San Francisco hosts tender offer for water revenue bonds

Chicago, July 5 – Public Utilities Commission of the City and County of San Francisco is offering to buy bonds from several series of water revenue bonds, according to an invitation notice.

The offer, which started June 28, covers taxable bonds and tax-exempt bonds.

The 2019 sub-series A, 2020 sub-series E and 2017 sub-series D bonds detailed below are green bonds.

The 2019 sub-series C bonds are local water main bonds.

The 2020 sub-series G bonds are local water bonds.

Taxable bonds

The commission is offering to buy from the following series:

• All of the $3,805,000 outstanding 2.371% 2019 series ABC, 2019 sub-series A bonds due 2026 (Cusip: 79765R4R7) with pricing to be based on the three-year U.S. Treasury and a negative 5 basis points indicative fixed spread;

• All of the $3.9 million outstanding 2.483% 2019 series ABC, 2019 sub-series A bonds due 2027 (Cusip: 79765R4S5) with pricing to be based on the five-year U.S. Treasury and a 20 bps indicative fixed spread;

• All of the $4 million outstanding 2.533% 2019 series ABC, 2019 sub-series A bonds due 2028 (Cusip: 79765R4T3) with pricing to be based on the five-year U.S. Treasury and a 20 bps indicative fixed spread;

• All of the $4,105,000 outstanding 2.593% 2019 series ABC, 2019 sub-series A bonds due 2029 (Cusip: 79765R4U0) with pricing to be based on the seven-year U.S. Treasury and a 31 bps indicative fixed spread;

• All of the $4,215,000 outstanding 2.703% 2019 series ABC, 2019 sub-series A bonds due 2030 (Cusip: 79765R4V8) with pricing to be based on the seven-year U.S. Treasury and a 33 bps indicative fixed spread;

• All of the $31,095,000 outstanding 2.803% 2019 series ABC, 2019 sub-series A bonds due 2031 (Cusip: 79765R4W6) with pricing to be based on the 10-year U.S. Treasury and a 47 bps indicative fixed spread;

• All of the $4,055,000 outstanding 2.953% 2019 series ABC, 2019 sub-series A bonds due 2032 (Cusip: 79765R4X4) with pricing to be based on the 10-year U.S. Treasury and a 49 bps indicative fixed spread;

• All of the $4.18 million outstanding 3.053% 2019 series ABC, 2019 sub-series A bonds due 2033 (Cusip: 79765R4Y2) with pricing to be based on the 10-year U.S. Treasury and a 55 bps indicative fixed spread;

• All of the $4.31 million outstanding 3.153% 2019 series ABC, 2019 sub-series A bonds due 2034 (Cusip: 79765R4Z9) with pricing to be based on the 10-year U.S. Treasury and a 59 bps indicative fixed spread;

• All of the $308,895,000 outstanding 3.303% 2019 series ABC, 2019 sub-series A bonds due 2039 (Cusip: 79765R5A3) with pricing to be based on the 10-year U.S. Treasury and a 79 bps indicative fixed spread;

• All of the $204.34 million outstanding 3.473% 2019 series ABC, 2019 sub-series A bonds due 2043 (Cusip: 79765R5B1) with pricing to be based on the 30-year U.S. Treasury and an 83 bps indicative fixed spread;

• All of the $5.47 million outstanding 3.153% 2019 series ABC, 2019 sub-series C bonds due 2034 (Cusip: 79765R5E5) with pricing to be based on the 10-year U.S. Treasury and a 57 bps indicative fixed spread;

• All of the $12,455,000 outstanding 3.523% 2019 series ABC, 2019 sub-series C bonds due 2041 (Cusip: 79765R5F2) with pricing to be based on the 10-year U.S. Treasury and an 80 bps indicative fixed spread;

• $222.96 million of the $293,605,000 outstanding from an original $300,005,000 issue of 2.825% 2020 series EFGH, 2020 sub-series E bonds due 2041 (Cusip: 79771FAA5) with pricing to be based on the 10-year U.S. Treasury and an 80 bps indicative fixed spread;

