By Sheri Kasprzak
New York, Nov. 19 - The California State Public Works Board priced $743.31 million in series 2009 lease revenue bonds on Thursday, downsized from the planned $1.34 billion, said Tom Dresslar, spokesman for the state treasurer's office.
The sale included $591.575 million in series 2009I bonds and $151.735 million in series 2009J bonds.
The 2009I bonds are due 2010 to 2024 with term bonds due 2029, 2034 and 2034. The serials have coupons from 4% to 6.25% and yields from 2.65% to 5.73%. The 2029 bonds have a 6.125% coupon to yield 6.18%, and the 2034 bonds have a 6.375% coupon priced at par. The other 2034 bonds have a 6.625%, also priced at par.
The 2009J bonds are due 2013 to 2026 and term bonds due 2029 and 2034. The serial coupons range from 4% to 5.5% and yields range from 3.19% to 5.73%. The 2029 bonds have a 6% coupon, priced at par, and the 2034 bonds have a 6% coupon, priced at 6.05%.
The bonds (Baa2/A-/BBB-) were sold on a negotiated basis with Wachovia Bank, NA as the senior manager for the 2009I bonds and Jefferies & Co. as the lead manager for the 2009J bonds.
Proceeds will be used to construct, acquire, equip and operate public buildings.
| Issuer: | California State Public Works Board
|
| Issue: | Series 2009 lease revenue bonds
|
| Amount: | $743.31 million
|
| Type: | Negotiated
|
| Underwriters: | Wachovia Bank, NA (lead for 2009I); Jefferies & Co. (lead for 2009J)
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: BBB-
|
| Pricing date: | Nov. 19
|
|
|
| Series 2009I
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 4% | NRO
|
| 2011 | Serial | 4% | NRO
|
| 2012 | Serial | 4% | 2.65%
|
| 2013 | Serial | 5% | 3.35%
|
| 2014 | Serial | 5% | 3.79%
|
| 2015 | Serial | 5% | 4.20%
|
| 2016 | Serial | 5% | 4.50%
|
| 2017 | Serial | 5% | 4.75%
|
| 2018 | Serial | 5% | 4.93%
|
| 2019 | Serial | 5% | 5.10%
|
| 2020 | Serial | 5.25% | 5.32%
|
| 2021 | Serial | 6.25% | 5.52%
|
| 2022 | Serial | 5.375% | 5.60%
|
| 2023 | Serial | 5.5% | 5.70%
|
| 2024 | Serial | 6.25% | 5.73%
|
| 2029 | Term | 6.125% | 6.18%
|
| 2034 | Term | 6.375% | 6.375%
|
| 2034 | Term | 6.625% | 6.625%
|
|
|
| Series 2009J
|
| Maturity | Type | Coupon | Yield
|
| 2013 | Serial | 4% | 3.19%
|
| 2014 | Serial | 4% | 3.64%
|
| 2015 | Serial | 4% | 4.01%
|
| 2016 | Serial | 5% | 4.29%
|
| 2017 | Serial | 5% | 4.58%
|
| 2018 | Serial | 5% | 4.83%
|
| 2019 | Serial | 5% | 4.98%
|
| 2020 | Serial | 5% | 5.13%
|
| 2021 | Serial | 5.25% | 5.27%
|
| 2022 | Serial | 5.25% | 5.32%
|
| 2023 | Serial | 5.375% | 5.40%
|
| 2024 | Serial | 5.375% | 5.45%
|
| 2025 | Serial | 5.5% | 5.54%
|
| 2026 | Serial | 5.5% | 5.60%
|
| 2029 | Term | 6% | 6.00%
|
| 2034 | Term | 6% | 6.05%
|
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