San Francisco Utilities Commission publishes final tender results

Chicago, July 21 – Public Utilities Commission of the City and County of San Francisco published a final acceptance notice relating to its offer to buy bonds from several series of water revenue bonds, according to a notice.

The offer, which started June 28, covers taxable bonds and tax-exempt bonds. It expired at 5 p.m. ET on July 14.

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 purchasing the amounts it had indicated it would earlier accept, with changes detailed parenthetically below. However, final prices were also released and are detailed below:

• All of the $970,000 tendered bonds from its $3,805,000 outstanding 2.371% 2019 series ABC, 2019 sub-series A bonds due 2026 (Cusip: 79765R4R7) at 94.326 with pricing based on the three-year U.S. Treasury and a negative 5 basis points indicative fixed spread;

• All of the $2,035,000 tendered bonds from its $3.9 million outstanding 2.483% 2019 series ABC, 2019 sub-series A bonds due 2027 (Cusip: 79765R4S5) at 93.464 with pricing based on the five-year U.S. Treasury and a 20 bps indicative fixed spread;

• All of the $2.69 million tendered bonds from its $4 million outstanding 2.533% 2019 series ABC, 2019 sub-series A bonds due 2028 (Cusip: 79765R4T3) at 92.31 with pricing based on the five-year U.S. Treasury and a 20 bps indicative fixed spread;

• All of the $970,000 tendered bonds from its $4,105,000 outstanding 2.593% 2019 series ABC, 2019 sub-series A bonds due 2029 (Cusip: 79765R4U0) at 91.289 with pricing based on the seven-year U.S. Treasury and a 31 bps indicative fixed spread;

• All of the $575,000 tendered bonds from its $4,215,000 outstanding 2.703% 2019 series ABC, 2019 sub-series A bonds due 2030 (Cusip: 79765R4V8) at 90.651 with pricing based on the seven-year U.S. Treasury and a 33 bps indicative fixed spread;

• All of the $525,000 tendered bonds from its $31,095,000 outstanding 2.803% 2019 series ABC, 2019 sub-series A bonds due 2031 (Cusip: 79765R4W6) at 90.079 with pricing based on the 10-year U.S. Treasury and a 47 bps indicative fixed spread;

• All of the $40,000 tendered bonds from its $4,055,000 outstanding 2.953% 2019 series ABC, 2019 sub-series A bonds due 2032 (Cusip: 79765R4X4) at 90.083 with pricing based on the 10-year U.S. Treasury and a 49 bps indicative fixed spread;

• None of the bonds were tendered or accepted for purchase from its $4.18 million outstanding 3.053% 2019 series ABC, 2019 sub-series A bonds due 2033 (Cusip: 79765R4Y2) at 89.581 with pricing based on the 10-year U.S. Treasury and a 55 bps indicative fixed spread;

• All of the $1,425,000 tendered bonds from its $4.31 million outstanding 3.153% 2019 series ABC, 2019 sub-series A bonds due 2034 (Cusip: 79765R4Z9) at 89.338 with pricing based on the 10-year U.S. Treasury and a 59 bps indicative fixed spread;

• All of the $155.34 million tendered bonds from its $308,895,000 outstanding 3.303% 2019 series ABC, 2019 sub-series A bonds due 2039 (Cusip: 79765R5A3) at 87.101 with pricing based on the 10-year U.S. Treasury and a 79 bps indicative fixed spread;

• All of the $20,865,000 tendered bonds from its $204.34 million outstanding 3.473% 2019 series ABC, 2019 sub-series A bonds due 2043 (Cusip: 79765R5B1) at 84.429 with pricing based on the 30-year U.S. Treasury and an 83 bps indicative fixed spread;

• None of the bonds were tendered or accepted for purchase from its $5.32 million outstanding 3.153% 2019 series ABC, 2019 sub-series C bonds due 2034 (Cusip: 79765R5E5) at 90.907 with pricing based on the 10-year U.S. Treasury and a 57 bps indicative fixed spread;

• None of the bonds were tendered or accepted for purchase from its $12,455,000 outstanding 3.523% 2019 series ABC, 2019 sub-series C bonds due 2041 (Cusip: 79765R5F2) at 88.489 with pricing based on the 10-year U.S. Treasury and an 80 bps indicative fixed spread;

• All of the $149.89 million bonds tendered (an increase from the previously announced amount) from the $293,605,000 outstanding of an original $300,005,000 issue of 2.825% 2020 series EFGH, 2020 sub-series E bonds due 2041 (Cusip: 79771FAA5) at 80.867 with pricing based on the 10-year U.S. Treasury and an 80 bps indicative fixed spread;

• All of the $2.99 million tendered bonds from its $8,475,000 outstanding 1.14% 2020 series EFGH, 2020 sub-series G bonds due 2026 (Cusip: 79771FAZ0) at 90.655 with pricing based on the three-year U.S. Treasury and a negative 5 bps indicative fixed spread;

• All of the $2,025,000 tendered bonds from its $8,575,000 outstanding 1.34% 2020 series EFGH, 2020 sub-series G bonds due 2027 (Cusip: 79771FBA4) at 89.081 with pricing based on the five-year U.S. Treasury and a 20 bps indicative fixed spread;

• All of the $6,885,000 tendered bonds from its $8.7 million outstanding 1.618% 2020 series EFGH, 2020 sub-series G bonds due 2028 (Cusip: 79771FBB2) at 88.057 with pricing based on the five-year U.S. Treasury and a 20 bps indicative fixed spread;

