Published on 4/10/2014 in the Prospect News Municipals Daily.
New Issue: California State Public Works Board sells $408.97 million revenue bonds
By Sheri Kasprzak
New York, April 10 - The California State Public Works Board sold $408.97 million of series 2014 lease revenue bonds, according to a pricing sheet.
The offering included $255.98 million of series 2014B Judicial Council of California Bonds for New Stockton Courthouse and $152.99 million of series 2014C Department of Corrections and Rehabilitation bonds for North Kern State Prison.
The 2014B bonds are due 2018 to 2034 with a term bond due in 2039. The serial bonds have 5% coupons. The 2039 bonds have a 5% coupon priced at 106.787.
The 2014C bonds are due 2014 to 2034 with coupons from 1% to 5.25%.
The bonds (A2/A-/A-) were sold through joint senior managers Siebert Brandford Shank & Co. LLC and Stifel, Nicolaus & Co.
Proceeds will be used to finance the construction and improvement of the courthouse and the prison.
| Issuer: | California State Public Works Board
|
| Issue: | Series 2014 lease revenue bonds
|
| Amount: | $408.97 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC and Stifel, Nicolaus & Co. (joint senior managers); Lebenthal & Co. LLC (co-senior manager); Alamo Capital, Barclays, BMO Capital Markets LLC, Cabrera Capital Markets LLC, Fidelity Capital Markets LLC, First Southwest Co., Great Pacific Securities Inc., J.P. Morgan Securities LLC, Mischler Financial Group, O'Connor & Co. Securities, RBC Capital Markets LLC, RH Investment Corp., SL Hare Capital Inc. and Wedbush Securities Inc. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | April 10
|
| Settlement date: | April 24
|
|
|
| $255.98 million series 2014B Judicial Council of California bonds for New Stockton Courthouse
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.55 million | 2018 | Serial | 5% | 115.898
|
| $6,885,000 | 2019 | Serial | 5% | 117.064
|
| $7,235,000 | 2020 | Serial | 5% | 117.503
|
| $7.61 million | 2021 | Serial | 5% | 117.907
|
| $8 million | 2022 | Serial | 5% | 117.824
|
| $8.41 million | 2023 | Serial | 5% | 117.496
|
| $8.84 million | 2024 | Serial | 5% | 117.805
|
| $9.29 million | 2025 | Serial | 5% | 115.957
|
| $9.77 million | 2026 | Serial | 5% | 114.333
|
| $10.27 million | 2027 | Serial | 5% | 113.204
|
| $10,795,000 | 2028 | Serial | 5% | 112.458
|
| $11.35 million | 2029 | Serial | 5% | 111.442
|
| $11.93 million | 2030 | Serial | 5% | 110.528
|
| $12,545,000 | 2031 | Serial | 5% | 109.894
|
| $13,185,000 | 2032 | Serial | 5% | 109.354
|
| $13,865,000 | 2033 | Serial | 5% | 108.639
|
| $14,575,000 | 2034 | Serial | 5% | 108.194
|
| $84,875,000 | 2039 | Term | 5% | 106.787
|
|
|
| $152.99 million series 2014C Department of Corrections and Rehabilitation bonds for North Kern State Prison
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,045,000 | 2014 | Serial | 1% | 100.361
|
| $4,685,000 | 2015 | Serial | 3% | 103.91
|
| $4.78 million | 2016 | Serial | 2% | 103.405
|
| $1,005,000 | 2017 | Serial | 3% | 106.808
|
| $3,935,000 | 2017 | Serial | 5% | 113.549
|
| $1.71 million | 2018 | Serial | 3% | 107.304
|
| $3,455,000 | 2018 | Serial | 5% | 115.898
|
| $5,385,000 | 2019 | Serial | 4% | 111.893
|
| $1,215,000 | 2020 | Serial | 3% | 105.514
|
| $4.41 million | 2020 | Serial | 5% | 117.503
|
| $245,000 | 2021 | Serial | 4% | 111.123
|
| $5,655,000 | 2021 | Serial | 5% | 117.907
|
| $250,000 | 2022 | Serial | 4% | 110.303
|
| $5,945,000 | 2022 | Serial | 5% | 117.824
|
| $1,805,000 | 2023 | Serial | 4% | 109.281
|
| $4.7 million | 2023 | Serial | 5% | 117.496
|
| $150,000 | 2024 | Serial | 4% | 108.901
|
| $6.68 million | 2024 | Serial | 5% | 117.805
|
| $7,185,000 | 2025 | Serial | 5.25% | 118.357
|
| $7,575,000 | 2026 | Serial | 5.25% | 116.903
|
| $7,985,000 | 2027 | Serial | 5.25% | 115.945
|
| $8,415,000 | 2028 | Serial | 5.25% | 115.281
|
| $8,865,000 | 2029 | Serial | 5.25% | 114.433
|
| $9,345,000 | 2030 | Serial | 5.25% | 113.593
|
| $1.23 million | 2031 | Serial | 4% | 99.253
|
| $8.61 million | 2031 | Serial | 5.25% | 112.945
|
| $10,365,000 | 2032 | Serial | 5.25% | 112.485
|
| $10.92 million | 2033 | Serial | 5.25% | 111.844
|
| $11.44 million | 2034 | Serial | 4.125% | 98.301
|
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