By Sheri Kasprzak
New York, April 9 - The California State Public Works Board completed its sale of $435.145 million in series 2009 lease revenue bonds Thursday, said Tom Dresslar, spokesman for the state treasurer's office.
The sale included $182.86 million in series 2009A Department of General Services bonds, $107.715 million in series 2009B in Department of Education bonds, $90.295 million in series 2009C Department of Development bonds and $54.275 million in series 2009D Trustees of California State University bonds.
The 2009A bonds (A3/A-/A-) are due 2010 to 2029 with a term bond due 2034. The yields range from 1.9% to 6.35% and the 2034 bonds have a 6.43% yield.
The 2009B bonds are due 2010 to 2029 with a term bond due 2034. The serials have yields from 1.9% to 6.35% and the 2034 bonds have a 6.4% yield.
The 2009C bonds are due 2010 to 2027 with term bonds due 2029 and 2034. The serials have yields from 1.9% to 6.2%. The 2029 bonds have a 6.23% and the 2034 bonds have a 6.43% yield.
The 2009D bonds are due 2010 to 2029 with yields from 1.82% to 6.3%. The 2034 bonds have a 6.4% yield.
Ramirez & Co. Inc. was the lead manager. The co-managers were Barclays Capital Corp.; Edward D. Jones & Co.; Great Pacific Securities Inc.; Morgan Stanley & Co. Inc.; Rice Financial Products Co. Inc.; Southwest Securities Inc.; Stone & Youngberg LLC; Toussaint Capital Partners; and Wedbush Morgan Securities Inc.
Proceeds will be used for improvements at the various departments for which the bonds were issued.
| Issuer: | California State Public Works Board
|
| Issue: | Series 2009 lease revenue bonds
|
| Amount: | $435.145 million
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. (lead); Barclays Capital Corp.; Edward D. Jones & Co.; Great Pacific Securities Inc.; Morgan Stanley & Co. Inc.; Rice Financial Products Co. Inc.; Southwest Securities Inc.; Stone & Youngberg LLC; Toussaint Capital Partners; and Wedbush Morgan Securities Inc. (co-managers)
|
| Ratings: | Moody's: A3 (for 2009A, 2009B and 2009C); A1 (for 2009D)
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | April 9
|
|
|
| Series 2009A Department of General Services
|
| Maturity | Type | Yield
|
| 2010 | Serial | 1.90%
|
| 2011 | Serial | 2.66%
|
| 2012 | Serial | 3.02%
|
| 2013 | Serial | 3.50%
|
| 2014 | Serial | 4.00%
|
| 2015 | Serial | 4.25%
|
| 2016 | Serial | 4.60%
|
| 2017 | Serial | 4.85%
|
| 2018 | Serial | 5.05%
|
| 2019 | Serial | 5.25%
|
| 2020 | Serial | 5.45%
|
| 2021 | Serial | 5.60%
|
| 2022 | Serial | 5.75%
|
| 2023 | Serial | 5.85%
|
| 2024 | Serial | 6.00%
|
| 2025 | Serial | 6.14%
|
| 2026 | Serial | 6.17%
|
| 2027 | Serial | 6.20%
|
| 2028 | Serial | 6.30%
|
| 2029 | Serial | 6.35%
|
| 2034 | Term | 6.43%
|
|
|
| Series 2009B Department of Education
|
| Maturity | Type | Yield
|
| 2010 | Serial | 1.90%
|
| 2011 | Serial | 2.66%
|
| 2012 | Serial | 3.02%
|
| 2013 | Serial | 3.50%
|
| 2014 | Serial | 4.00%
|
| 2015 | Serial | 4.25%
|
| 2016 | Serial | 4.60%
|
| 2017 | Serial | 4.85%
|
| 2018 | Serial | 5.05%
|
| 2019 | Serial | 5.25%
|
| 2020 | Serial | 5.45%
|
| 2021 | Serial | 5.60%
|
| 2022 | Serial | 5.75%
|
| 2023 | Serial | 5.85%
|
| 2024 | Serial | 6.00%
|
| 2025 | Serial | 6.14%
|
| 2026 | Serial | 6.17%
|
| 2027 | Serial | 6.20%
|
| 2028 | Serial | 6.30%
|
| 2029 | Serial | 6.35%
|
| 2034 | Term | 6.40%
|
|
|
| Series 2009C Department of Developmental Services
|
| Maturity | Type | Yield
|
| 2010 | Serial | 1.90%
|
| 2011 | Serial | 2.66%
|
| 2012 | Serial | 3.02%
|
| 2013 | Serial | 3.50%
|
| 2014 | Serial | 4.00%
|
| 2015 | Serial | 4.25%
|
| 2016 | Serial | 4.60%
|
| 2017 | Serial | 4.85%
|
| 2018 | Serial | 5.05%
|
| 2019 | Serial | 5.25%
|
| 2020 | Serial | 5.45%
|
| 2021 | Serial | 5.60%
|
| 2022 | Serial | 5.75%
|
| 2023 | Serial | 5.85%
|
| 2024 | Serial | 6.00%
|
| 2025 | Serial | 6.14%
|
| 2026 | Serial | 6.17%
|
| 2027 | Serial | 6.20%
|
| 2029 | Term | 6.23%
|
| 2034 | Term | 6.43%
|
|
|
| Series 2009D Trustees of California State University
|
| Maturity | Type | Yield
|
| 2010 | Serial | 1.82%
|
| 2011 | Serial | 2.61%
|
| 2012 | Serial | 2.97%
|
| 2013 | Serial | 3.45%
|
| 2014 | Serial | 3.95%
|
| 2015 | Serial | 4.20%
|
| 2016 | Serial | 4.55%
|
| 2017 | Serial | 4.80%
|
| 2018 | Serial | 5.00%
|
| 2019 | Serial | 5.20%
|
| 2020 | Serial | 5.40%
|
| 2021 | Serial | 5.55%
|
| 2022 | Serial | 5.70%
|
| 2023 | Serial | 5.80%
|
| 2024 | Serial | 5.95%
|
| 2025 | Serial | 6.09%
|
| 2026 | Serial | 6.12%
|
| 2027 | Serial | 6.15%
|
| 2028 | Serial | 6.24%
|
| 2029 | Serial | 6.30%
|
| 2034 | Serial | 6.40%
|
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