Published on 5/5/2010 in the Prospect News Municipals Daily.
New Issue: California Department of Water prices upsized $2.97 billion in power supply bonds
By Sheri Kasprzak
New York, May 5 - The California Department of Water Resources sold Wednesday $2,967,685,000 in series 2010L power supply revenue bonds, according to a term sheet. The department had intended to raise $2 billion from the sale.
The bonds (Aa3/AA-/AA-) were sold through senior managers Morgan Stanley & Co. Inc., E.J. De La Rosa & Co. Inc. and J.P. Morgan Securities Inc. The co-managers included Barclays Capital Inc.; BMO Capital Markets GKST Inc.; BNY Mellon Capital Markets, LLC; Bank of America Merrill Lynch; Citigroup Global Markets Inc.; City National Securities, Inc.; Edward D. Jones & Co., LP; Estrada Hinojosa & Co., Inc.; Fidelity Capital Markets; Finacorp Securities; FirstSouthwest Co.; George K. Baum & Co.; Goldman, Sachs & Co.; Great Pacific Securities; Lam Securities Investments, Inc.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; Stone & Youngberg; Sutter Securities Inc.; Wells Fargo Securities Inc.; Westhoff, Cone & Holmstedt and Wulff, Hansen & Co.
The bonds are due 2011 to 2012 and 2014 to 2022 with coupons from 2% to 5%.
Proceeds will be used to refund existing bonds.
The department, based in Sacramento, manages the state's water resources.
| Issuer: | California Department of Water Resources
|
| Issue: | Series 2010L power supply revenue bonds
|
| Amount: | $2,967,685,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc., E.J. De La Rosa & Co. Inc. and J.P. Morgan Securities Inc. (lead); Barclays Capital Inc.; BMO Capital Markets GKST Inc.; BNY Mellon Capital Markets, LLC; Bank of America Merrill Lynch; Citigroup Global Markets Inc.; City National Securities, Inc.; Edward D. Jones & Co., LP; Estrada Hinojosa & Co., Inc.; Fidelity Capital Markets; Finacorp Securities; FirstSouthwest Co.; George K. Baum & Co.; Goldman, Sachs & Co.; Great Pacific Securities; Lam Securities Investments, Inc.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; Stone & Youngberg; Sutter Securities Inc.; Wells Fargo Securities Inc.; Westhoff, Cone & Holmstedt and Wulff, Hansen & Co. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's AA-
|
| Fitch AA-
|
| Pricing date: | May 5
|
| Settlement date: | May 12
|
|
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2.5% | NRO
|
| 2012 | Serial | 2% | 102.102
|
| 2012 | Serial | 5% | 107.944
|
| 2014 | Serial | 3% | 103.991
|
| 2014 | Serial | 4% | 107.793
|
| 2014 | Serial | 5% | 111.595
|
| 2015 | Serial | 2.5% | 100.746
|
| 2015 | Serial | 4% | 107.744
|
| 2015 | Serial | 5% | 112.409
|
| 2016 | Serial | 2.75% | 99.726
|
| 2016 | Serial | 5% | 112.015
|
| 2017 | Serial | 3% | 99.438
|
| 2017 | Serial | 4% | 105.665
|
| 2017 | Serial | 5% | 111.892
|
| 2018 | Serial | 3.25% | 99.79
|
| 2018 | Serial | 5% | 111.975
|
| 2019 | Serial | 3.5% | 100.305
|
| 2019 | Serial | 4% | 104.132
|
| 2019 | Serial | 5% | 111.787
|
| 2020 | Serial | 3.5% | 99.084
|
| 2020 | Serial | 4% | 103.24
|
| 2020 | Serial | 5% | 111.55
|
| 2021 | Serial | 4% | 102.313
|
| 2021 | Serial | 5% | 102.313
|
| 2022 | Serial | 4% | 101.645
|
| 2022 | Serial | 5% | 109.879
|
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