By Sheri Kasprzak
New York, Oct. 13 - The California State Public Works Board sold Thursday $490.385 million of series 2011 tax-exempt lease revenue bonds in three tranches, said a pricing sheet.
The bonds were sold through Citigroup Global Markets Inc. The co-managers were Ramirez & Co. Inc.; Siebert Brandford Shank & Co. LLC; Alamo Capital; Backstrom McCarley Berry & Co. LLC; Blaylock Robert Van LLC; City National Securities Inc.; Jackson Securities LLC; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; Piper Jaffray & Co.; Prager, Sealy & Co. LLC; RBC Capital Markets LLC; RH Investment Corp.; Rice Financial Products Co.; Sutter Securities Inc.; and William Blair & Co. LLC.
The deal included $237.665 million of series 2011A various capital projects bonds (A2/BBB+/BBB+), $100.895 million of series 2011B California State University bonds (Aa3/BBB+/BBB+) and $151.825 million of series 2011C Department of Corrections and Rehabilitation bonds (A2/BBB+/BBB+).
The 2011A bonds are due 2013 to 2029 with a term bond due in 2031. The serial coupons range from 3% to 5.25%. The yields range from 1.25% to 5.22%. The 2031 bonds have a 5.125% coupon and priced at 97.377 to yield 5.34%.
The 2011B bonds are due 2014 to 2031 with coupons from 3% to 5.25% and yields from 1.45% to 5.17%.
The 2011C bonds are due 2012 to 2028 with a term bond due in 2031. The serial coupons range from 3% to 5.25%. Yields range from 1.25% to 5.16%. The 2031 bonds have a 5.75% coupon and priced at 103.911 to yield 5.24%.
Proceeds from the sale will be used to finance 10 construction projects, including five prison projects in San Luis Obispo, Vacaville, Sacramento, Corcoran and Stockton; two courthouses in Hollister and San Andreas; two California State University projects at San Diego and Stanislaus; and a Department of Development Services project at Porterville.
| Issuer: | California State Public Works Board
|
| Issue: | Series 2011 tax-exempt lease revenue bonds
|
| Amount: | $490.385 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); Ramirez & Co. Inc.; Siebert Brandford Shank & Co. LLC; Alamo Capital; Backstrom McCarley Berry & Co. LLC; Blaylock Robert Van LLC; City National Securities Inc.; Jackson Securities LLC; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; Piper Jaffray & Co.; Prager, Sealy & Co. LLC; RBC Capital Markets lLC; RH Investment Corp.; Rice Financial Products Co.; Sutter Securities Inc.; and William Blair & Co. LLC (co-managers)
|
| Pricing date: | Oct. 13
|
| Settlement date: | Oct. 20
|
| Ratings: | Moody's: A2 for 2011A and 2011C bonds, Aa3 for 2011B bonds
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
|
|
| $237.665 million series 2011A various capital projects bonds
|
| Amount | Maturity | Type | Coupon | Yield | Price
|
| $3.18 million | 2013 | Serial | 3% | 1.25% | 103.355
|
| $8.375 million | 2014 | Serial | 4% | 1.75% | 106.434
|
| $8.71 million | 2015 | Serial | 4% | 2.22% | 106.690
|
| $9.07 million | 2016 | Serial | 4% | 2.72% | 105.886
|
| $9.49 million | 2017 | Serial | 5% | 3.13% | 110.074
|
| $9.975 million | 2018 | Serial | 5% | 3.51% | 109.113
|
| $10.495 million | 2019 | Serial | 5% | 3.84% | 107.878
|
| $11.025 million | 2020 | Serial | 5% | 4.17% | 106.143
|
