Published on 11/15/2013 in the Prospect News Municipals Daily.
New Issue: California State Public Works sells $631.54 million lease revenue debt
By Sheri Kasprzak
New York, Nov. 15 - The California State Public Works Board priced $631,535,000 of series 2013I lease revenue bonds, according to a pricing sheet.
The bonds (A2/A-/A-) were sold through RBC Capital Markets LLC and Goldman Sachs & Co. with Blaylock Robert Van LLC as the co-senior manager.
The bonds are due 2016 to 2033 with a term bond due in 2038. The serial coupons range from 3% to 5.5% with 0.76% to 4.87% yields. The 2038 bonds have a 5% coupon priced at 98.733 to yield 5.09%.
Proceeds will be used to finance a new animal health and food safety laboratory and the construction of a new courthouse in San Diego.
| Issuer: | California State Public Works Board
|
| Issue: | Series 2013I lease revenue bonds
|
| Amount: | $631,535,000
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC and Goldman Sachs & Co. (joint bookrunners); Blaylock Robert Van LLC (co-senior manager); Brandis Tallman LLC, City National Securities Inc., Comerica Securities, Edward D. Jones & Co. LP, Estrada Hinojosa & Co. Inc., Great Pacific Securities, BofA Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc., Siebert Brandford Shank & Co. LLC, Stifel, Nicolaus & Co. LLC, Westhoff, Cone & Holmstedt and Wulff Hansen & Co. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 20
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,205,000 | 2016 | Serial | 4% | 109.424 | 0.76%
|
| $4,025,000 | 2017 | Serial | 4% | 111.458 | 1.03%
|
| $12,325,000 | 2017 | Serial | 5% | 115.316 | 1.03%
|
| $1,995,000 | 2018 | Serial | 3% | 106.977 | 1.53%
|
| $5 million | 2018 | Serial | 4% | 111.724 | 1.53%
|
| $10,125,000 | 2018 | Serial | 5% | 116.471 | 1.53%
|
| $5.01 million | 2019 | Serial | 4% | 110.983 | 2.03%
|
| $12,915,000 | 2019 | Serial | 5% | 116.558 | 2.03%
|
| $1.83 million | 2020 | Serial | 3% | 103.04 | 2.52%
|
| $1,775,000 | 2020 | Serial | 4% | 109.377 | 2.52%
|
| $15,185,000 | 2020 | Serial | 5% | 115.713 | 2.52%
|
| $9 million | 2021 | Serial | 4% | 107.756 | 2.90%
|
| $10.68 million | 2021 | Serial | 5% | 114.808 | 2.90%
|
| $5.32 million | 2022 | Serial | 3.125% | 99.188 | 3.23%
|
| $2.26 million | 2022 | Serial | 4% | 105.94 | 3.23%
|
| $13,005,000 | 2022 | Serial | 5% | 113.656 | 3.23%
|
| $2.94 million | 2023 | Serial | 4% | 104.682 | 3.44%
|
| $18.62 million | 2023 | Serial | 5% | 113.045 | 3.44%
|
| $1.07 million | 2024 | Serial | 4% | 102.811 | 3.66%
|
| $21.58 million | 2024 | Serial | 5% | 111.086 | 3.66%
|
| $320,000 | 2025 | Serial | 4% | 100.569 | 3.93%
|
| $23.48 million | 2025 | Serial | 5% | 109.167 | 3.88%
|
| $8,105,000 | 2026 | Serial | 4% | 98.704 | 4.13%
|
| $16.87 million | 2026 | Serial | 5% | 107.458 | 4.08%
|
| $26.25 million | 2027 | Serial | 5.25% | 108.209 | 4.23%
|
| $27,665,000 | 2028 | Serial | 5.25% | 107.035 | 4.37%
|
| $3.72 million | 2029 | Serial | 4.5% | 98.987 | 4.59%
|
| $25.39 million | 2029 | Serial | 5% | 103.646 | 4.54%
|
| $30.67 million | 2030 | Serial | 5.5% | 108.279 | 4.46%
|
| $32.41 million | 2031 | Serial | 5.5% | 107.613 | 4.54%
|
| $3.82 million | 2032 | Serial | 4.75% | 98.523 | 4.87%
|
| $30,365,000 | 2032 | Serial | 5.25% | 103.763 | 4.77%
|
| $36,065,000 | 2033 | Serial | 5.5% | 106.459 | 4.68%
|
| $210.54 million 2038 | Term | 5% | 98.733 | 5.09%
|
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