Published on 5/7/2014 in the Prospect News Municipals Daily.
New Issue: Inland Valley Development Successor, Calif., sells $240.03 million TABs
By Sheri Kasprzak
New York, May 7 - The Inland Valley Development Successor Agency of California sold $240,025,000 of series 2014 tax allocation refunding bonds, according to a pricing sheet. The offering was downsized from $260 million.
The bonds (/A-/) were offered through Barclays.
The deal included $146.34 million of series 2014A tax-exempt bonds and $93,685,000 of series 2014B taxable bonds.
The 2014A bonds are due in 2037 and 2044. The 2037 bonds have a 5.25% coupon priced at 109.278. The 2044 bonds have a 5% coupon priced at 105.132 and a 5% coupon priced at 108.285.
The 2014B bonds are due 2018 to 2024 with a term bond due in 2033. The serial coupons range from 2.745% to 4.532%, all priced at par. The 2033 bonds have a 5.5% coupon priced at 98.
Proceeds will be used to repay outstanding loans and refund the agency's series 2011B-C bonds.
| Issuer: | Inland Valley Development Successor Agency, Calif.
|
| Issue: | Series 2014 tax allocation refunding bonds
|
| Amount: | $240,025,000
|
| Type: | Negotiated
|
| Underwriter: | Barclays
|
| Rating: | Standard & Poor's: A-
|
| Pricing date: | May 7
|
| Settlement date: | May 15
|
|
|
| $146.34 million series 2014A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $48.98 million | 2037 | Term | 5.25% | 109.278
|
| $72.36 million | 2044 | Term | 5% | 105.132
|
| $25 million | 2044 | Term | 5% | 108.285
|
|
|
| $93,685,000 series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.29 million | 2018 | Serial | 2.745% | 100
|
| $2,325,000 | 2019 | Serial | 2.945% | 100
|
| $2.36 million | 2019 | Serial | 3.195% | 100
|
| $2,395,000 | 2020 | Serial | 3.627% | 100
|
| $2.44 million | 2020 | Serial | 3.727% | 100
|
| $2,485,000 | 2021 | Serial | 3.977% | 100
|
| $2,535,000 | 2021 | Serial | 4.027% | 100
|
| $2,585,000 | 2022 | Serial | 4.232% | 100
|
| $2.64 million | 2022 | Serial | 4.282% | 100
|
| $2,695,000 | 2023 | Serial | 4.382% | 100
|
| $2,755,000 | 2023 | Serial | 4.432% | 100
|
| $2,815,000 | 2024 | Serial | 4.482% | 100
|
| $2.88 million | 2024 | Serial | 4.532% | 100
|
| $60,485,000 | 2033 | Term | 5.50% | 98
|
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