Published on 3/21/2013 in the Prospect News Municipals Daily.
New Issue: California Public Works brings $357.47 million of lease revenue bonds
By Sheri Kasprzak
New York, March 21 - The California Public Works Board priced $357,465,000 of series 2013 lease revenue bonds, according to a pricing sheet.
The deal included $342.36 million of series 2013A Judicial Council of California lease revenue bonds and $15,105,000 of series 2013B Stanislaus juvenile facility lease revenue bonds.
The 2013A bonds are due 2017 to 2034 with a term bond due in 2038. The serial coupons range from 3% to 5%. The 2038 bonds have a 5% coupon priced at 108.122.
The 2013B bonds are due 2014 to 2028 with coupons from 2% to 5%.
The bonds (A2/A-/AA) were sold on a negotiated basis with Barclays as the senior manager.
Proceeds will be used to finance the rehabilitation of court and juvenile facilities within the state.
Issuer: | California Public Works Board
|
Issue: | Series 2013 lease revenue bonds
|
Amount: | $357,465,000
|
Type: | Negotiated
|
Underwriters: | Barclays (lead)
|
Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
Fitch: AA
|
Pricing date: | March 20
|
Settlement date: | March 28
|
|
$342.36 million series 2013A Judicial Council of California lease revenue bonds
|
Amount | Maturity | Type | Coupon | Price
|
$9,525,000 | 2017 | Serial | 3% | 107.638
|
$9.81 million | 2018 | Serial | 3% | 107.687
|
$10.11 million | 2019 | Serial | 4% | 113.151
|
$10.51 million | 2020 | Serial | 5% | 119.594
|
$5,675,000 | 2021 | Serial | 3% | 104.969
|
$5.36 million | 2021 | Serial | 4% | 112.173
|
$11.42 million | 2022 | Serial | 4% | 111.507
|
$11,875,000 | 2023 | Serial | 5% | 119.713
|
$12,475,000 | 2024 | Serial | 5% | 117.243
|
$13,095,000 | 2025 | Serial | 5% | 115.384
|
$13.75 million | 2026 | Serial | 5% | 113.741
|
$14.44 million | 2027 | Serial | 5% | 112.751
|
$15.16 million | 2028 | Serial | 5% | 111.859
|
$15,915,000 | 2029 | Serial | 5% | 110.889
|
$8,985,000 | 2030 | Serial | 4% | 99.753
|
$7.73 million | 2030 | Serial | 5% | 110.276
|
$17.46 million | 2031 | Serial | 5% | 110.015
|
$18.33 million | 2032 | Serial | 5% | 109.668
|
$4,025,000 | 2033 | Serial | 4.125% | 100
|
$15.22 million | 2033 | Serial | 5% | 109.409
|
$20.18 million | 2034 | Serial | 5% | 108.978
|
$91.31 million | 2038 | Term | 5% | 108.122
|
|
$15,105,000 series 2013B Stanislaus juvenile facility lease revenue bonds
|
Amount | Maturity | Type | Coupon | Price
|
$835,000 | 2014 | Serial | 3% | 102.397
|
$50,000 | 2015 | Serial | 2% | 102.753
|
$775,000 | 2015 | Serial | 3% | 104.665
|
$850,000 | 2016 | Serial | 2% | 103.432
|
$865,000 | 2017 | Serial | 3% | 107.638
|
$890,000 | 2018 | Serial | 3% | 107.687
|
$150,000 | 2019 | Serial | 3% | 107.531
|
$770,000 | 2019 | Serial | 4% | 113.151
|
$350,000 | 2020 | Serial | 3% | 106.703
|
$605,000 | 2020 | Serial | 4% | 113.148
|
$990,000 | 2021 | Serial | 3% | 104.969
|
$500,000 | 2022 | Serial | 3.25% | 105.554
|
$520,000 | 2022 | Serial | 4% | 111.507
|
$1,055,000 | 2023 | Serial | 5% | 119.713
|
$1,105,000 | 2024 | Serial | 3% | 98.803
|
$1.14 million | 2025 | Serial | 3.25% | 98.634
|
$1,175,000 | 2026 | Serial | 3.5% | 98.463
|
$1.22 million | 2027 | Serial | 3.625% | 97.907
|
$1.26 million | 2028 | Serial | 3.75% | 98.201
|
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