By Sheri Kasprzak
New York, Dec. 2 – The Metropolitan Water District of Southern California sold $51.15 million of series 2014A waterworks general obligation refunding bonds, said a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold competitively. BofA Merrill Lynch won the bid at a 0.913881% true interest cost, said Gary Breaux, the district’s chief financial officer.
The bonds are due 2016 to 2021 with 2% to 5% coupons.
Proceeds will be used to refund existing waterworks G.O. bonds.
| Issuer: | Metropolitan Water District of Southern California
|
| Issue: | Series 2014A waterworks general obligation refunding bonds
|
| Amount: | $51.15 million
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch (winner)
|
| TIC: | 0.913881%
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 11
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $10.8 million | 2016 | Serial | 2% | 102.245
|
| $10.3 million | 2017 | Serial | 5% | 110.095
|
| $8.5 million | 2018 | Serial | 5% | 114.019
|
| $8.7 million | 2019 | Serial | 5% | 116.947
|
| $8.2 million | 2020 | Serial | 5% | 119.345
|
| $4.65 million | 2021 | Serial | 5% | 121.179
|
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