Published on 12/13/2013 in the Prospect News Municipals Daily.
New Issue: Foothill/Eastern Transportation, Calif., brings $2.49 billion road debt
By Sheri Kasprzak
New York, Dec. 13 - The Foothill/Eastern Transportation Corridor District of California sold $2,494,160,000 of series 2013 toll road revenue refunding bonds, according to a pricing sheet.
The offering included $1,374,440,000 of series 2013A current interest refunding bonds, $546.67 million of series 2013A capital appreciation bonds, $125 million of series 2013B-1 current interest bonds, $125 million of series 2013B-2 current interest bonds, $125 million of series 2013B-3 current interest bonds and $198.05 million of series 2013C junior lien current interest bonds.
The 2013A current interest bonds are due Jan. 15 of 2042, 2046, 2049 and 2053. The 2042 bonds have a 5% coupon priced at 95.643 to yield 5.3%, and the 2046 bonds have a 5.75% coupon priced at 95.773 to yield 6.05%. The 2049 bonds have a 6% coupon priced at 96.459 to yield 6.25%. The 2053 bonds have a 6% coupon priced at 94.281 to yield 6.4%.
The 2013A capital appreciation bonds are due 2020 to 2024 and 2036 to 2039 with a term bond due in 2042. The 0% coupon bonds have 3.75% to 6.4% yields. The 2042 bonds have a 0% coupon priced at 14.046 to yield 7.125%.
The 2013B-1 bonds are due Jan. 15, 2053 and have a 5% coupon priced at 107.706 to yield 2.7%.
The 2013B-2 bonds are due Jan. 15, 2053 and have a 5% coupon priced at 105.555 to yield 3.875%.
The 2013B-3 bonds are due Jan. 15, 2053 and have a 5.5% coupon priced at 104.319 to yield 4.875%.
The 2013C bonds are due Jan. 15, 2033 and Jan. 15, 2043. The 2033 bonds have a 6.25% coupon priced at 98.9 to yield 6.35%, and the 2043 bonds have a 6.5% coupon priced at 98.711 to yield 6.6%.
The bonds (Ba1/BBB-/BBB-) were sold through Barclays and Goldman, Sachs & Co.
Proceeds will be used to refund the agency's series 1999 revenue bonds.
| Issuer: | Foothill/Eastern Transportation Corridor District
|
| Issue: | Series 2013 toll road revenue refunding bonds
|
| Amount: | $2,494,160,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Goldman, Sachs & Co. (joint bookrunners), Citigroup Global Markets Inc., Wells Fargo Securities LLC, BofA Merrill Lynch, Jefferies & Co., Cabrera Capital Markets LLC, Morgan Stanley & Co. LLC, De La Rosa & Co. and Piper Jaffray & Co. (co-managers)
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Pricing date: | Dec. 13
|
| Settlement date: | Jan. 2
|
|
|
| $1,374,440,000 series 2013A current interest refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $60 million | Jan. 15, 2042 | Term | 5% | 95.643 | 5.3%
|
| $494,155,000 | Jan. 15, 2046 | Term | 5.75% | 95.773 | 6.05%
|
| $454.59 million | Jan. 15, 2049 | Term | 6% | 96.459 | 6.25%
|
| $365,695,000 | Jan. 15, 2053 | Term | 6% | 94.281 | 6.4%
|
|
|
| $546.67 million series 2013A capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.66 million | 2020 | Serial | 0% | 79.91 | 3.75%
|
| $8,585,000 | 2021 | Serial | 0% | 75.029 | 4.125%
|
| $12,655,000 | 2022 | Serial | 0% | 70.624 | 4.375%
|
| $17,195,000 | 2023 | Serial | 0% | 66.155 | 4.625%
|
| $10.92 million | 2024 | Serial | 0% | 62.428 | 4.75%
|
| $65,035,000 | 2036 | Serial | 0% | 25.764 | 6.25%
|
| $71.25 million | 2037 | Serial | 0% | 23.957 | 6.3%
|
| $77.7 million | 2038 | Serial | 0% | 22.255 | 6.35%
|
| $56.1 million | 2039 | Serial | 0% | 20.655 | 6.4%
|
| $222.57 million | 2042 | Term | 0% | 14.046 | 7.125%
|
|
|
| $125 million series 2013B-1 current interest refunding bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Jan. 15, 2053 | Term | 5% | 107.706 | 2.7%
|
|
|
| $125 million series 2013B-2 current interest refunding bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Jan. 15, 2053 | Term | 5% | 105.555 | 3.875%
|
|
|
| $125 million series 2013B-3 current interest refunding bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Jan. 15, 2053 | Term | 5.5% | 104.319 | 4.875%
|
|
|
| $198.05 million series 2013C junior lien current interest bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $43.58 million | Jan. 15, 2033 | Term | 6.25% | 98.9 | 6.35%
|
| $154.47 million | Jan. 15, 2043 | Term | 6.5% | 98.711 | 6.6%
|
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