• All of the $4.23 million tendered bonds from its $8.84 million outstanding 1.718% 2020 series EFGH, 2020 sub-series G bonds due 2029 (Cusip: 79771FBC0) at 86.54 with pricing based on the seven-year U.S. Treasury and a 31 bps indicative fixed spread;

• All of the $3.52 million tendered bonds from its $9,005,000 outstanding 1.788% 2020 series EFGH, 2020 sub-series G bonds due 2030 (Cusip: 79771FBD8) at 85.004 with pricing based on the seven-year U.S. Treasury and a 33 bps indicative fixed spread;

• All of the $6.35 million tendered bonds from its $18.52 million outstanding 1.988% 2020 series EFGH, 2020 sub-series G bonds due 2031 (Cusip: 79771FBE6) at 84.471 with pricing based on the 10-year U.S. Treasury and a 47 bps indicative fixed spread;

• All of the $7.8 million tendered bonds from its $10.18 million outstanding 2.188% 2020 series EFGH, 2020 sub-series G bonds due 2032 (Cusip: 79771FBF3) at 84.299 with pricing 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) were tendered and accepted for purchase with pricing at 83.314 based on the 10-year U.S. Treasury and a 55 bps indicative fixed spread;

• None of the bonds were tendered or accepted for purchase from its $1.14 million outstanding 2.388% 2020 series EFGH, 2020 sub-series G bonds due 2034 (Cusip: 79771FBH9) at 82.607 with pricing based on the 10-year U.S. Treasury and a 59 bps indicative fixed spread;

• All of the $840,000 tendered bonds from its $1,165,000 outstanding 2.488% 2020 series EFGH, 2020 sub-series G bonds due 2035 (Cusip: 79771FBJ5) at 82.116 with pricing based on the 10-year U.S. Treasury and a 62 bps indicative fixed spread; and

• None of the bonds were tendered or accepted for purchase from its $10,705,000 outstanding 3.095% 2020 series EFGH, 2020 sub-series G bonds due 2043 (Cusip: 79771FBK2) at 81.157 with pricing based on the 30-year U.S. Treasury and an 83 bps indicative fixed spread.

Tax-exempt bonds

From the tax-exempt bonds, the amounts stayed the same except for one series, parenthetically marked below:

• None of the $11,785,000 tendered bonds were accepted for purchase from its $20.53 million outstanding 5% 2015 series A bonds due 2027 (Cusip: 79765RD89) at an indicative purchase price of 105.393;

• All of the $12,425,000 tendered bonds from its $21.58 million outstanding 5% 2015 series A bonds due 2028 (Cusip: 79765RD970) at an indicative purchase price of 105.78;

• All of the $12.1 million tendered bonds from its $22,685,000 outstanding 5% 2015 series A bonds due 2029 (Cusip: 79765RE21) at an indicative purchase price of 106.037;

• All of the $8.39 million tendered bonds from its $19.76 million outstanding 5% 2015 series A bonds due 2030 (Cusip: 79765RF95) at an indicative purchase price of 106.044;

• All of the $2.63 million tendered bonds from its $25 million outstanding 5% 2015 series A bonds due 2031 (Cusip: 79765RE47) at an indicative purchase price of 106.056;

• All of the $6.89 million tendered bonds from its $26.28 million outstanding 5% 2015 series A bonds due 2032 (Cusip: 79765RE54) at an indicative purchase price of 106.088;

• All of the $5,965,000 tendered bonds from its $27.49 million outstanding 4% 2015 series A bonds due 2033 (Cusip: 79765RE62) at an indicative purchase price of 104.959;

• None of the bonds were tendered or accepted for purchase from its $28.61 million outstanding 4% 2015 series A bonds due 2034 (Cusip: 79765RE70) at an indicative purchase price of 104.684;

• None of the $500,000 tendered bonds were accepted for purchase from its $25.29 million outstanding 2015 series A bonds due 2035 (Cusip: 79765RF87) at an indicative purchase price of 104.378;

• All of the $15.77 million tendered bonds from its $31,135,000 outstanding 5% 2015 series A bonds due 2036 (Cusip: 79765RE96) at an indicative purchase price of 106.143;

• None of the $13.84 million tendered bonds were accepted for purchase from its $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;

• None of the $32.35 million tendered bonds were accepted for purchase from its $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 $18.19 million tendered bonds from its $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 $9,105,000 tendered bonds from its $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 $13.88 million tendered bonds from its $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 $19,765,000 tendered bonds from its $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 $28,915,000 tendered bonds from its $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;

• None of the $8.81 million tendered bonds were accepted for purchase from its $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;

• None of the $9,535,000 tendered bonds were accepted for purchase from its $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;

• None of the $2.43 million (a change from what was previously reported) outstanding 4% 2017 series DEFG, 2017 sub-series D bonds due 2031 (Cusip: 79765R2N8) were tendered with $0 accepted for purchase at an indicative purchase price of 107.258;

• All of the $5,085,000 tendered bonds from its $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 $15.02 million tendered bonds from its $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 $41,625,000 tendered bonds from its $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 $22.03 million tendered bonds from its $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 $3,015,000 tendered bonds from its $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

Funding came from two series of new bonds that were issued on the settlement date and other available moneys of the commission.

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

Final acceptance was 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).

© 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.