By Sheri Kasprzak
New York, June 9 - The Imperial Irrigation District of California came to market with $74.105 million of series 2011B electric system refunding revenue bonds, according to a pricing sheet.
The bonds (A1/AA-/A+) were sold through senior managers Goldman Sachs & Co. and Citigroup Global Markets Inc.
The bonds are due 2012 to 2027 with term bonds due in 2031, 2036 and 2041. The serial coupons range from 3% to 5%. The 2031 bonds have a 5% coupon priced at 103.766, and the 2036 bonds have a 5% coupon priced at 99.709. The 2041 bonds have a 5% coupon priced at 99.068.
Proceeds will be used to refund the district's series A notes, which were used to finance a portion of the El Centro Unit 3 Repower Project.
| Issuer: | Imperial Irrigation District
|
| Issue: | Series 2011B electric system refunding revenue bonds
|
| Amount: | $74.105 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. and Citigroup Global Markets Inc.
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Fitch: A+
|
| Pricing date: | June 9
|
| Settlement date: | June 16
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.18 million | 2012 | Serial | 3% | 103.001
|
| $1.215 million | 2013 | Serial | 4% | 106.949
|
| $1.265 million | 2014 | Serial | 4% | 108.713
|
| $1.315 million | 2015 | Serial | 5% | 113.855
|
| $1.38 million | 2016 | Serial | 5% | 115.434
|
| $1.45 million | 2017 | Serial | 5% | 115.154
|
| $1.52 million | 2018 | Serial | 5% | 114.564
|
| $1.595 million | 2019 | Serial | 5% | 113.6
|
| $1.675 million | 2020 | Serial | 5% | 113.263
|
| $1.76 million | 2021 | Serial | 5% | 112.952
|
| $1.85 million | 2022 | Serial | 5% | 112.174
|
| $1.94 million | 2023 | Serial | 5% | 111.336
|
| $2.04 million | 2024 | Serial | 5% | 110.385
|
| $2.14 million | 2025 | Serial | 5% | 109.355
|
| $2.245 million | 2026 | Serial | 5% | 108.28
|
| $2.36 million | 2027 | Serial | 5% | 107.551
|
| $10.68 million | 2031 | Term | 5% | 103.766
|
| $16.635 million | 2036 | Term | 5% | 99.709
|
| $21.24 million | 2041 | Term | 5% | 99.068
|
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