Published on 1/7/2016 in the Prospect News Municipals Daily.
New Issue: Imperial Irrigation District, Calif., sells $170.05 million of bonds
By Sheri Kasprzak
New York, Jan. 7 – The Imperial Irrigation District of California priced $170.05 million of series 2015 electric system refunding revenue bonds, according to a pricing sheet.
The deal included $161,175,000 of series 2015C tax-exempt bonds and $8,875,000 of series 2015D taxable renewable energy bonds.
The 2015C bonds are due 2019 to 2038 with 3% to 5% coupons and 1.12% to 3.4% yields.
The 2015D bonds are due Nov. 1, 2040 and have a 4.5% coupon priced at par.
The bonds (/AA-) were offered through Citigroup Global Markets Inc. and Goldman Sachs & Co.
Proceeds will be used to refund the district’s series 2008A revenue refunding bonds and certain taxable revenue commercial paper warrants.
| Issuer: | Imperial Irrigation District
|
| Issue: | Series 2015 electric system refunding revenue bonds
|
| Amount: | $170.05 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Goldman Sachs & Co. (lead)
|
| Rating: | Standard & Poor’s: AA-
|
| Pricing date: | Dec. 29
|
| Settlement date: | Jan. 21
|
|
|
| $161,175,000 series 2015C tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,585,000 | 2019 | Serial | 5% | 114.311 | 1.12%
|
| $2,715,000 | 2020 | Serial | 5% | 117.185 | 1.28%
|
| $2,855,000 | 2021 | Serial | 5% | 119.482 | 1.47%
|
| $2,995,000 | 2022 | Serial | 5% | 121.324 | 1.66%
|
| $3.15 million | 2023 | Serial | 5% | 122.718 | 1.85%
|
| $3.31 million | 2024 | Serial | 5% | 124.038 | 2.00%
|
| $3,485,000 | 2025 | Serial | 5% | 125.108 | 2.14%
|
| $1,795,000 | 2026 | Serial | 5% | 124.896 | 2.27%
|
| $4.76 million | 2027 | Serial | 5% | 123.861 | 2.37%
|
| $5 million | 2028 | Serial | 5% | 122.939 | 2.46%
|
| $10.06 million | 2030 | Serial | 5% | 121.62 | 2.59%
|
| $11.91 million | 2031 | Serial | 5% | 121.118 | 2.64%
|
| $15.5 million | 2032 | Serial | 5% | 120.618 | 2.69%
|
| $16.27 million | 2033 | Serial | 3% | 96.772 | 3.24%
|
| $17,385,000 | 2035 | Serial | 3.125% | 96.06 | 3.40%
|
| $18.21 million | 2036 | Serial | 5% | 118.642 | 2.89%
|
| $19.12 million | 2037 | Serial | 5% | 118.446 | 2.91%
|
| $20.07 million | 2038 | Serial | 5% | 118.056 | 2.95%
|
|
|
| $8,875,000 series 2015D taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Nov. 1, 2040 | Term | 4.5% | 100
|
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