By Sheri Kasprzak
New York, Sept. 11 - The California Statewide Communities Development Authority priced $71,035,000 of series 2012 revenue bonds on Tuesday for the Terraces at San Joaquin Gardens, according to a term sheet.
The deal included $47,685,000 of series 2012A bonds, $9,475,000 of series 2012B-1 tax-exempt mandatory paydown securities and $13,875,000 of series 2012B-2 tax-exempt mandatory paydown securities.
The 2012A bonds are due 2022, 2032, 2042 and 2047. The 2022 bonds have a 5% coupon priced at 101.973, and the 2032 bonds have a 5.625% coupon priced at par. The 2042 bonds have a 6% coupon priced at 101.882, and the 2047 bonds have a 6% coupon priced at 100.935.
The 2012B-1 bonds are due Oct. 1, 2019 and have a 4.75% coupon priced at par.
The 2012B-2 bonds are due Oct. 1, 2018 and have a 4% coupon priced at par.
The bonds were sold through senior manager Ziegler Capital Markets LLC.
Proceeds will be loaned to the Terraces at San Joaquin Gardens to reimburse the corporation for the construction, acquisition, equipment and renovation of senior living communities in Fresno, Calif.
| Issuer: | California Statewide Communities Development Authority/Terraces at San Joaquin Gardens
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $71,035,000
|
| Type: | Negotiated
|
| Underwriter: | Ziegler Capital Markets LLC
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 26
|
|
|
| $47,685,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.15 million | 2022 | Term | 5% | 101.973
|
| $10,605,000 | 2032 | Term | 5.625% | 100
|
| $18,645,000 | 2042 | Term | 6% | 101.882
|
| $14,285,000 | 2047 | Term | 6% | 100.935
|
|
|
| $9,475,000 series 2012B-1 tax-exempt mandatory paydown securities
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2019 | Term | 4.75% | 100
|
|
|
| $13,875,000 series 2012B-2 tax-exempt mandatory paydown securities
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2018 | Term | 4% | 100
|
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