By Sheri Kasprzak
New York, Nov. 12 – The California State Public Works Board sold $223,155,000 of series 2015H Department of Corrections and Rehabilitation lease revenue bonds for the Corcoran State Prison, according to a pricing sheet.
The bonds (A1/A+/A) were sold competitively with Morgan Stanley & Co. LLC wining the bid at a 3.16% true interest cost.
The bonds are due 2016 to 2035 with 3% to 5% coupons and yields from 0.43% to 3.606%.
Proceeds will be used to finance capital improvements at Corcoran State Prison.
Issuer: | California State Public Works Board/Corcoran State Prison
|
Issue: | Series 2015H Department of Corrections and Rehabilitation lease revenue bonds
|
Amount: | $223,155,000
|
Type: | Competitive
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Underwriter: | Morgan Stanley & Co. LLC (winner)
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True interest cost: | 3.16%
|
Ratings: | Moody’s: A1
|
| Standard & Poor’s: A+
|
| Fitch: A
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Pricing date: | Nov. 12
|
Settlement date: | Nov. 19
|
|
Maturity | Type | Coupon | Price | Yield
|
2016 | Serial | 5% | 104.706 | 0.43%
|
2017 | Serial | 5% | 108.453 | 0.80%
|
2018 | Serial | 5% | 111.921 | 1.00%
|
2019 | Serial | 5% | 114.704 | 1.25%
|
2020 | Serial | 5% | 116.906 | 1.50%
|
2021 | Serial | 5% | 118.531 | 1.75%
|
2022 | Serial | 5% | 119.591 | 2.00%
|
2023 | Serial | 5% | 120.106 | 2.25%
|
2024 | Serial | 5% | 121.001 | 2.40%
|
2025 | Serial | 5% | 121.666 | 2.54%
|
2026 | Serial | 5% | 120.193 | 2.69%
|
2027 | Serial | 5% | 119.127 | 2.80%
|
2028 | Serial | 3% | 99.5 | 3.047%
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2029 | Serial | 3% | 98 | 3.178%
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2030 | Serial | 3.25% | 99 | 3.335%
|
2031 | Serial | 4% | 105.499 | 3.35%
|
2032 | Serial | 3.375% | 98.25 | 3.512%
|
2033 | Serial | 4% | 104.284 | 3.49%
|
2034 | Serial | 4% | 103.855 | 3.54%
|
2035 | Serial | 3.5% | 98.5 | 3.606%
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