• All of the $8,475,000 outstanding 1.14% 2020 series EFGH, 2020 sub-series G bonds due 2026 (Cusip: 79771FAZ0) with pricing to be based on the three-year U.S. Treasury and a negative 5 bps indicative fixed spread;

• All of the $8,575,000 outstanding 1.34% 2020 series EFGH, 2020 sub-series G bonds due 2027 (Cusip: 79771FBA4) with pricing to be based on the five-year U.S. Treasury and a 20 bps indicative fixed spread;

• All of the $8.7 million outstanding 1.618% 2020 series EFGH, 2020 sub-series G bonds due 2028 (Cusip: 79771FBB2) with pricing to be based on the five-year U.S. Treasury and a 20 bps indicative fixed spread;

• All of the $8.84 million outstanding 1.718% 2020 series EFGH, 2020 sub-series G bonds due 2029 (Cusip: 79771FBC0) with pricing to be based on the seven-year U.S. Treasury and a 31 bps indicative fixed spread;

• All of the $9,005,000 outstanding 1.788% 2020 series EFGH, 2020 sub-series G bonds due 2030 (Cusip: 79771FBD8) with pricing to be based on the seven-year U.S. Treasury and a 33 bps indicative fixed spread;

• All of the $18.52 million outstanding 1.988% 2020 series EFGH, 2020 sub-series G bonds due 2031 (Cusip: 79771FBE6) with pricing to be based on the 10-year U.S. Treasury and a 47 bps indicative fixed spread;

• All of the $10.18 million outstanding 2.188% 2020 series EFGH, 2020 sub-series G bonds due 2032 (Cusip: 79771FBF3) with pricing to be based on the 10-year U.S. Treasury and a 49 bps indicative fixed spread;

• All of the $1.11 million outstanding 2.288% 2020 series EFGH, 2020 sub-series G bonds due 2033 (Cusip: 79771FBG1) with pricing to be based on the 10-year U.S. Treasury and a 55 bps indicative fixed spread;

• All of the $1.14 million outstanding 2.388% 2020 series EFGH, 2020 sub-series G bonds due 2034 (Cusip: 79771FBH9) with pricing to be based on the 10-year U.S. Treasury and a 59 bps indicative fixed spread;

• All of the $1,165,000 outstanding 2.488% 2020 series EFGH, 2020 sub-series G bonds due 2035 (Cusip: 79771FBJ5) with pricing to be based on the 10-year U.S. Treasury and a 62 bps indicative fixed spread; and

• All of the $10,705,000 outstanding 3.095% 2020 series EFGH, 2020 sub-series G bonds due 2043 (Cusip: 79771FBK2) with pricing to be based on the 30-year U.S. Treasury and an 83 bps indicative fixed spread.

Tax-exempt bonds

The offer for the tax-exempt bonds covers the following:

• All of the $20.53 million outstanding 5% 2015 series A bonds due 2027 (Cusip: 79765RD89) at an indicative purchase price of 105.393;

• All of the $21.58 million outstanding 5% 2015 series A bonds due 2028 (Cusip: 79765RD970) at an indicative purchase price of 105.78;

• All of the $22,685,000 outstanding 5% 2015 series A bonds due 2029 (Cusip: 79765RE21) at an indicative purchase price of 106.037;

• All of the $19.76 million outstanding 5% 2015 series A bonds due 2030 (Cusip: 79765RF95) at an indicative purchase price of 106.044;

• All of the $25 million outstanding 5% 2015 series A bonds due 2031 (Cusip: 79765RE47) at an indicative purchase price of 106.056;

• All of the $26.28 million outstanding 5% 2015 series A bonds due 2032 (Cusip: 79765RE54) at an indicative purchase price of 106.088;

