Published on 8/6/2014 in the Prospect News Municipals Daily.
New Issue: Irvine, Calif., brings to market $72.7 million of special tax bonds
By Sheri Kasprzak
New York, Aug. 6 – The City of Irvine, Calif., sold $72.7 million of series 2014 Community Facilities District No. 2013-3 Improvement Area No. 1 special tax bonds, according to a pricing sheet.
The bonds were sold through Stifel, Nicolaus & Co. Inc.
The bonds are due 2015 and 2019 to 2034 with term bonds due in 2039, 2044 and 2049. The serial coupons range from 2% to 5%. The 2039 bonds have a 5% coupon priced at 106.566 and the 2044 bonds have a 4.25% coupon priced at 98.497 and a 5% coupon priced at 106.145. The 2049 bonds have a 5% coupon priced at 105.311.
Proceeds will be used to pay for the acquisition and construction of certain facilities necessary for the development of the district.
| Issuer: | City of Irvine, Calif.
|
| Issue: | Series 2014 Community Facilities District No. 2013-3 Improvement Area No. 1 special tax bonds
|
| Amount: | $72.7 million
|
| Type: | Negotiated
|
| Underwriter: | Stifel, Nicolaus & Co. Inc. (lead)
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 28
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $90,000 | 2015 | Serial | 2% | 101.496
|
| $70,000 | 2019 | Serial | 5% | 114.794
|
| $145,000 | 2020 | Serial | 5% | 115.678
|
| $230,000 | 2021 | Serial | 5% | 115.98
|
| $320,000 | 2022 | Serial | 5% | 115.917
|
| $410,000 | 2023 | Serial | 5% | 115.684
|
| $515,000 | 2024 | Serial | 5% | 115.682
|
| $620,000 | 2025 | Serial | 5% | 114.206
|
| $735,000 | 2026 | Serial | 5% | 112.753
|
| $855,000 | 2027 | Serial | 5% | 112.034
|
| $985,000 | 2028 | Serial | 5% | 111.233
|
| $1.12 million | 2029 | Serial | 5% | 110.526
|
| $1.27 million | 2030 | Serial | 5% | 109.912
|
| $1,425,000 | 2031 | Serial | 5% | 109.302
|
| $1.59 million | 2032 | Serial | 5% | 108.696
|
| $1,765,000 | 2033 | Serial | 5% | 108.266
|
| $1.95 million | 2034 | Serial | 5% | 107.838
|
| $12.94 million | 2039 | Term | 5% | 106.566
|
| $2 million | 2044 | Term | 4.25% | 98.497
|
| $17,535,000 | 2044 | Term | 5% | 106.145
|
| $26.13 million | 2049 | Term | 5% | 105.311
|
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