Published on 8/21/2014 in the Prospect News Municipals Daily.
New Issue: California Statewide Communities sells $115.6 million of revenue bonds
By Sheri Kasprzak
New York, Aug. 21 – The California Statewide Communities Development Authority sold $115,605,000 of series 2014 senior living health facility revenue bonds for the Los Angeles Jewish Home for the Aging – Fountainview at Gonda, according to a pricing sheet.
The deal included $33,735,000 of series 2014A bonds, $43 million of series 2014B bonds and $38.87 million of series 2014C bonds.
The 2014A bonds are due 2019 to 2029 with term bonds due in 2034 and 2044. The serial coupons range from 3% to 5% with 1.47% to 3.3% yields. The 2034 bonds have a 5% coupon priced at 111.674 to yield 3.52%, and the 2044 bonds have a 5% coupon priced at 110.136 to yield 3.73%.
The 2014B bonds are due Aug. 1, 2021 and have a 3% coupon priced at 102.701 to yield 1.73%.
The 2014C bonds are due Aug. 1, 2020 and have a 2.5% coupon priced at 102.502 to yield 1.33%.
The bonds (/A/) were sold through Cain Brothers.
Proceeds will be used to construct and develop a new assisted living facility in Playa Vista on 2.5 acres – the Fountainview at Gonda Westside.
| Issuer: | California Statewide Communities Development Authority/Los Angeles Jewish Home for the Aging – Fountainview at Gonda
|
| Issue: | Series 2014 senior living health facility revenue bonds
|
| Amount: | $115,605,000
|
| Type: | Negotiated
|
| Underwriter: | Cain Brothers Inc.
|
| Rating: | Standard & Poor’s: A
|
| Pricing date: | Aug. 20
|
| Settlement date: | Aug. 27
|
|
|
| $33,735,000 series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $100,000 | 2019 | Serial | 3% | 107.246 | 1.47%
|
| $150,000 | 2020 | Serial | 3% | 106.485 | 1.84%
|
| $250,000 | 2021 | Serial | 5% | 118.463 | 2.12%
|
| $820,000 | 2022 | Serial | 4% | 111.716 | 2.37%
|
| $850,000 | 2023 | Serial | 4% | 111.341 | 2.57%
|
| $885,000 | 2024 | Serial | 5% | 117.773 | 2.72%
|
| $930,000 | 2025 | Serial | 5% | 116.678 | 2.86%
|
| $975,000 | 2026 | Serial | 5% | 115.518 | 3.01%
|
| $1,025,000 | 2027 | Serial | 5% | 114.676 | 3.12%
|
| $1,075,000 | 2028 | Serial | 5% | 114.068 | 3.20%
|
| $1.13 million | 2029 | Serial | 5% | 113.314 | 3.30%
|
| $6,545,000 | 2034 | Term | 5% | 111.674 | 3.52%
|
| $19 million | 2044 | Term | 5% | 110.136 | 3.73%
|
|
|
| $43 million series 2014B bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Aug. 1, 2021 | Term | 3% | 102.701 | 1.73%
|
|
|
| $38.87 million series 2014C bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Aug. 1, 2020 | Term | 2.5% | 102.502 | 1.33%
|
|
|
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