 4.49%
|
| $805,000 | 2033 | Serial | 4.5% | 98.701 | 4.60%
|
| $8,345,000 | 2033 | Serial | 5% | 103.548 | 4.55%
|
| $53.27 million | 2038 | Term | 5% | 101.634 | 4.79%
|
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