By Sheri Kasprzak
New York, June 23 - The State of California sold $157.705 million in series 2010C veterans general obligation bonds on Wednesday, according to a term sheet.
The bonds (A1) were sold competitively.
Citigroup Global Markets Inc. took the series 2010CF and series 2010CH bonds. Goldman, Sachs & Co. won the series 2010CG bonds.
The true interest cost for the 2010CF bonds came at 2.788502%, and the TIC for the 2010CG bonds came in at 2.439233%. The TIC for the 2010CH bonds came in at 2.696335%, said Tom Dresslar, spokesman for the state treasurer's office.
The sale included $83.975 million in series 2010CF non-AMT bonds, $25 million in series 2010CG non-AMT bonds and $48.73 million in series 2010CH AMT bonds.
The 2010CF bonds are due 2011 to 2017 with coupons and yields from 0.7% to 3.125%. The 2010CG bonds are due 2011 to 2018 with 0.8% to 3.9% coupons and yields. The 2010CH bonds are due 2012 to 2015 with coupons and yields from 1.8% to 3.2%.
All of the bonds priced at par.
Proceeds will be used to purchase residential property for veterans, as well as to refund debt.
Issuer: | State of California
|
Issue: | Series 2010C veterans general obligation bonds
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Amount: | $157.705 million
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Type: | Competitive
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Underwriters: | Citigroup Global Markets Inc. (winner for 2010CF and 2010CH bonds); Goldman, Sachs & Co. (winner for 2010CG bonds)
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True interest costs: | 2.788502% (for 2010CF); 2.439233% (for 2010CG); 2.696335% (for 2010CH)
|
Rating: | Moody's: A1
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Pricing date: | June 23
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Series 2010CF
|
Maturity | Type | Coupon | Price
|
2011 | Serial | 0.7% | 100
|
2012 | Serial | 1.3% | 100
|
2013 | Serial | 2.25% | 100
|
2014 | Serial | 2.625% | 100
|
2015 | Serial | 2.875% | 100
|
2016 | Serial | 3% | 100
|
2017 | Serial | 3.125% | 100
|
|
Series 2010CG
|
Maturity | Type | Coupon | Price
|
2011 | Serial | 0.8% | 100
|
2012 | Serial | 1.45% | 100
|
2013 | Serial | 2.2% | 100
|
2014 | Serial | 2.45% | 100
|
2015 | Serial | 2.95% | 100
|
2016 | Serial | 3.4% | 100
|
2017 | Serial | 3.7% | 100
|
2018 | Serial | 3.9% | 100
|
|
Series 2010CH
|
Maturity | Type | Coupon | Price
|
2012 | Serial | 1.8% | 100
|
2013 | Serial | 2.5% | 100
|
2014 | Serial | 3% | 100
|
2015 | Serial | 3.2% | 100
|
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