• All of the $27.49 million outstanding 4% 2015 series A bonds due 2033 (Cusip: 79765RE62) at an indicative purchase price of 104.959;

• All of the $28.61 million outstanding 4% 2015 series A bonds due 2034 (Cusip: 79765RE70) at an indicative purchase price of 104.684;

• All of the $25.29 million outstanding 2015 series A bonds due 2035 (Cusip: 79765RF87) at an indicative purchase price of 104.378;

• All of the $31,135,000 outstanding 5% 2015 series A bonds due 2036 (Cusip: 79765RE96) at an indicative purchase price of 106.143;

• All of the $51,135,000 outstanding 5% 2016 series AB, 2016 sub-series A bonds due 2029 (Cusip: 79765RH69) at an indicative purchase price of 109.817;

• All of the $53.46 million outstanding 4% 2016 series AB, 2016 sub-series A bonds due 2030 (Cusip: 79765RH77) at an indicative purchase price of 105.883;

• All of the $34,135,000 outstanding 5% 2016 series AB, 2016 sub-series A bonds due 2031 (Cusip: 79765RH85) at an indicative purchase price of 109.83;

• All of the $35,875,000 outstanding 5% 2016 series AB, 2016 sub-series A bonds due 2032 (Cusip: 79765RH93) at an indicative purchase price of 109.84;

• All of the $37.71 million outstanding 5% 2016 series AB, 2016 sub-series A bonds due 2033 (Cusip: 79765RJ26) at an indicative purchase price of 109.849;

• All of the $39.67 million outstanding 5% 2016 series AB, 2016 sub-series A bonds due 2034 (Cusip: 79765RJ34) at an indicative purchase price of 109.875;

• All of the $41,745,000 outstanding 5% 2016 series AB, 2016 sub-series A bonds due 2035 (Cusip: 79765RJ42) at an indicative purchase price of 109.885;

• All of the $43.67 million outstanding 4% 2016 series AB, 2016 sub-series A bonds due 2036 (Cusip: 79765RJ59) at an indicative purchase price of 104.356;

• All of the $18.1 million outstanding 5% 2017 series DEFG, 2017 sub-series D bonds due 2030 (Cusip: 79765R2K4) at an indicative purchase price of 112.219;

• All of the $2.43 million outstanding 4% 2017 series DEFG, 2017 sub-series D bonds due 2031 (Cusip: 79765R2N8) at an indicative purchase price of 107.258;

• All of the $12.55 million outstanding 5% 2017 series DEFG, 2017 sub-series D bonds due 2031 (Cusip: 79765R2M0) at an indicative purchase price of 112.228;

• All of the $46,855,000 outstanding 5% 2017 series DEFG, 2017 sub-series D bonds due 2032 (Cusip: 79765R2P3) at an indicative purchase price of 112.241;

• All of the $59,875,000 outstanding 5% 2017 series DEFG, 2017 sub-series D bonds due 2033 (Cusip: 79765R2Q1) at an indicative purchase price of 112.257;

• All of the $61.54 million outstanding 5% 2017 series DEFG, 2017 sub-series D bonds due 2034 (Cusip: 79765R2R9) at an indicative purchase price of 112.283; and

• All of the $11,105,000 outstanding 5% 2017 series DEFG, 2017 sub-series D bonds due 2035 (Cusip: 79765R2S7) at an indicative purchase price of 112.194.

Details

The invitation expires at 5 p.m. ET on July 14.

Funding will come from two series of new bonds that will be issued on the settlement date and other available moneys of the commission.

The pricing notice is expected on July 7.

The preliminary acceptance date is July 17.

The determination of the purchase prices for the taxable bonds will take place at approximately 10 a.m. ET on July 19.

Final acceptance will be on July 20.

The offer will settle on Aug. 10.

Jefferies LLC is the dealer manager for the offer (800 567-8567, muni_underwriting@jefferies.com).

The information and tender agent for the invitation is Globic Advisors (212 227-9622, rstevens@globic.com).

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