Published on 2/24/2016 in the Prospect News Municipals Daily.
New Issue: Transmission Agency of Northern California sells $174.07 million bonds
By Sheri Kasprzak
New York, Feb. 24 – The Transmission Agency of Northern California priced $174,065,000 of series 2016A revenue refunding bonds for the Oregon-California Transmission Project, according to a pricing sheet.
The bonds (Aa3/A+) were sold through senior manager Citigroup Global Markets Inc.
The bonds are due 2020 to 2039 with 5% coupons and yields from 0.81% to 3.12%.
Proceeds will be used to refund the agency’s series 2002 and 2003 variable-rate bonds, to refund its series 2009 fixed-rate bonds and to terminate related swap agreements.
Issuer: | Transmission Agency of Northern California/Oregon-California Transmission Project
|
Issue: | Series 2016A revenue refunding bonds
|
Amount: | $174,065,000
|
Type: | Negotiated
|
Underwriters: | Citigroup Global Markets Inc. (lead), Barclays, Goldman Sachs & Co. and J.P. Morgan Securities LLC (co-managers)
|
Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A+
|
Pricing date: | Feb. 23
|
Settlement date: | March 9
|
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$1,965,000 | 2020 | Serial | 5% | 117.042 | 0.81%
|
$2,085,000 | 2021 | Serial | 5% | 120.397 | 0.93%
|
$2,185,000 | 2022 | Serial | 5% | 122.908 | 1.13%
|
$2.34 million | 2023 | Serial | 5% | 124.623 | 1.37%
|
$5.98 million | 2024 | Serial | 5% | 126.299 | 1.55%
|
$7,485,000 | 2025 | Serial | 5% | 127.35 | 1.75%
|
$7.86 million | 2026 | Serial | 5% | 128.477 | 1.90%
|
$8,255,000 | 2027 | Serial | 5% | 126.683 | 2.07%
|
$8.67 million | 2028 | Serial | 5% | 125.227 | 2.21%
|
$9.1 million | 2029 | Serial | 5% | 124.302 | 2.30%
|
$9,555,000 | 2030 | Serial | 5% | 123.486 | 2.38%
|
$10,035,000 | 2031 | Serial | 5% | 122.576 | 2.47%
|
$10,535,000 | 2032 | Serial | 5% | 121.674 | 2.56%
|
$11.06 million | 2033 | Serial | 5% | 120.879 | 2.64%
|
$11,615,000 | 2034 | Serial | 5% | 120.385 | 2.69%
|
$12,195,000 | 2035 | Serial | 3% | 98.277 | 3.12%
|
$12.56 million | 2036 | Serial | 5% | 119.405 | 2.79%
|
$13.19 million | 2037 | Serial | 5% | 119.21 | 2.81%
|
$13.85 million | 2038 | Serial | 5% | 119.015 | 2.83%
|
$14,545,000 | 2039 | Serial | 5% | 118.724 | 2.86%
|
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