| $11.59 million | 2021 | Serial | 5% | 4.30% | 105.614
|
| $12.195 million | 2022 | Serial | 5.25% | 4.49% | 106.040
|
| $12.865 million | 2023 | Serial | 5.25% | 4.67% | 104.570
|
| $13.555 million | 2024 | Serial | 5.25% | 4.78% | 103.683
|
| $14.28 million | 2025 | Serial | 5.25% | 4.89% | 102.806
|
| $1.3 million | 2026 | Serial | 5% | 5.00% | 100
|
| $13.755 million | 2026 | Serial | 5.25% | 5.00% | 101.937
|
| $15.84 million | 2027 | Serial | 5% | 5.10% | 98.914
|
| $16.655 million | 2028 | Serial | 5% | 5.16% | 98.203
|
| $17.505 million | 2029 | Serial | 5% | 5.22% | 97.453
|
| $37.805 million | 2031 | Term | 5.125% | 5.34% | 97.377
|
|
|
| $100.895 million series 2011B California State University bonds
|
| Amount | Maturity | Type | Coupon | Yield | Price
|
| $875,000 | 2014 | Serial | 3% | 1.45% | 104.455
|
| $3.935 million | 2015 | Serial | 4% | 2.03% | 107.435
|
| $4.095 million | 2016 | Serial | 5% | 2.56% | 106.650
|
| $4.285 million | 2017 | Serial | 5% | 2.94% | 111.163
|
| $1.755 million | 2018 | Serial | 4% | 3.36% | 103.934
|
| $2.74 million | 2018 | Serial | 5% | 3.36% | 110.084
|
| $4.72 million | 2019 | Serial | 5% | 3.72% | 108.734
|
| $4.935 million | 2020 | Serial | 4% | 4.03% | 99.774
|
| $5.135 million | 2021 | Serial | 4% | 4.15% | 98.785
|
| $5.375 million | 2022 | Serial | 5% | 4.34% | 105.283
|
| $5.65 million | 2023 | Serial | 5% | 4.52% | 103.808
|
| $5.945 million | 2024 | Serial | 5.25% | 4.66% | 104.651
|
| $6.265 million | 2025 | Serial | 5.25% | 4.77% | 103.763
|
| $445,000 | 2026 | Serial | 4.75% | 4.87% | 98.733
|
| $6.155 million | 2026 | Serial | 5.25% | 4.87% | 102.964
|
| $6.96 million | 2027 | Serial | 5.25% | 4.95% | 102.331
|
| $7.325 million | 2028 | Serial | 5% | 5.07% | 99.207
|
| $7.7 million | 2029 | Serial | 5% | 5.10% | 98.830
|
| $8.09 million | 2030 | Serial | 5% | 5.15% | 98.195
|
| $8.51 million | 2031 | Serial | 5% | 5.17% | 97.896
|
|
|
| $151.825 million series 2011C Department of Corrections and Rehabilitation bonds
|
| Amount | Maturity | Type | Coupon | Yield | Price
|
| $4.79 million | 2012 | Serial | Sealed bid | Sealed bid | Sealed bid
|
| $4.91 million | 2013 | Serial | 3% | 1.25% | 103.355
|
| $5.085 million | 2014 | Serial | 4% | 1.75% | 106.434
|
| $5.295 million | 2015 | Serial | 4% | 2.22% | 106.690
|
| $5.54 million | 2016 | Serial | 5% | 2.72% | 110.485
|
| $5.82 million | 2017 | Serial | 5% | 3.13% | 110.074
|
| $2.51 million | 2018 | Serial | 4% | 3.51% | 102.996
|
| $3.595 million | 2018 | Serial | 5% | 3.51% | 109.113
|
| $6.405 million | 2019 | Serial | 5% | 3.84% | 107.878
|
| $6.7 million | 2020 | Serial | 4% | 4.17% | 98.739
|
| $7.01 million | 2021 | Serial | 5% | 4.30% | 105.614
|
| $2.205 million | 2022 | Serial | 4.25% | 4.49% | 97.940
|
| $5.165 million | 2022 | Serial | 5.25% | 4.49% | 106.040
|
| $7.755 million | 2023 | Serial | 5.25% | 4.67% | 104.570
|
| $8.17 million | 2024 | Serial | 5.25% | 4.78% | 103.683
|
| $8.615 million | 2025 | Serial | 5.25% | 4.89% | 102.806
|
| $9.065 million | 2026 | Serial | 5% | 5.00% | 100
|
| $9.53 million | 2027 | Serial | 5% | 5.10% | 98.914
|
| $10.02 million | 2028 | Serial | 5% | 5.16% | 98.203
|
| $33.64 million | 2031 | Term | 5.75% | 5.24% | 103.911
|
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