By Sheri Kasprzak
New York, June 3 - The Community Redevelopment Agency of the City of Compton, Calif., sold $100.725 million in series 2010 second-lien tax allocation bonds (/A-/), according to a term sheet.
The deal included $31.13 million in series 2010A housing bonds, $51.335 million in series 2010B bonds and $18.26 million in series 2010C taxable bonds.
Grigsby & Associates Inc. was the senior manager.
The 2010A bonds are due 2011 to 2022 with term bonds due 2025, 2030 and 2042 with coupons from 3% to 5%. The 2025 bonds have a 5% coupon, priced at 96.391. The 2030 bonds have a 5.5% coupon, priced at 97.614. The 2042 bonds have a 6% coupon, priced at 98.588.
The 2010B bonds are due 2025 to 2026 with term bonds due 2030, 2035 and 2042. The serial bonds have coupons from 5% to 5.75%. The 2030 bonds have a 5.7% coupon, priced at par. The 2035 bonds have a 6% coupon, also priced at par. The 2042 bonds have a 6% coupon, priced at 98.588.
The 2010C bonds are due 2020 and 2024. The 2020 bonds have a 7.29% coupon, priced at par. The 2024 bonds have a 7.74%, priced at par.
Proceeds will be used to fund low- to moderate-income housing redevelopment activities, as well as to finance tax-sharing obligations payable to Compton Unified School District.
The agency provides financing for city redevelopment activities.
| Issuer: | Community Redevelopment Agency of the City of Compton, Calif.
|
| Issue: | Series 2010 second-lien tax allocation bonds
|
| Amount: | $100.725 million
|
| Type: | Negotiated
|
| Underwriter: | Grigsby & Associates Inc. (lead)
|
| Rating: | Standard & Poor's: A-
|
| Pricing date: | June 3
|
| Settlement date: | June 9
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 3% | 101.374
|
| 2012 | Serial | 3% | 101.035
|
| 2013 | Serial | 3% | 100
|
| 2014 | Serial | 3.5% | 100.959
|
| 2015 | Serial | 4% | 101.859
|
| 2016 | Serial | 4% | 98.922
|
| 2017 | Serial | 4.25% | 98.482
|
| 2018 | Serial | 4.5% | 98.322
|
| 2019 | Serial | 4.75% | 98.537
|
| 2020 | Serial | 5% | 99.6
|
| 2025 | Term | 5% | 96.391
|
| 2030 | Term | 5.5% | 97.614
|
| 2042 | Term | 6% | 98.588
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2025 | Serial | 5% | 96.391
|
| 2026 | Serial | 5.75% | 103.731
|
| 2030 | Term | 5.7% | 100
|
| 2035 | Term | 6% | 100
|
| 2042 | Term | 6% | 98.588
|
|
|
| Series 2010C
|
| Maturity | Type | Coupon | Price
|
| 2020 | Term | 7.29% | 100
|
| 2024 | Term | 7.74% | 100
|
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