Published on 7/1/2016 in the Prospect News Municipals Daily.
New Issue: Imperial Irrigation, Calif., sells $191.5 million electric system bonds
By Cristal Cody
Eureka Springs, Ark., July 1 – Imperial Irrigation District of California sold $191,535,000 of electric system refunding revenue bonds (/AA-/), according to a new issue statement.
The deal included $31,645,000 of series 2016A federal taxable bonds, $48.38 million of series 2016B-1 commercial paper refunding tax-exempt bonds and $111.51 million of series 2016B-2 2011 refunding tax-exempt bonds.
Citigroup Global Markets Inc. arranged the negotiated sale.
Proceeds will be used to advance refund all of the outstanding series 2008A electric system refunding revenue bonds, certain revenue commercial paper warrants and a portion of outstanding series 2011A, 2011B and 2011C electric system refunding revenue bonds.
| Issuer: | Imperial Irrigation District
|
| Issue: | Revenue bonds
|
| Amount: | $191,535,000
|
| Type: | Negotiated
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Ratings: | S&P: AA-
|
| Pricing date: | June 22
|
| Settlement date: | July 14
|
|
|
| Series 2016A bonds
|
| Maturity | Type | Amount | Coupon | Yield
|
| 2016 | Serial | $1.96 million | 0.945% | 0.945%
|
| 2017 | Serial | $3,745,000 | 0.995% | 0.995%
|
| 2018 | Serial | $3,785,000 | 1.095% | 1.095%
|
| 2019 | Serial | $1,205,000 | 1.32% | 1.32%
|
| 2020 | Serial | $1,225,000 | 1.649% | 1.649%
|
| 2021 | Serial | $1,245,000 | 1.899% | 1.899%
|
| 2022 | Serial | $1,265,000 | 2.011% | 2.061%
|
| 2023 | Serial | $1,295,000 | 2.261% | 2.261%
|
| 2024 | Serial | $1,325,000 | 2.482% | 2.482%
|
| 2025 | Serial | $1.36 million | 2.632% | 2.632%
|
| 2026 | Serial | $3,255,000 | 2.732% | 2.732%
|
| 2027 | Serial | $485,000 | 2.782% | 2.832%
|
| 2028 | Serial | $495,000 | 2.882% | 2.932%
|
| 2029 | Serial | $9 million | 3.032% | 3.032%
|
|
|
| Series 2016B-1 bonds
|
| Maturity | Type | Amount | Coupon | Yield
|
| 2034 | Term | $16.9 million | 5% | 2.26%
|
| 2046 | Term | $31.48 million | 5% | 2.46%
|
|
|
| Series 2016B-2 bonds
|
| Maturity | Type | Amount | Coupon | Yield
|
| 2021 | Serial | $5,255,000 | 5% | 1.05%
|
| 2022 | Serial | $5.52 million | 5% | 1.21%
|
| 2023 | Serial | $5.79 million | 5% | 1.35%
|
| 2024 | Serial | $5.85 million | 5% | 1.46%
|
| 2025 | Serial | $6,135,000 | 5% | 1.58%
|
| 2026 | Serial | $6.44 million | 5% | 1.73%
|
| 2027 | Serial | $6.76 million | 5% | 1.85%
|
| 2028 | Serial | $8.01 million | 5% | 1.96%
|
| 2029 | Serial | $8,495,000 | 4% | 2.23%
|
| 2030 | Serial | $8.74 million | 4% | 2.31%
|
| 2031 | Serial | $8.61 million | 4% | 2.41%
|
| 2032 | Serial | $2,975,000 | 4% | 2.46%
|
| 2033 | Serial | $3,125,000 | 4% | 2.51%
|
| 2034 | Serial | $3.12 million | 5% | 2.26%
|
| 2035 | Serial | $3.28 million | 5% | 2.30%
|
| 2036 | Serial | $3.44 million | 5% | 2.34%
|
| 2041 | Term | $19,965,000 | 5% | 2.42%
|
|
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