Published on 5/10/2016 in the Prospect News Municipals Daily.
New Issue: California Water Resources prices $106.53 million of water system bonds
By Sheri Kasprzak
New York, May 10 – The California Department of Water Resources sold $106.53 million of series AV water system revenue bonds, according to a pricing sheet. The deal was downsized from $107,735,000.
The bonds (Aa1/AAA/) were sold competitively. Morgan Stanley & Co. LLC won the bid at a 2.369765% true interest cost.
The bonds are due 2018 to 2035 with 4% to 5% coupons and yields from 0.68% to 2.4%.
Proceeds will be used to refund all or a portion of the department’s series 1 commercial paper notes.
| Issuer: | California Department of Water Resources
|
| Issue: | Series AV water system revenue bonds
|
| Amount: | $106.53 million
|
| Type: | Competitive
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| True interest cost: | 2.369765%
|
| Ratings: | Moody’s: Aa1
|
| S&P: AAA
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| Pricing date: | May 10
|
| Settlement date: | May 24
|
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|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,845,000 | 2018 | Serial | 5% | 110.772 | 0.68%
|
| $4,035,000 | 2019 | Serial | 5% | 114.659 | 0.77%
|
| $4.24 million | 2020 | Serial | 5% | 118.312 | 0.86%
|
| $4,445,000 | 2021 | Serial | 5% | 121.667 | 0.96%
|
| $4,675,000 | 2022 | Serial | 5% | 124.684 | 1.07%
|
| $4.91 million | 2023 | Serial | 5% | 127.326 | 1.19%
|
| $5.15 million | 2024 | Serial | 5% | 129.653 | 1.31%
|
| $5.41 million | 2025 | Serial | 5% | 131.562 | 1.44%
|
| $5.68 million | 2026 | Serial | 5% | 131.576 | 1.58%
|
| $5,955,000 | 2027 | Serial | 5% | 130.283 | 1.70%
|
| $6.27 million | 2028 | Serial | 5% | 129.429 | 1.78%
|
| $6,575,000 | 2029 | Serial | 4% | 117.878 | 2.02%
|
| $6,845,000 | 2030 | Serial | 4% | 117.283 | 2.08%
|
| $7,105,000 | 2031 | Serial | 4% | 116.595 | 2.15%
|
| $7,395,000 | 2032 | Serial | 4% | 115.911 | 2.22%
|
| $7,685,000 | 2033 | Serial | 4% | 115.328 | 2.28%
|
| $8 million | 2034 | Serial | 4% | 114.749 | 2.34%
|
| $8.31 million | 2035 | Serial | 4% | 114.173 | 2.40%
|
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