Published on 3/1/2013 in the Prospect News Municipals Daily.
New Issue: University of California brings $1.31 billion of general revenue bonds
By Sheri Kasprzak
New York, March 1 - The University of California priced $1,307,075,000 of series 2013 general revenue bonds, according to a pricing sheet.
The deal included $805,905,000 of series 2013AF bonds and $501.17 million of series 2013AG taxable bonds.
The 2013AF bonds are due 2014 to 2033 with term bonds due in 2036 and 2039. The serial coupons range from 2% to 5%. 2036 bonds have split maturities with a 3.5% coupon priced at 98.743, a 4% coupon priced at 105.118 and a 5% coupon priced at 116.65. The 2039 bonds have a 5% coupon priced at 115.234.
The 2013AG bonds are due 2014 to 2028 with term bonds due in 2033 and 2039. The serial coupons range from 0.18% to 3.38%, all priced at par. The 2033 bonds have a 4.062% coupon priced at par and the 2039 bonds have a 4.262% coupon priced at par.
The bonds were sold through J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
Proceeds will be used to refund the university's series 2003A-B and 2005C-G general revenue bonds.
| Issuer: | University of California
|
| Issue: | Series 2013 general revenue bonds
|
| Amount: | $1,307,075,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Wells Fargo Securities LLC (lead), De La Rosa & Co., Stone & Youngberg, US Bancorp Inc., Alamo Capital, Stifel, Nicolaus & Co., Backstrom McCarley Berry & Co. LLC, Barclays, BMO Capital Markets LLC, Citigroup Global Markets Inc., Fidelity Capital Markets Inc., Goldman, Sachs & Co., Jefferies & Co., Loop Capital Markets LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, Prager & Co. LLC, Raymond James/Morgan Keegan, RBC Capital Markets LLC, SL Hare Capital Inc. and Sutter Securities Inc. (co-managers)
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 14
|
|
|
| $805,905,000 series 2013AF bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $41.31 million | 2014 | Serial | 2% | 102.136
|
| $7.27 million | 2015 | Serial | 3% | 105.677
|
| $36,505,000 | 2015 | Serial | 5% | 109.994
|
| $3,535,000 | 2016 | Serial | 3% | 107.719
|
| $42.1 million | 2016 | Serial | 5% | 113.995
|
| $6.51 million | 2017 | Serial | 3% | 109.52
|
| $39.69 million | 2017 | Serial | 5% | 117.728
|
| $4,125,000 | 2018 | Serial | 4% | 115.622
|
| $25.83 million | 2018 | Serial | 5% | 120.662
|
| $10 million | 2019 | Serial | 4% | 116.795
|
| $21,255,000 | 2019 | Serial | 5% | 122.73
|
| $1,905,000 | 2020 | Serial | 4% | 117.526
|
| $25.53 million | 2020 | Serial | 5% | 124.319
|
| $3,205,000 | 2021 | Serial | 4% | 117.639
|
| $27,135,000 | 2021 | Serial | 5% | 125.242
|
| $530,000 | 2022 | Serial | 4% | 117.593
|
| $33.98 million | 2022 | Serial | 5% | 125.971
|
| $1,225,000 | 2023 | Serial | 4% | 117.314
|
| $33,575,000 | 2023 | Serial | 5% | 126.427
|
| $615,000 | 2024 | Serial | 4% | 115.334
|
| $26.75 million | 2024 | Serial | 5% | 124.869
|
| $1.7 million | 2025 | Serial | 3% | 104.006
|
| $26,605,000 | 2025 | Serial | 5% | 123.639
|
| $35.68 million | 2026 | Serial | 5% | 122.323
|
| $37,455,000 | 2027 | Serial | 5% | 121.521
|
| $3.56 million | 2028 | Serial | 3% | 98.675
|
| $35,745,000 | 2028 | Serial | 5% | 120.726
|
| $31.61 million | 2029 | Serial | 5% | 120.133
|
| $28.89 million | 2030 | Serial | 5% | 119.642
|
| $30.33 million | 2031 | Serial | 4% | 107.343
|
| $31.54 million | 2032 | Serial | 4% | 106.894
|
| $6,615,000 | 2033 | Serial | 4% | 106.715
|
| $26.19 million | 2033 | Serial | 5% | 118.376
|
| $3,055,000 | 2036 | Term | 3.5% | 98.743
|
| $25 million | 2036 | Term | 4% | 105.118
|
| $49.69 million | 2036 | Term | 5% | 116.65
|
| $39.66 million | 2039 | Term | 5% | 115.234
|
|
|
| $501.17 million series 2013AG taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $19.62 million | 2014 | Serial | 0.18% | 100
|
| $20.35 million | 2015 | Serial | 0.392% | 100
|
| $20,365,000 | 2016 | Serial | 0.659% | 100
|
| $20 million | 2017 | Serial | 0.966% | 100
|
| $21.35 million | 2018 | Serial | 1.296% | 100
|
| $21.84 million | 2019 | Serial | 1.745% | 100
|
| $21.09 million | 2020 | Serial | 1.995% | 100
|
| $22,325,000 | 2021 | Serial | 2.3% | 100
|
| $20.95 million | 2022 | Serial | 2.57% | 100
|
| $20,415,000 | 2023 | Serial | 2.75% | 100
|
| $17.34 million | 2024 | Serial | 2.9% | 100
|
| $17.73 million | 2025 | Serial | 3.05% | 100
|
| $22.25 million | 2026 | Serial | 3.18% | 100
|
| $22.95 million | 2027 | Serial | 3.28% | 100
|
| $23,695,000 | 2028 | Serial | 3.38% | 100
|
| $111,415,000 | 2033 | Term | 4.062% | 100
|
| $77,485,000 | 2039 | Term | 4.262% | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
